Key points
- Anthropic posts a $1 billion quarterly operating profit despite its net loss
- Anthropic's seven co-founders retain majority voting power
- Anthropic's SpaceX compute fees could reach $3.1 billion a month
Anthropic made its IPO filing public on Monday, October 26, and I went straight to the income statement. Two numbers stood out: an $80.7 billion net loss for the first half of 2026 and a $1 billion operating profit in the second quarter. Most of the net loss came from noncash accounting charges tied to its financing.
The Claude maker has applied to list on the Nasdaq Global Select Market under the ticker ANT. The offering price and share count are still blank. Goldman Sachs (GS) and Morgan Stanley (MS) lead the 22-bank underwriting group, and Bloomberg has reported a possible listing as soon as mid-November.
The offering will include new shares sold by Anthropic and existing shares sold by holders, including five of its seven co-founders. The filing runs more than 330 pages before the financial statements begin.
Why the net loss grew as operations improved
Anthropic brought in $16.29 billion of revenue in the six months ended June 30, up from $1.16 billion a year earlier. Its net loss widened from $13 billion to $80.7 billion.
Of that loss, $72.4 billion came from noncash changes in the value of financing instruments, including convertible notes and simple agreements for future equity. Convertible notes are loans that can turn into shares. Anthropic said the changes were "primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation."
The first-half operating loss narrowed to $693 million from $2.1 billion a year earlier. In the second quarter, Anthropic reported $1 billion in operating income, compared with a $1.2 billion operating loss a year earlier. Quarterly revenue rose 1,368% to $11.6 billion, while compute and infrastructure expenses rose 300%.
For comparison, Anthropic generated $4.59 billion in revenue for all of 2025 and recorded a $42 billion net loss. Those figures match what Reuters reported from a prospectus in September. At June 30, the company held $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments.
The financial statements cover only the period through June. Anthropic reportedly told prospective investors this month that third-quarter revenue reached $16.8 billion, but the S-1 leaves that figure blank for now.
Who controls Anthropic after the IPO?
Just before the offering, Anthropic will issue a single share of a new Class F stock to an LLC owned by its seven co-founders: Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah. That one share carries 50.1% of the total voting power on matters that go to shareholders, including the election of directors other than those picked by the company's Long-Term Benefit Trust. The share carries no economic rights.
The trust holds its own class of stock, Class T, which lets it elect and remove directors who make up a majority of the board. Class A shares get one vote each, but as a group they are capped at 49.9% of the voting power. The filing itself says the setup has "no direct public company precedent."
The co-founders also own a lot of ordinary stock. The seven of them beneficially own about 1.69 billion Class A shares combined, by our count of the ownership table as of September 30. Those shares vote on their own, separate from the LLC. The Class F share has an end date built in. If fewer than three co-founders or approved successors remain in the LLC for 90 days in a row, a 450-day transition period begins, and the share is canceled at the end of it.
What does Anthropic owe SpaceX?
Between May and October, Anthropic signed and amended several agreements with an AI subsidiary of SpaceX for computing power built on Nvidia (NVDA) chips. Anthropic agreed to spend up to $120.5 billion over terms extending into 2029. Once all the contracted capacity is delivered, monthly fees would reach about $3.1 billion. Anthropic expects full delivery in December, and fees are different while the capacity ramps up.
The deal has grown since it was first disclosed. In its own IPO prospectus in June, SpaceX described the original May agreements as $1.25 billion a month through May 2029, covering about 325,000 Nvidia GPUs. The contracts aren't locked in for their full length. After initial periods ending in January and March 2027, either side can cancel on 90 days' notice.
In its third-quarter report, SpaceX said a single customer in the segment that includes its AI computing business accounted for 34.5% of its $14.58 billion in third-quarter revenue. SpaceX doesn't name that customer, and the customer wasn't above 10% of revenue a year earlier.
SpaceX is one of several large commitments. Anthropic agreed to spend at least $114.5 billion with Google (GOOGL) between April 2026 and July 2033, plus an estimated $125 billion to $150 billion for additional TPU computing from Google and other providers, to be delivered from 2028 through 2031. It committed at least $110.0 billion to Amazon (AMZN) through April 2036 and at least $44.9 billion to Microsoft (MSFT) between November 2026 and May 2033. Those three minimums apply regardless of how much computing Anthropic actually uses.
Who are Anthropic's biggest customers?
On the revenue side, Anthropic also disclosed customer concentration without naming the customers. None accounted for more than 10% of revenue in the nine months ended September 30. The top five together made up about 25%. Customers outside the top five brought in about 79% of third-quarter revenue, up from about 64% in the first quarter.
How much were Anthropic's executives paid?
Dario Amodei, the chief executive, received $17.96 million in total 2025 compensation. Most of it was stock and option awards valued at $13.3 million, on top of a $654,167 salary. Daniela Amodei, the president and board chair, received $16.41 million. Chief Financial Officer Krishna Rao received $720,250, almost all of it his $706,250 salary.
What isn't in the filing yet?
The price range, share count, and size of the offering aren't in the filing. They'll come in a later amendment, and so will the IPO valuation. In its Series H round, which ran from May to June, Anthropic sold preferred stock at $589.0095 a share and raised $65.2 billion. That round valued the company at $965 billion. Prospective investors have put Anthropic's value at $1.8 trillion to $2 trillion. That range would be about 27 to 30 times Anthropic's annualized third-quarter revenue, by our calculations.
