Anthropic, PBC filed a registration statement with the US Securities and Exchange Commission on October 26 for a listing of its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT”. The document is a preliminary prospectus, marked on its cover “Subject To Completion”, and the two numbers most readers look for are not in it: the number of shares being sold and the price. The cover states that “It is currently estimated that the initial public offering price per share will be between $ [blank] and $ [blank]” — the blanks are blank spaces in the filed document, not elisions of ours.
What the filing does contain is three years of audited financial statements and two quarters of 2026. Read together, they describe a company that changed shape very quickly in the first half of this year, and whose income statement now carries a charge larger than its entire lifetime revenue.
The quarter with operating income
In the three months ended June 30, 2026, Anthropic reported revenue of $11,555 million and operating income of $974 million. That is the first quarter in the filing’s history with a positive operating result: the five preceding quarters were operating losses of $935 million, $1,200 million, $3,089 million, $2,836 million and $1,667 million.
Revenue for that single quarter was $11,555 million against $787 million in the same quarter a year earlier. For the six months to June 30, 2026, revenue was $16,286 million, compared with $1,163 million for the six months to June 30, 2025. The full-year figures are $41 million for 2023, $386 million for 2024 and $4,585 million for 2025.
Costs rose too, and the largest line is compute. Compute and infrastructure expense was $8,945 million in the first half of 2026, or 55 per cent of revenue for the period, down from 201 per cent of revenue in the first half of 2025. Operating expenses overall were $16,979 million against revenue of $16,286 million, which is why the half-year operating loss is $693 million even though the second quarter alone produced operating income of $974 million.
The $80 billion loss
The bottom line is a different number entirely. Anthropic reported a net loss of $80,748 million for the six months ended June 30, 2026, against a net loss of $41,965 million for the whole of 2025.
Almost none of that is operations. The statement of operations carries a line item, “Change in fair value of convertible notes, derivative liabilities, and SAFEs”, of $72,388 million for the first half of 2026 and $59,597 million in the second quarter alone. The filing explains the driver directly: changes in fair value were “primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods”.
In plain terms, the company’s own rising valuation is being marked through its income statement. The filing gives the mechanism and stops there: the instruments are revalued each period against the company’s enterprise valuation, and that valuation has been rising. The two pictures the filing gives sit oddly together, and both of these are its own figures: a reported net loss of $80,748 million for the six months to June 30, 2026, and, in the summary cash flow table, net cash provided by operating activities of $3,929 million for the same six months. The charge is also the kind of line that will disappear from the pro forma figures — the filing carries a pro forma adjustment described as “Pro forma adjustment to eliminate the change in fair value recognized related to the Convertible Notes Conversion”, with the resulting pro forma amounts left blank in this preliminary version.
The distinction matters for anyone reading the headline loss as a measure of the business. Operating loss for the half year was $693 million on revenue of $16,286 million. Net loss was $80,748 million, and the statement of operations reconciles it from the operating loss in two steps. Below the operating loss sits “Total other income (expense), net” of $80,034 million, which the statement of operations builds in its own order: interest income of $1,111 million, then the $72,388 million fair-value movement on convertible instruments, then a further $8,757 million of net expense in “Other income (expense), net”. Below that is a provision for income taxes of $21 million. The statement presents these as positive magnitudes: each expense figure adds to the reported net loss, the interest income offsets it, and the tax provision adds to it as well, so that 693 plus 72,388 plus 8,757 less 1,111 plus 21 is 80,748.
Where the revenue comes from
Two disclosures in the filing describe a concentrated business. Sales through cloud service provider marketplaces were approximately 11 per cent, 32 per cent, 47 per cent and 48 per cent of total revenue for 2023, 2024, 2025 and the six months ended June 30, 2026 respectively. Net accounts receivable from sales through those marketplaces were 42 per cent, 60 per cent and 58 per cent of net accounts receivable at the end of 2024, 2025 and June 30, 2026.
The customer base has also shifted upmarket. Anthropic had more than 11,900 customers with $100,000 or more of trailing-twelve-month revenue as of September 30, 2026, up from approximately 1,500 at the end of 2025 and approximately 200 at the end of 2024.
The structure
The filing also sets out a governance arrangement that will survive the listing, and it is unusual enough to be worth stating precisely.
Anthropic is incorporated as a public benefit corporation under Delaware law, with a specific public benefit purpose of “the responsible development and maintenance of advanced AI for the long-term benefit of humanity”, which the filing identifies as the purpose set out in “our amended and restated certificate of incorporation”. The company also “created our Long-Term Benefit Trust (the 'LTBT')”, described as “an independent body of financially disinterested trustees with expertise in AI safety, national security, public policy, and social enterprise” and governed, a later passage states, by five Trustees. Through a special class of stock, Class T, the trust “generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors”. Class T carries no economic rights and no vote on matters submitted to stockholders generally.
A second special class, Class F, is to be issued as a single share immediately before the offering closes “to a limited liability company organized by our co-founders”. Dario Amodei, the chief executive, and Daniela Amodei, the president and chairperson of the board, “together with our five other co-founders, will initially be the sole members” of it. Class F carries no economic rights, but it is not a small instrument in voting terms: the share “will be entitled to an aggregate number of votes that represents 50.1% of the total voting power of our outstanding shares as of the applicable record date on all matters submitted to a vote of stockholders generally, including the election of the directors other than the Class T directors”.
The company states that it has “four classes of authorized common stock”: the participating class, divided into Class A and Class N; Class T; Class F; and Class E. The fourth, Class E, is to be issued to employees other than the co-founders, with one vote per share “with respect to certain limited matters” and no economic rights. The filing states that the company is “considered a 'controlled company' within the meaning of the Nasdaq Global Select Market corporate governance requirements”.
Ordinary equity is split between Class A, one vote per share, and Class N, which “have no voting rights, except as otherwise required by law”; the filing states that the rights of the two “are identical, except with respect to voting and conversion”. Directors of a public benefit corporation, the filing notes, have “a duty to consider not only the stockholders' financial interests but also the company’s specific public benefit purpose and the best interests of those stakeholders materially affected by the company’s actions”.
What is not in the document
The share count, the price range, the proceeds and the post-offering ownership split are all blank. The use of proceeds section is present: it names the intended uses — “general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel” — but attaches no dollar figures until the price is set. A separate exhibit registers a maximum aggregate offering price of $1,000,000,000.00 for registration-fee purposes under Rule 457(o); that is a fee calculation, not a marketed deal size. The pro forma net loss per share table is blank. The document is dated “Subject To Completion”. The consolidated statements, however, are complete, and they are the reason this filing is worth reading before the pricing amendment arrives.
FOR HUMAN CONSUMPTION
Commentary and a plain-language summary, written in the newsroom’s own voice. It is not reporting, it introduces no source, and it should not be quoted as a finding.
Anthropic has filed to go public, and the paperwork says two things at once. In the second quarter of this year the company made its first operating profit: $974 million on $11.6 billion of revenue. For the same six months it reported a net loss of $80.7 billion, because the value of its own convertible notes was marked up by $72.4 billion as its valuation rose. One of those numbers describes the business. The other describes the paperwork. The offering price, meanwhile, is still a blank in the filing.
THE HUMANS ARE FINE.
Editorial transparency
This story was produced inside The Humans Are Fine newsroom, where separate AI roles retrieve, verify and draft. The article was checked by three separate reviewer executions, each given the full article and only its own mechanically-generated set of verbatim windows from the SEC filing - one anchor term per claim, a fixed width, no passage selected or removed for relevance - and none of them saw another reviewer’s conclusions. Those reviewers held windows of the document rather than the whole file, so their work establishes that every stated figure and every quotation is genuinely in the filing and attached to the right period and line item; it does not establish that the filing contains nothing else bearing on a claim. The lead agent, which prepared the package, separately searched the full 14.2-million-character capture for the disputed quotations and verified the pro forma table is blank in the filed document. Human editorial approval was required before publication, and the presentational correction ordered by the publisher was applied before release. A factual correction to two sentences in this story was applied on October 29, 2026, and is recorded below. Where this article says a figure is not in the document, it means not in the filed document as captured.
Correction
Corrected October 29, 2026. An earlier version of this story said the filing left the offer size, the use of proceeds and the post-offering ownership split blank, and described the offer size as blank in its standfirst. The cover does leave the share count and the price range blank, but the filing carries a Use of Proceeds section naming general corporate purposes, and an exhibit to the registration statement registers a maximum aggregate offering price of $1,000,000,000.00 under Rule 457(o) for the purpose of calculating the registration fee. Those two sentences have been amended. The reporting and analysis around the operating profit and the $80.7 billion net loss are unchanged.