Anthropic's public IPO prospectus will be listed on Nasdaq

Abstract:

On October 26,

According to Bloomberg, Anthropic submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission on Monday, taking a step closer to becoming the first listed company to develop the most advanced AI models as its main business

Anthropic

Prospectus

Documents show that Goldman Sachs Group and Morgan Stanley serve as the lead underwriters for Anthropic's listing.

Financial situation

The prospectus shows that Anthropic’s revenue in the first half of 2026 will be US$16.3 billion, an increase of 1304% from US$1.16 billion in the same period last year; for the full year of 2025, Anthropic’s revenue will be US$4.59 billion, a year-on-year increase of 1089%.

In the first half of 2026, Anthropic's net loss was US$80.7 billion, a 526% increase from the net loss of US$12.9 billion in the same period last year; for the full year of 2025, Anthropic's net loss was approximately US$41.9 billion, an increase of 405% from the net loss of US$8.3 billion in 2024.

Financial situation

The company has been primarily focused on the enterprise market. The prospectus shows that Anthropic’s net revenue retention rate reaches 900%. This metric measures a company's ability to retain existing customers and increase spending by those customers over time.

Anthropic stated that in the nine months ended September 30, 2026, no single customer contributed more than 10% of the company's total revenue. In the third quarter of this year, customers other than the top five customers contributed 79% of revenue.

Ownership structure

Anthropic's founders are among the largest individual shareholders, occupying a position usually held by large investment institutions.

According to the filing, in addition to CEO Dario Amodei, who owns or controls 245 million Class A shares, Dario’s sister Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Ola Olah) each holds more than 200 million Class A shares.

The documents show that the Amodei siblings and five other co-founders will be "full members" of Founder LLC, an entity that will hold 50.1% of the voting rights of the outstanding shares.

Shareholdings

Anthropic said the company adopted a novel capital and corporate governance structure that has "no direct precedent among public companies."

The prospectus stated: "Our governance structure may reduce the likelihood that the Company will receive an unsolicited merger proposal, an unsolicited acquisition bid, or the removal of directors through a proxy contest. As a result, our governance structure may make it more difficult to replace directors and management and may also cause shareholders to lose the opportunity to sell their shares at a premium above the current market price."

Anthropic will officially launch its IPO promotion activities as early as the week of November 9 and be listed on the public market as early as the week before Thanksgiving.