Highly anticipated: Anthropic has officially filed to go public. The Claude maker submitted its S-1 to the SEC on Monday and plans to list on the Nasdaq under the ticker "ANT." The share count and price range are still unknown, but earlier reporting puts the target raise at up to $100 billion, and the listing is expected before Thanksgiving.
Anthropic's filing opens with a letter in which the co-founders say they believe "AI is one of the most consequential technologies in human history." The rest of the 300-plus page document tries to back that claim up with numbers, while also spelling out, at unusual length, how things could go wrong.
Anthropic generated $16.3 billion in revenue in the first half of 2026, up from $1.2 billion a year earlier. The second quarter alone brought in $11.6 billion. The most telling figure from a tech standpoint is this: Q2 revenue grew 1,368% year over year, while compute and infrastructure expenses grew 300%. In other words, serving Claude is getting cheaper much faster than demand is rising.
The company says Claude Opus 5.5 cut customer cost per task by about 40% compared to Opus 5, and by one analyst's math, Anthropic went from selling inference at a loss in late 2025 to earning about $2 for every dollar of compute in Q2.
7 billion in the first half, but that number says more about its soaring valuation than about what it spent. About $72 billion of that comes from investor notes, held by backers like Amazon, that will turn into shares when the company goes public.
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