Anthropic, the company behind Claude, has filed to become a public company. Its S-1 registration statement with the US Securities and Exchange Commission covers Class A shares to be listed on the Nasdaq Global Select Market as ANT. Anthropic's own announcement is a few lines of legal boilerplate, but the filing itself is the first audited look at the economics of a frontier lab, and it matters to anyone who pays for Claude or builds on its API.
The numbers in the S-1, as tallied by The VC Corner, are large in both directions. Revenue in the first half of 2026 was $16.29 billion, against $1.16 billion a year earlier, and $11.56 billion of it arrived in the second quarter. The same six months show an $80.7 billion net loss, but $72.4 billion of that is a non-cash change in the fair value of convertible notes, derivatives and SAFEs. In the second quarter Anthropic reported $974 million of operating income, its first profitable operating quarter in the periods shown. Customers paying $100,000 or more a year grew from more than 950 to more than 11,900 in twelve months.
Two disclosures deserve more attention than the revenue curve. The first is compute: named contracts with Google, Amazon, Microsoft, Broadcom, Lambda and others add up to roughly $637 billion by that publication's count, a commitment that dwarfs current revenue and depends on demand continuing to grow. The second is control. Seven co-founders will keep 50.1% of the vote through a single Class F share, and the Long-Term Benefit Trust elects a majority of the board, so public shareholders will have limited say. That sits alongside Anthropic's recent pledge of 5% of its shares to a public benefit fund and its new Trust appointments, which we have covered separately.
For Claude users, the practical effect is more disclosure. A listed company has to report revenue, risks and material changes every quarter, which should make pricing shifts, capacity limits and dependence on particular cloud partners easier to see than they have been.
Much is still unknown. The filing leaves the share count, price range, size of the raise and valuation blank, and the date of the listing has not been set. Valuation figures in circulation come from press reports, not from Anthropic. Goldman Sachs and Morgan Stanley handle the prospectus, which will be the document worth reading once it is final.