After confidentially submitting its S-1 filing to the Securities and Exchange Commission on June 1, Anthropic has made the IPO registration document public, indicating the AI giant will begin trading in the near future.
Anthropic and the SEC have released a document spanning more than 400 pages, spotlighting the risks, opportunities, and historical financials for the company behind Claude AI. It’s the deepest look yet that investors have had at the profits and losses of the company, which is the only major U.S. AI company to have reported any quarterly profit since its founding.
Companies typically amend an S-1 in the days leading up to their first trade, so there will be more for investors to learn from this document, likely in a couple of weeks. For now, though, here are some of the big questions you may have about the company, and what the S-1 tells us about them.
Is Anthropic profitable?
On an annual basis? No. Nowhere close. Anthropic reported net losses of $42 billion in 2025. The company’s operating loss hit $8.06 billion in 2025, up from $2.98 billion in 2024.
However, for the first half of 2026, Anthropic reported revenues of $16.29 billion. It ultimately had a net loss of $80.75 billion, but that was not related to a debt or compute issue. As the value of the company increased, that triggered massive accounting charges, which resulted in the loss.
In investor meetings earlier this year, the company reportedly said its third-quarter revenue rose from $11.6 billion in Q2 to $16.8 billion. Anthropic said it was profitable on an adjusted basis for Q3 and told would-be investors it was cash-flow positive, making $1.70 for every dollar it spent on compute in that three-month period. (It could update the S-1 with those numbers later.)
One interesting note from the S-1 centers around Anthropic’s customer base. Nearly a quarter of its revenue last year came from its top five customers, the filing said. (It did not identify those clients.) The company did note, though, that no single customer had represented more than 10 percent of revenue over nine months.
What will the IPO price at?
The final number won’t be decided until right before the stock begins trading, which will likely take place within two-and-a-half weeks—and the S-1 does not offer a potential price range or valuation for the company. Those are typically added in an amendment. The company hopes to be valued at $2 trillion, however.
What ticker symbol will Anthropic trade under?
The company will trade on the Nasdaq market under the symbol ANT.
Does Anthropic’s IPO address recent concerns about AI’s risk?
Extensively. Nearly 100 pages of the document underscore the risks the company faces. The company warns that AI “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, or generate outputs that could be interpreted as coercive, deceptive, or manipulative, including behavior resembling blackmail or efforts to influence human decision-makers to preserve the model’s continued operation or access.”
Who are the founders of Anthropic and what voting power will they have after the IPO?
The company was founded by a group of seven people:
CEO Dario Amodei was former VP of Research at OpenAI, and led GPT-2 and GPT-3 development.
Daniela Amodei, president, is Dario’s sister and the former VP of Operations at OpenAI.
Tom Brown, chief computer officer
Jack Clark, who serves as head of policy
Jared Kaplan, Anthropic’s chief science officer
Sam McCandlish, chief architect
Christopher Olah, who leads interpretability research efforts
As with many tech companies, the co-founders will retain a majority of the voting power for the company, though not on the same scale Elon Musk held onto SpaceX or to which Mark Zuckerberg controls Meta. The seven will hold 50.1 percent voting power through a Class F share. That percentage will remain until two or fewer founders remain.
Who is on the Anthropic board?
Seven people make up the board of directors at Anthropic. Dario and Daniela Amodei both serve, as does CFO Krishna Rao.
Netflix co-founder Reed Hastings is also a member of the board, as is Chris Liddell, former CFO of Microsoft and former Deputy White House Chief of Staff, and Norvartis CEO Vas Narasimhan. Yasmin Razavi, general partner at Spark Capital, an early investor in the company, is on the board as well.
Who are the primary shareholders of Anthropic?
Dario Amodei currently holds over 245 million shares, while Daniela Amodei’s holdings amount to 241.4 million shares. Brown holds 244 million shares of Class A stock. Clark holds 242 million. Kaplan controls 242 million. McCandlish oversees nearly 232 million and Olah is in control of 243 million shares.
Other shareholders of note listed in the S-1 include Hastings and Liddell (9,410 shares each) and Vas Narasimhan, CEO of Novartis International, with 176,000 shares.
How much is Anthropic seeking to raise in this IPO?
Like the stock price and valuation, that information will be made public in a few weeks. Anthropic will, at that time, announce how many shares it plans to sell, which will give some indication of its expected raise.
Which banks are underwriting the Anthropic IPO?
Goldman Sachs has the lead left position, which is the lead investment bank managing the IPO. Morgan Stanley sits to its right as the other lead bookrunner. Goldman Sachs was also named the stabilization agent for the offering, meaning it is in charge of the early share trading.
J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities are also underwriting the IPO on a high tier level.
What are analysts saying?
Just like SpaceX’s IPO, there has been a division among analysts when it comes to Anthropic. Dan Ives, formerly of Wedbush and current partner and senior managing director at Yorkville Ives, has said “I think Anthropic is the heart and lungs of the AI revolution” and believes the IPO is “bullish for the broader tech trade.”
Independent financial research provider New Constructs, however, has called this the “most ridiculous IPO of 2026” and said with it Wall Street will face an “unprecedented test of investor gullibility.”