Anthropic is approaching the stock market after publicly filing its S-1 form on Monday, October 26, 2026, the document that the SEC, the American stock market regulator, requires before any initial public offering. The company plans to be listed on the Nasdaq under the symbol ANT, and the Wall Street Journal mentions a possible listing as early as the week of November 16, with a valuation between 1,500 and 2,000 billion dollars. For the first time, the company details its accounts there.
Revenue multiplied by 14 in one year
In the first half of 2026, Anthropic generated 16.3 billion dollars in revenue, compared to 1.16 billion in the first half of 2025 and 4.6 billion for the entire year 2025. “That’s a 14-fold increase compared to last year. There is a real acceleration,” emphasizes Jérôme Marin, founder of Cafétech and former correspondent for Le Monde in San Francisco. According to the Wall Street Journal, the company told its investors that revenue reached 16.8 billion dollars in the third quarter.
The journalist nevertheless notes a slowdown. “Anthropic’s valuation depends on its ability to maintain strong growth,” he recalls. Two factors could weigh on this trajectory: competition from OpenAI, which, according to him, “is starting to worry Anthropic again,” and that of Chinese models, “cheaper and increasingly used as an alternative for certain tasks.”
Losses to be read with caution
The net loss for the first half of 2026 reached 80.7 billion dollars, to which about 42 billion in losses from 2025 are added. For Jérôme Marin, this figure is misleading. Anthropic issued convertible bonds, securities that investors can convert into shares. The higher the company’s value, the more these securities are worth, and this increase is recorded as a loss, amounting to 72.4 billion of the 80.7 billion for the semester. “This is not money going out; these are just accounting entries,” he insists.
The operating result, which measures “what the activity costs and what it brings in,” remains negative for the semester, at -693 million dollars. However, it masks two different quarters: a loss of about 1.7 billion in the first quarter, then a first operating profit of 974 million dollars in the second. According to the S-1 document, compute expenses, that is, the computing power used to train and run the models, reached nearly 9 billion dollars, a first for a semester where they are lower than revenue. The gross margin, which does not take training into account, went from “minus 94%” in 2024 to 40% the following year, then to 85%, according to the expert.
The billing method plays a role. Subscriptions represent about 20% of revenue, compared to 80% for the API and large accounts, billed based on usage. According to Jérôme Marin, the margin on subscriptions can become low, even negative, when users consume a lot, whereas usage-based billing guarantees a stable margin.
An unusual shareholder structure and risks
Anthropic relies on five categories of shares, which Jérôme Marin describes as “totally atypical.” The public will be able to buy class A shares. A class F share, held by a company grouping the seven co-founders, grants them 50.1% of voting rights. The single class T share belongs to the Long-Term Benefit Trust, which allows electing the majority of the board of directors. Investors buying on the stock market “will have relatively little influence on the company,” warns the journalist.
The document also contains 94 pages of risk factors, compared to the usual twenty or thirty, with 80 different risks. Some are classic, such as competition, others less so. The political context holds an unusual place: according to Jérôme Marin, Anthropic explains there that the Trump administration “does not like it” and that it could lose contracts. In early March, the Pentagon had designated the company as a risk to the supply chain.
In the spring, Anthropic and OpenAI seemed to be racing to go public first. According to Jérôme Marin, OpenAI postponed its IPO because it is still losing a lot of money. The price of Anthropic’s stock will, he says, “set the tone for what the next IPO will be worth.”
