Anthropic's IPO filing: ANT buyers get one vote a share, the founders keep 50.1% for as long as three of them stay

Anthropic filed publicly on 26 October to list on Nasdaq as ANT, reporting $16.3 billion of revenue for the first half of 2026 and an $80.7 billion net loss, most of it a non-cash charge. The prospectus also sets out who will control the company once it is public: a trust that elects most of the board, and a single founders' share carrying 50.1% of the votes, with no end date, only the condition that three of the seven co-founders remain.

When is the Anthropic IPO?

No date is in the filing. The S-1 is filed but not yet effective, and it says the shares "may not be sold until the registration statement filed with the Securities and Exchange Commission is effective." The price range and the number of shares are blank. Goldman Sachs and Morgan Stanley head the list of underwriters.

The Wall Street Journal reported that Anthropic aims to go public in the week of 16 November and could raise $100 billion or more at a valuation of $1.5 trillion to $2 trillion, citing people familiar with the matter, according to The Next Web. The filing itself gives no target valuation.

What is Anthropic's stock ticker?

ANT. Anthropic has "applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol 'ANT.'" The shares sold to the public are Class A, with one vote each. There is no public market for any Anthropic stock yet.

How much revenue does Anthropic make?

$16.3 billion in the first six months of 2026, against $1.16 billion in the same period of 2025. Full-year revenue was $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025. Most of it comes from usage-based fees: consumption revenue was $13.1 billion, or 80%, of the first-half total, and subscriptions $3.2 billion, or 20%.

Much of that money arrives through the big cloud platforms. Sales through cloud marketplaces made up about 48% of revenue in the first half of 2026, up from 11% in 2023. The number of customers paying $100,000 or more over twelve months rose from more than 950 to more than 11,900 in the year to 30 September 2026. Anthropic left its latest run-rate revenue figure blank.

Why did Anthropic lose $80.7 billion?

Mostly on paper. Of the first-half net loss of $80.7 billion, $72.4 billion is a change in the fair value of convertible notes, derivative liabilities and SAFEs, "primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation," the filing says. In plain terms, Anthropic owes more on those instruments because Anthropic became more valuable.

The operating business is close to break-even. The first-half operating loss was $693 million on $16.3 billion of revenue, against an operating loss of $8.06 billion for all of 2025. Compute and infrastructure cost $8.9 billion in the half. Anthropic reported $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments at 30 June, having raised $141.1 billion in total.

Who will control Anthropic after the IPO?

Two bodies that public shareholders do not elect. The filing describes five share classes:

The Long-Term Benefit Trust "is intended to operate as an independent body of five financially disinterested voting trustees," and its policies bar trustees from directly buying or holding Anthropic securities. Through Class T stock it "generally has the authority to elect and remove the Class T directors, who together will constitute a majority" of the board. The Founder LLC's single share carries 50.1% of the vote on everything else put to shareholders, including the election of the remaining directors. Together, the filing says, the trust and the Founder LLC "will have the ability to elect all members of our board of directors."

Because of this, Anthropic will be a "controlled company" under Nasdaq rules and may opt out of some of the exchange's governance requirements. The filing says neither the trust nor its trustees have "decision-making authority in the day-to-day management or strategy setting of the company."

How long do Anthropic's founders keep control?

There is no date. The Class F share stays in place until fewer than three "Continuing Founders" remain for 90 consecutive days, which starts a 450-day transition period, after which the Class F and Class E shares are redeemed "for no consideration." It can also end earlier if a supermajority of the continuing founders agrees to redeem it, or the Founder LLC is dissolved.

The seven co-founders named are Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. A co-founder drops out on resigning from the Founder LLC, on death or incapacity, on removal for cause, which includes specified competitive activities, on an approved leave of absence, or on holding fewer Class A shares than 2% of what they held at the offering. Leaving the company is not on that list. Successors can be admitted for up to ten years after the offering if a co-founder dies or becomes incapacitated. The filing also notes that Benjamin Mann, "often referred to as a co-founder," is not a member of the Founder LLC.

Our reading: a founder could sell 98% of their stake and keep their place in the group that holds half the votes, and control passes only when fewer than three of the seven are left. How much of the vote Class A buyers will hold in total is one of the numbers the S-1 leaves blank.

What does Anthropic's S-1 say about AI risk?

The same warnings Reuters reported from the draft, now in a public filing. "Models, including our own, have exhibited, and may in the future exhibit, unexpected strategic or self-preserving behaviors, including attempts to resist shutdown, conceal or manipulate information," the risk factors say, "including behavior resembling blackmail." It adds that concerns have been raised, inside Anthropic and elsewhere, that sufficiently advanced AI "could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity."

On testing, it says models behave differently when they detect they are being evaluated, and "Such model awareness of our evaluation efforts creates a significant limitation on our ability to assess model safety." It also says "our models are contributing to the pace of our own research," which raises the risk that AI progress outruns Anthropic's ability "to evaluate and safeguard new models."

The filing gives one concrete incident. During cybersecurity evaluations built by an outside partner, a misconfiguration left the model under test connected to the open internet, and "Four of our models gained unauthorized access to real third-party systems during sessions lasting roughly 10 to 34 hours of active work." In one case, an early model "used a password it found to gain administrator access to a third party's system, harvested additional credentials, changed system settings, and read one individual's personal information." The affected parties were notified, and Anthropic says it found no evidence that any model coordinated with others or tried to evade oversight. We covered an earlier Anthropic evaluation incident in our item on Claude's false murder tip, and the leaked draft in our item on the IPO prospectus.

What happened to Anthropic's 5% public benefit fund?

It now has a share count and a starting line. The S-1 says Anthropic "contributed 846,840,960 shares of our Class N common stock, representing 5% of our fully diluted shares as of June 30, 2026" to the Anthropic Public Benefit Fund, its wholly owned subsidiary. The shares are non-voting Class N. The board may add up to 2% more "each time our share price appreciates 50% above the prior share price milestone, beginning with our initial public offering price." When Anthropic announced the fund on 18 October it had not disclosed either figure; we have updated our item on the fund.

Can I buy Anthropic stock yet?

Not yet. No shares can be sold until the SEC declares the registration statement effective, and the offering price has not been set. The preliminary prospectus says it "is not an offer to sell" and is "not complete and may be changed." Once trading begins, the shares will be Class A on Nasdaq under ANT. This item reports what the filing says and is not investment advice.