# Anthropic Files Its Public S-1 (Nasdaq: ANT), Confirming the WSJ-Viewed Draft's $16.3B Revenue and $80.7B Loss; Some Relayed Commitment Figures Differ

Times of AI Desk · 2026-10-21 · Frontier Labs

[https://timesof.ai/2026/10/anthropic-draft-s1-wsj-16-3b-h1-revenue-80-7b-net-loss-450b-commitments](https://timesof.ai/2026/10/anthropic-draft-s1-wsj-16-3b-h1-revenue-80-7b-net-loss-450b-commitments)

> Anthropic made its S-1 public on October 26 for a planned Nasdaq listing as ANT. It states $16.3B of first-half revenue and an $80.7B net loss, as the WSJ-viewed draft was reported to show, and leaves the price range and share count blank. Several commitment figures relayed from the draft differ from the filing, and the IPO timing and valuation reports still rest on unnamed sources.

**Updated October 27, 2026:** Anthropic made its S-1 public on EDGAR on October 26, for a planned Nasdaq listing under the symbol ANT. The filing confirms the draft's headline revenue and net loss and differs from some relayed commitment figures. The new section directly below covers it, our [full report on the filing](https://timesof.ai/2026/10/anthropic-files-s1-nasdaq-ant-16-3b-revenue) has the detail, and earlier updates follow unchanged.

## October 26–27: The public S-1 confirms the draft's headline figures and corrects some relayed detail

The filed S-1 puts Anthropic's own name on the numbers the WSJ-viewed draft was reported to show, and it shows where the relays were off. **Anthropic** said on **Monday, October 26**, that it had filed a registration statement on Form S-1 with the SEC for a proposed IPO of its Class A common stock, which it intends to list on the Nasdaq Global Select Market under the symbol "ANT." The number of shares and the price range have not been determined.

The S-1 states revenue of **$16.3 billion** for the first half of 2026, against **$1.2 billion** a year earlier, where StockTwits had relayed $1.1 billion. It states a net loss of **$80.7 billion**, of which **$72.4 billion** is changes in the fair value of convertible notes, derivatives and SAFEs. That is consistent with Reuters' relay of about $72 billion in accounting charges.

On compute, the filing's terms differ from the relayed list. It states at least about **$114.5 billion** with Google (relayed: $111 billion), at least **$44.9 billion** with Microsoft (relayed: $31 billion) and at least **$110.0 billion** with Amazon (relayed: $110 billion). It lists Nscale, at up to about $44.6 billion, and Lambda, at about $41.3 billion, separately, where StockTwits had relayed a single $86 billion figure for GPUs through smaller clouds. It also describes an agreement with xAI of up to $120.5 billion, which the relayed list did not include. For Broadcom, the S-1 puts five-year lease rent at about $161.2 billion excluding interest, against the more than $160 billion relayed. Our [compute report](https://timesof.ai/2026/10/anthropic-s1-compute-commitments-xai-120b-google-amazon-microsoft) sets out each term.

Two other relayed items differ from the filing or cannot be checked. The S-1 says no single customer accounted for more than 10% of revenue in the nine months ended September 30, 2026, and that its top five customers represented approximately 25%; TechCrunch, citing the WSJ, had reported that two customers account for about a fifth of sales. The periods and measures may differ, and we do not reconcile them. The $450 billion noncancelable and $750 billion potential figures cannot be checked against the filed version, because its contractual-obligations table is blank.

The filing carries no listing date. The WSJ, citing people familiar with the matter, reported that Anthropic is aiming to go public in the week of November 16 at a valuation of $1.5 trillion to $2 trillion; Anthropic has not confirmed either. That sits alongside the Reuters sources' week of November 9 for the start of marketing, in the section below. The IFR report relayed on October 15, that Anthropic would file on October 26, proved correct; the Yahoo Finance report of a filing as soon as Friday, October 23, did not hold, as the filing came on October 26.

### Limits of the October 27 update

- Our earlier statements in this article that no public S-1 was on EDGAR were accurate at the times given, October 21 and 23, and are superseded by the October 26 filing.
- We read the filed S-1 on EDGAR on October 27. The share count, price range, third-quarter figures and the contractual-obligations table are blank in it, and the filing may be amended.
- The IPO week and the $1.5 trillion to $2 trillion valuation come from the WSJ's unnamed sources through BusinessDesk's copy of its article, and Anthropic has not confirmed them. The Reuters sources' marketing week of November 9 and the WSJ sources' listing week of November 16 are separate accounts.
- The comparisons above are against the filed S-1, not against the draft itself, which we have not seen. The sections below keep the figures as they were relayed.

**Updated October 23, 2026:** Reuters reports that Anthropic is pressing ahead with a mid-November IPO, with marketing to investors expected to begin the week of November 9. No public S-1 was on EDGAR when we checked. The new section directly below covers this; earlier updates follow unchanged.

## October 22–23: Reuters says marketing could start the week of November 9; no public S-1 yet

Anthropic is keeping to its timetable while other AI listings slip, according to the people Reuters spoke to. In an analysis carried by **CNA** on **Thursday, October 22**, **Reuters** reported that Anthropic is pressing ahead with its IPO as planned in the middle of next month, after making its prospectus public as early as late October, according to people familiar with the matter. Those people cautioned that the plan and the dates are subject to change. Anthropic is expected to begin marketing its shares to prospective investors during the week of **November 9**, one of the people said. Anthropic declined to comment to Reuters.

The same report describes other AI-infrastructure listings moving the other way. **Switch** and **Nscale** have pushed their IPO plans back to later this year, people familiar with the matter told Reuters, and one person said Nscale's delay was partly driven by the need to address comments from SEC staff. Reuters also says **SB Energy** has postponed its listing and that **AirTrunk REIT** and **Firmus** have pulled or paused their offerings, as it reported earlier. Other issuers are reluctant to compete with Anthropic for institutional investors' attention and capital, two of the people said.

The Yahoo Finance report in the section below said Anthropic could file publicly as soon as Friday, October 23. When we searched SEC EDGAR at 03:17 UTC on October 23, late Thursday evening in New York, the company search showed no S-1 from Anthropic. An EDGAR full-text search at 03:08 UTC for S-1 filings since October 1 that mention "Anthropic, PBC" also returned no results. OpenAI, meanwhile, is reported to be close to a private round; see our [update on its reported $1.25 trillion pre-money raise](https://timesof.ai/2026/09/openai-30b-bridge-round-14t).

### Limits of the October 23 update

- The timetable rests on unnamed people who told Reuters it could change; the week of November 9 comes from one of them. Anthropic has not confirmed it.
- One sentence in the CNA copy about how investors value Anthropic is garbled, so we do not report a valuation from this story.
- We read Reuters' analysis as carried by CNA, not on Reuters.com. CNA's page gives a date but no time zone, so we date it only.
- The EDGAR checks are as of the times given. A filing made after them would not appear here.

**Updated October 21, 2026:** Yahoo Finance reported that Anthropic could file its S-1 publicly as soon as Friday, October 23. The new section directly below covers it; the earlier report follows, unchanged except that its headings now sit under a dated section.

## October 21: Yahoo Finance reports a public S-1 could come as soon as Friday, October 23

If the report is right, the WSJ's draft figures could be checked against a public filing within days; the timing rests on one outlet's sources. **Yahoo Finance** reported on **Wednesday, October 21** that Anthropic is "set to publicly file its S-1 investor prospectus as soon as Friday," according to three people familiar with the matter. Friday is **October 23**, two days after the report. Yahoo Finance says Anthropic confidentially submitted a draft in June, and notes that companies filing confidentially must make their materials public 15 calendar days before the formal roadshow. It describes a potential November listing, "though the timing … remains subject to market conditions." Anthropic did not respond to Yahoo Finance's request for comment.

An earlier account pointed to a slightly later date. On **October 15**, **Newsquawk** relayed an IFR report, citing a person familiar with the matter, that Anthropic planned to file with the SEC on **October 26** and hoped to go public in mid-November. The two reports give different dates and do not confirm each other.

### Limits of the October 21 update

- The Friday timing is a single-outlet report based on unnamed sources; Anthropic has not confirmed it.
- As of 15:01 UTC on October 21, an SEC EDGAR search showed no public S-1 filed by Anthropic.
- The IFR report was read via Newsquawk's headline relay, not IFR's own article.

## Earlier report: the WSJ-viewed draft, October 20

Anthropic's listing maths are so far visible only through a confidential draft, not an EDGAR filing. On **Tuesday, October 20**, the **Wall Street Journal** reported that it had viewed a new draft of Anthropic's IPO prospectus. Line items below are as the WSJ's reading was relayed by **Reuters**, **StockTwits** (via Yahoo Finance) and **TechCrunch**. We could open only the WSJ's lede and meta; detailed figures come from those relays. Anthropic did not immediately respond to Reuters or TechCrunch.

### What the relays say the draft shows

**StockTwits**, citing the WSJ, says Anthropic generated **$16.3 billion** of revenue in the first half of 2026, up from **$1.1 billion** a year earlier, and posted an **$80.7 billion** net loss. **Reuters**, citing the WSJ, says the first-half net loss was more than **$80 billion**, against **$13 billion** a year earlier, and that about **$72 billion** of it came from accounting charges on convertible notes and other financing instruments — non-cash, not an $80 billion cash burn. TechCrunch, citing the WSJ, also reports the **$16.3 billion** revenue and **$80.7 billion** loss figures.

StockTwits' account of the WSJ says Anthropic spent nearly **$9 billion** on infrastructure and compute in the half, more than its **$7.3 billion** for all of 2025, and has roughly **$450 billion** of noncancelable cloud agreements over seven to ten years. StockTwits also lists commitments of **$111 billion** with Google Cloud, **$110 billion** with AWS, **$31 billion** with Microsoft, **$86 billion** for Nvidia GPUs through smaller clouds such as Nscale and Lambda, and more than **$160 billion** to lease Google chips through Broadcom. Those items add up to more than $450 billion, and StockTwits puts total future cloud and computing commitments above **$600 billion**, so the list is not a breakdown of the noncancelable figure. The WSJ's own lede, as summarised in secondary coverage, says potential compute spending could reach **$750 billion** including deals still under negotiation; TechCrunch puts that figure at more than **$750 billion**.

The draft says Amazon, Google and Microsoft increasingly treat Anthropic as a competitor and have not supplied all the capacity it needs, per StockTwits citing the WSJ. TechCrunch, citing the WSJ, adds that two customers account for about a fifth of sales, and that liability for harmful model behaviour could exceed available insurance. Risk factors take up nearly a third of the document, StockTwits reports, including models showing self-preserving or manipulative behaviour.

We covered attendees' [Q3 revenue of $16.8 billion](https://timesof.ai/2026/10/anthropic-q3-revenue-16-8b-adjusted-profit-investor-day) and the [mid-November IPO marketing target](https://timesof.ai/2026/10/anthropic-ipo-marketing-mid-november) separately; those are context, not new disclosures from this draft.

### Limits

- Not a public S-1. Figures are the WSJ's reading of a confidential draft, relayed by secondary outlets.
- The WSJ page itself was only partially readable here; the $16.3B / ~$9B / $450B split detail is from StockTwits' account of the WSJ.
- The $450B noncancelable figure is not compared here with earlier "forward obligations" totals that may use different definitions.
- The $750B figure includes deals still under negotiation.

## Sources

- [SEC EDGAR: Anthropic, PBC Form S-1 (October 26, 2026)](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm)
- [Anthropic: Anthropic files S-1 with the SEC for proposed initial public offering (October 26, 2026)](https://www.anthropic.com/news/s1-sec)
- [The Wall Street Journal via BusinessDesk: Anthropic unveils paperwork for blockbuster IPO (October 26, 2026)](https://www.businessdesk.co.nz/world-business/anthropic-unveils-paperwork-for-blockbuster-ipo/PY5SSLQEVRANZHTANJVFYW2C5Y/)
- [Times of AI: Anthropic's public S-1 shows $16.3B of first-half revenue (October 27, 2026)](https://timesof.ai/2026/10/anthropic-files-s1-nasdaq-ant-16-3b-revenue)
- [Times of AI: Anthropic's S-1 compute commitments (October 27, 2026)](https://timesof.ai/2026/10/anthropic-s1-compute-commitments-xai-120b-google-amazon-microsoft)
- [Reuters via CNA: Analysis: Anthropic IPO stands alone as AI market jitters sideline others (October 22, 2026)](https://www.channelnewsasia.com/business/analysisanthropic-ipo-stands-alone-ai-market-jitters-sideline-others-6482816)
- [SEC EDGAR full-text search: "Anthropic, PBC", form S-1, October 1–23, 2026 (accessed October 23, 2026)](https://efts.sec.gov/LATEST/search-index?q=%22Anthropic%2C%20PBC%22&forms=S-1&dateRange=custom&startdt=2026-10-01&enddt=2026-10-23)
- [Times of AI: OpenAI's reported $1.25T pre-money round (updated October 23, 2026)](https://timesof.ai/2026/09/openai-30b-bridge-round-14t)
- [Yahoo Finance: Anthropic to publicly file for IPO as early as Friday, sources say (October 21, 2026)](https://finance.yahoo.com/markets/article/anthropic-to-publicly-file-for-ipo-as-early-as-friday-sources-say-135343841.html)
- [Newsquawk: Anthropic plans to file documents with the SEC for its blockbuster IPO on October 26th in hopes of going public in mid-November, according to IFR citing a person familiar with the matter (October 15, 2026)](https://www.newsquawk.com/headlines/anthropic-plans-to-file-documents-with-the-sec-for-its-blockbuster-ipo-on-october-26th-in-hopes-of-going-public-in-mid-november-according-to-ifr-citing-a-person-familiar-with-the-matter)
- [SEC EDGAR: company search for "anthropic", form type S-1 (accessed October 21 and 23, 2026)](https://www.sec.gov/cgi-bin/browse-edgar?company=anthropic&type=S-1&dateb=&owner=include&count=40&action=getcompany)
- [Reuters via Investing.com: Anthropic recorded net loss of over $80 billion in first half, WSJ reports (October 20, 2026)](https://www.investing.com/news/stock-market-news/anthropic-recorded-net-loss-of-over-80-billion-in-first-half-of-this-year-wsj-reports-4960917)
- [StockTwits via Yahoo Finance: Anthropic prospectus shows revenue growing fast (October 20, 2026)](https://finance.yahoo.com/technology/ai/articles/anthropic-prospectus-shows-revenue-growing-224511416.html)
- [TechCrunch: Anthropic's cloud partnerships are getting messy (October 20, 2026)](https://techcrunch.com/2026/10/20/anthropics-cloud-partnerships-are-getting-messy/)
- [The Wall Street Journal: Anthropic S-1 Shows Red-Hot Growth, Risks and Massive Computing Costs (October 20, 2026)](https://www.wsj.com/tech/ai/anthropic-revenue-growth-ipo-accaf0f1)
- [Times of AI: Anthropic Q3 revenue, attendees say (October 15, 2026)](https://timesof.ai/2026/10/anthropic-q3-revenue-16-8b-adjusted-profit-investor-day)
- [Times of AI: Anthropic IPO marketing mid-November (October 3, 2026)](https://timesof.ai/2026/10/anthropic-ipo-marketing-mid-november)