Anthropic, the company behind the Claude AI models, wants to sell shares to the public. On Monday it filed a registration statement with the US Securities and Exchange Commission, the paperwork that has to come before a listing, and said it intends to trade on Nasdaq under the symbol ANT. It has not said how many shares it will sell, at what price, or how much it hopes to raise.
A loss that is mostly on paper
The two headline numbers point in opposite directions. Revenue for the six months to June was $16.3 billion, about 14 times the same period a year earlier. The net loss for those six months was $80.7 billion.
Most of that loss is an accounting entry, not cash that went out the door. Anthropic owes money on convertible notes, loans that turn into shares later, and as its estimated value rose, those future shares became more expensive on paper, a change the filing books as a $72.4 billion loss. The cost of actually running the business left an operating loss of $693 million, smaller than the $2.1 billion of the first half of 2025, TechCrunch reported from the filing.
It has lost money in every year since it was founded, and the filing warns it may not achieve or sustain profitability. The yearly net loss grew from $1.5 billion in 2023 to $42.0 billion in 2025, and each year included a smaller version of the same paper charge.
Who pays, and who decides
The customer list leans on big businesses. By the end of September, more than 1,900 customers were paying Anthropic $1 million or more a year, and over half of the Fortune 500 were spending at least $100,000. Its five largest customers brought in about a quarter of revenue in the first nine months of the year, though no single one accounted for more than a tenth.
The filing also flags a risk in where its computing power comes from. The cloud companies that help sell Claude increasingly see Anthropic as a competitor, TechCrunch noted, and Anthropic says that could make it harder to secure the computing capacity it needs from them.
Buyers of ANT shares would get a slice of the business, but not much say in running it. The seven co-founders, grouped in a "Founder LLC", will control 50.1% of shareholder votes, and the Long-Term Benefit Trust, set up in 2023 to keep the company to its public-benefit mission, will appoint most of the board.
