# What does Anthropic's IPO filing reveal, and what does it still leave blank?

Date: 2026-11-02 · Author: Robert Scales · https://guidetoartificialintelligence.com/en/learn/anthropic-s1-ipo-filing-numbers/

**Answer:** Anthropic's filing shows about $33.2 billion of revenue in the first nine months of 2026, an operating loss of $567 million in the third quarter, and about $895 billion of compute and infrastructure commitments. It still gives no share price, no share count and no proceeds, and it hands majority voting power to a company owned by the seven co-founders.

An S-1 is the document a company files with the U.S. Securities and Exchange Commission (SEC) before selling shares to the public for the first time, in an initial public offering or IPO. Anthropic, the maker of Claude, filed its [S-1 on October 26](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm) and [Amendment No. 1 today, November 2](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm). It plans to list Class A shares on the Nasdaq under the symbol ANT.

The amendment adds results for the quarter ended September 30 and fills in a number the first version left blank: how much the company has promised to spend on computing. This article explains the filing. It does not suggest buying or selling anything.

## What the money looks like

| Three months ended | Revenue | Compute and infrastructure cost | Operating income (loss) | Net loss |
|---|---|---|---|---|
| Sept. 30, 2025 | $1.38B | $2.05B | ($3.09B) | ($12.14B) |
| March 31, 2026 | $4.73B | $3.39B | ($1.67B) | ($14.44B) |
| June 30, 2026 | $11.56B | $5.56B | $0.97B | ($66.31B) |
| Sept. 30, 2026 | $16.96B | $9.86B | ($0.57B) | ($23.29B) |

Three terms explain most of this table.

**Operating income** is revenue minus the cost of running the business. Anthropic moved into profit on this measure in the June quarter, then swung back to a $567 million loss. It gives two main reasons: $5.0 billion of compute bought under short-term contracts, which it says costs much more than its multi-year capacity, and $2.0 billion in non-cash charges from its donation matching program.

**Net loss** is far larger, at $104.0 billion over nine months, and most of it does not come from running the business. Anthropic has raised money through convertible notes and similar instruments, and accounting rules make it record a loss when those instruments gain value. As Anthropic's own valuation rose, those charges reached $94.3 billion over nine months. They involve no cash leaving the company, which is why the two loss figures tell such different stories.

**Adjusted Operating Income** is the company's own measure, not a standard accounting one. It removes items such as stock-based pay and the donation charges, and it comes to $2.5 billion for the third quarter. Whenever you see "adjusted," check what was taken out.

## The $895 billion question

The October filing read "more than $" followed by an empty space. Today's amendment gives approximately $895.4 billion of purchase commitments and leases, nearly all for compute and infrastructure:

| When it comes due | Amount |
|---|---|
| Within 12 months of September 30, 2026 | About $69.8B |
| Before the end of 2030 (includes the line above) | About $447.5B |
| Mostly 2031 to 2045 | The remainder |

Here is a worked comparison, using our own arithmetic. Multiply third-quarter revenue by four and you get about $68 billion a year, roughly the same as the next 12 months of commitments. The total is about 13 years of that revenue. On the other side, Anthropic reports $146.6 billion of liquidity, meaning cash, short-term investments and available credit, plus up to $77.0 billion of financing capacity from partners and $5.0 billion of equity commitments. It says it will pay through revenue and capital it raises. Whether that works depends on growth continuing, and the filing warns that past growth does not predict future results.

## Who controls the company

Buying a Class A share would give you one vote, but the structure limits what that vote can do:

- **The Founder LLC**, owned at first by the seven co-founders, receives one Class F share carrying 50.1% of the total voting power on general matters. That share has no economic rights and does not get diluted when more stock is issued.
- **The Long-Term Benefit Trust**, a panel of financially disinterested trustees, elects and removes the directors who form a board majority. Its trustees include former Federal Reserve chair Ben Bernanke.
- **Anthropic is a public benefit corporation**, so directors must balance shareholder returns against the interests of those affected by its conduct and its stated purpose.

The filing says plainly that Class A holders generally will not be able to change the outcome of a vote or a board election, whichever way they vote. If the founders cannot agree, the Class F share generally votes in proportion to Class A votes. Supporters see protection for a safety mission. A shareholder sees very little say, and the filing warns that the trust and founders may put the mission ahead of returns.

## Risks worth reading first

Risk factors are long by design, since they protect the company legally. These are specific rather than boilerplate:

- **Revenue quality:** Anthropic estimates that 5% to 7% of nine-month revenue came from customers later found to be violating its usage policy or terms, and it warns that stricter enforcement could weigh on revenue.
- **Concentration:** no customer exceeds 10% of revenue, but the top five made up about 25% over nine months, and about 44% was sold through cloud marketplaces. Its cloud suppliers can also be investors and customers.
- **Government conflict:** the U.S. Department of War labelled Anthropic a supply-chain risk. A California court largely ruled for Anthropic on August 27, while a D.C. appeals panel upheld one designation 2-1 on September 25. Anthropic is seeking a rehearing.
- **Export controls:** in June, U.S. restrictions led it to switch off Fable 5 and Mythos 5 for all customers until they were lifted.
- **Copyright:** it agreed to pay $1.5 billion to settle the *Bartz* authors' case, and other suits continue.

The Canadian details are concrete too. The offering includes a public offering in Canada, though Anthropic does not plan a Canadian listing. It has leased data centre capacity here, and it reports four copyright actions in Canada: author class actions in British Columbia and Québec, one from La Presse, and one from a group of news publishers in Ontario.

> **Try it:** Open the [amendment](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm), search for "895.4", and read the paragraph around it. Then search for "Risk Factors Summary" and pick the three items you think matter most.

## What should you look for in the next version of the filing?

The blanks. The cover page still reads "between $ and $" for the price, and the following are empty too:

- the number of shares sold by the company and by existing holders;
- the money Anthropic expects to receive;
- the co-founders' total voting power;
- Run-Rate Revenue as of October 31, a measure that annualizes recent usage.

Without a price, you cannot calculate the company's market value from this document, and any valuation you see elsewhere comes from outside it. The filing also gives no date for the sale. Companies normally supply these details in a later amendment before shares are sold, so that version is the one to read closely.

## Sources

- Anthropic, PBC, Form S-1/A, Amendment No. 1: https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm
- Form S-1 registration statement, Anthropic, PBC: https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm
- Anthropic officially files for its public debut: https://techcrunch.com/2026/10/26/anthropic-officially-files-for-its-public-debut/

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From the Guide to Artificial Intelligence, by Robert Scales, published by Holistic Hybrid Inc. Share and adapt it under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/): credit the guide, link to https://guidetoartificialintelligence.com/en/learn/anthropic-s1-ipo-filing-numbers/, no commercial use without permission, and keep the same licence.