Anthropic S-1 IPO Filing: Key Dates and SEC Documents

Yes. Anthropic, PBC publicly filed a Form S-1 with the SEC on October 26, 2026. The filing is on EDGAR, the company announced it the same day, and Reuters, the Wall Street Journal, Bloomberg, the Financial Times, and CNBC all reported it that day. The registration statement is not yet effective, and the share count and price range are still blank.

The filing itself

The primary record is EDGAR accession 0001628280-26-067168, accepted at 09:00:11 Eastern on October 26, 2026, filing date 2026-10-26, Securities Act file number 333-299633, CIK 0002130357. The cover states it was “As filed with the Securities and Exchange Commission on October 26, 2026.” The submission contains 87 documents, including the S-1 HTML and exhibits (charter documents, material agreements, consents, and graphics). [1] [2]

Registrant details on the index and cover match the company’s identity: Anthropic, PBC, a Delaware public benefit corporation, SIC 7372, EIN 86-1696045, principal executive offices at 548 Market Street, PMB 90375, San Francisco. Agents for service are CEO and co-founder Dario Amodei and president and co-founder Daniela Amodei. Counsel includes Wilson Sonsini and Freshfields. [1] [2]

The company published a matching announcement the same day: it filed a Form S-1 for a proposed IPO of Class A common stock, intends to list on the Nasdaq Global Select Market under ANT, and has not yet set the number of shares or the price range. The release names Goldman Sachs and Morgan Stanley as the places to request the preliminary prospectus and states that the registration statement has been filed but is not yet effective. [3]

That is a public flip of an earlier confidential process, not a first contact with the SEC. On June 1, 2026, Anthropic said it had confidentially submitted a draft Form S-1, under Rule 135, and that an IPO would depend on market conditions and completion of SEC review. Share count and price were unset then as well. [4]

Key sections and dates

The prospectus table of contents in the filed S-1 (prospectus pagination, not the EDGAR HTML line count) is:

Section	Prospectus page
Select Defined Terms	1
Prospectus Summary	4
Risk Factors	26
Special Note Regarding Forward-Looking Statements	120
Industry, Market, and Other Data	123
Use of Proceeds	124
Dividend Policy	125
Capitalization	126
Dilution	129
Management’s Discussion and Analysis	132
Business	178
Our Governance Structure and Its Goals	242
Management	254
Executive Compensation	264
Certain Relationships and Related Person Transactions	282
Principal and Selling Stockholders	288
Description of Capital Stock	292
Shares Eligible for Future Sale	307
Material U.S. Federal Income Tax Consequences to Non-U.S. Holders	311
Underwriting	316
Legal Matters; Change in Independent Accountant; Experts	334
Where You Can Find Additional Information	335
Index to Consolidated Financial Statements	F-1

[5]

Risk Factors alone runs from page 26 to just before page 120 — roughly 90-plus pages — which is why secondary coverage treats the risk section as unusually long. The cover also describes a multi-class structure that is not standard dual-class tech: Class A (one vote, economic rights, the listed stock), Class N (generally non-voting, mainly strategic partners, converts on transfer to unaffiliated third parties), Class T (held so the Long-Term Benefit Trust can elect a majority of the board; no economic rights), a single Class F share issued to a Founder LLC of the seven co-founders that carries 50.1% of general voting power and no economic rights, and Class E for employees excluding co-founders with limited voting and no economic rights. The company says it will be a Nasdaq “controlled company.” [2]

Lead bookrunners named on the cover are Goldman Sachs & Co. LLC and Morgan Stanley, with a syndicate that also includes J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, and others. Offering price, share count, underwriting discount, and proceeds are left blank. The legend is the standard one: securities may not be sold until the registration statement is effective. [2]

Secondary outlets describe the document as roughly 300 to 400 pages, or nearly 240,000 words, depending on whether graphics and the financial-statement appendix are counted. Those length claims are reporting characterizations, not a single figure printed on the EDGAR index. [6] [7] [8]

What the public filing actually discloses — and what it does not

The mechanism of the October 26 event is a public S-1 after confidential review, not a priced IPO. Confidential submission on June 1 started SEC staff review without putting financials on EDGAR. The October 26 filing is the public registration statement. It still does not set terms, and it is not effective, so there is no offering yet.

What major outlets consistently attribute to the public prospectus, not to leaks:

• First-half 2026 revenue of about $16.3 billion, versus about $1.16–$1.2 billion in the year-earlier half (one secondary transcription of the statements puts the half at $16.286 billion). Full-year revenue cited from the filing: about $41 million in 2023, $386 million in 2024, and about $4.6 billion in 2025. [9] [10] [11]
• First-half 2026 net loss of about $80.7 billion, mostly a non-cash charge from revaluing convertible notes or similar instruments as the private valuation rose (reports put that charge above $72 billion). Operating loss for the half narrowed to about $693 million, from about $2.1 billion a year earlier. Reuters also reports adjusted operating income of $1.62 billion for the half, versus a loss of $1.85 billion a year earlier. [9] [7] [10]
• Cash and short-term investments as of June 30, 2026, reported in secondary coverage of the filing as about $112.4 billion in cash and cash equivalents plus about $19.3 billion in short-term investments. [12] [13]
• Customer concentration metrics as of September 30, 2026: more than 11,900 customers at $100,000 or more of trailing-twelve-month revenue, more than 1,900 at $1 million or more, and about 250 at $10 million or more; net revenue retention of about 900%, excluding Claude Pro and Max subscribers. [14] [12] [15]
• Large multi-year compute commitments. Reported figures are not identical across outlets (different cuts of “named deals,” “future obligations,” and “including unpriced capacity”). Examples: The Verge cites about $3.1 billion per month to SpaceX for Nvidia GPU access once planned capacity is delivered, up to $120.5 billion by 2029, plus $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over ten years. CNBC describes about $417 billion in future payment obligations for compute, plus additional ordered capacity expected to add $125–$150 billion. Other write-ups cite totals in the $600 billion to $800 billion-plus range depending on what is included. Treat those as secondary readings of contract tables, not as a single number printed in the company’s press release. [16] [14] [7]
• Governance and risk language that is operational, not boilerplate: founder voting control via one Class F share, a Long-Term Benefit Trust that can elect a board majority, and risk factors covering misuse, loss of human control, bioweapons, models that could behave in ways “interpreted as coercive, deceptive, or manipulative,” including behavior resembling blackmail, and the possibility that catastrophic AI harm may be uninsurable. [2] [9] [6]

What is not in the public filing, and should not be treated as disclosed by Anthropic:

• Share count, price range, proceeds, and a target valuation. Those fields are blank. [2] [3]
• A listing date. Reports that the company is aiming for the week of November 16, or before Thanksgiving, are attributed to people familiar with the matter, not to the S-1. The Wall Street Journal and Bloomberg are the outlets most often cited for that calendar. [6] [10] [17]
• A $100 billion raise or a $1.5–$2 trillion valuation. Those figures circulate as investor and media expectations. Reuters separately reported that some investors were marking the company nearer $1.5 trillion, down from about $2 trillion, after a recent investor event — again, not an offering term. The last disclosed private mark widely cited is the May 2026 Series H at a $965 billion post-money valuation after a $65 billion raise. [9] [10] [18]

The real gap is between a public preliminary prospectus and an effective, priced deal. Blank price, blank share count, and the “not yet effective” legend mean the October 26 filing starts the public clock; it does not close an IPO.

How the market got here before October 26

The public S-1 confirmed, rather than invented, a trail of earlier disclosures.

Anthropic’s own June 1 announcement is the primary record of the confidential draft. It created an option to go public after review; it did not commit to a date or size. [4]

Before the public flip, Reuters reported that it had reviewed the confidential prospectus. A September 30 Reuters Q&A described a 2025 net loss of about $42 billion, of which roughly $34 billion was financing-related, leaving an operating loss a little over $8 billion, and a Founder LLC structure under which seven co-founders would hold 50.1% of voting power through Class F shares. Reuters later said the October 26 filing confirmed a series of its earlier exclusives on financials, growth, and IPO plans. Those September figures are leak-based secondary reporting of a then-confidential draft, not the public S-1. [19] [9]

As of early October, at least one market note still described the public S-1 as missing from EDGAR and treated a late-October public filing as the scheduling requirement for a mid-November roadshow, citing a reported marketing start in the week of November 9. That note is now superseded by the October 26 filing. [20]

Source-quality table

Source	Type	What it establishes	Limit
SEC EDGAR index, accession 0001628280-26-067168	Primary filing record	Form S-1 filed and accepted Oct. 26, 2026, 09:00:11 ET; file no. 333-299633; CIK 0002130357; 87 documents	Index does not summarize financials; the S-1 HTML does
S-1 cover and table of contents, anthropicpbc-sx1.htm	Primary prospectus	Filed date, ticker ANT, Nasdaq Global Select Market, blank price and share count, multi-class governance, underwriters, section map through F-1	Preliminary; not effective; many offering numbers blank
Anthropic news post, Oct. 26, 2026	Company primary	Company confirms the public S-1, ticker, and that size and price are unset; states the registration statement is not effective	Does not attach financial exhibits
Anthropic news post, June 1, 2026	Company primary	Confidential draft S-1 submitted that day; IPO optional after SEC review	No financials; not a public registration statement
Reuters, Oct. 26, 2026	Major-outlet secondary	Same-day confirmation of the public filing; H1 revenue growth, $80.7B net loss, narrower operating loss, risk language; says filing confirmed earlier Reuters exclusives	Valuation and timing still sourced to investors or expectations, not the prospectus terms
WSJ, Oct. 26, 2026	Major-outlet secondary	Public paperwork unveiled Monday; path to a listing as soon as the week before Thanksgiving; risk and growth framing	Timing is reported, not a filed date; paywalled detail beyond the lead
Bloomberg, Oct. 26, 2026	Major-outlet secondary	Public filing on Oct. 26; Nasdaq listing expected in November; explainer of the S-1	Deal size and calendar are explanatory/secondary
Financial Times, Oct. 26, 2026	Major-outlet secondary	Prospectus published Monday; $16.3B H1 revenue; ~$81B net loss with >$72B from note revaluation; operating loss $693M; compute commitments described as more than $800B	Rounds some figures; valuation not in the filing
CNBC live updates, Oct. 26, 2026	Major-outlet secondary	Confirms Form S-1, ticker ANT, June confidential filing, ~900% NRR, long risk-factor section, compute obligation ranges	Live blog; some figures are reporter summaries of the prospectus

[1] [2] [5] [3] [4] [9] [6] [17] [7] [14]

What this means if you are underwriting, competing, or marking the stock

The fact pattern is settled on the narrow question: a public S-1 exists, dated and accepted October 26, 2026. Anyone still describing Anthropic as “only confidentially on file” is using a fact that expired that morning.

The investable gap is the blank term sheet. A controlled-company PBC with founder super-voting stock, a trust that can elect a board majority, an ~$80.7 billion accounting loss that is mostly mark-to-model on convertibles, and hundreds of billions of compute obligations is now a public document. The price, the primary versus secondary split, and the week it actually prices are not. Those will show up in an amendment, not in another leak. Until that amendment, reports of a $100 billion raise or a $1.5–$2 trillion valuation are market chatter sitting on top of a preliminary prospectus, not terms Anthropic has filed.

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Recent Findings Supplement (October 2026)

Yes, Anthropic, PBC publicly filed a Form S-1 registration statement with the SEC on October 26, 2026 (Accession No. 0001628280-26-067168; File No. 333-299633), accepted at approximately 9:00 a.m. ET.[1][2]

This was the public version of a draft confidentially submitted on June 1, 2026, with subsequent amendments (e.g., July, August, September, and early October 2026). The filing prepares for a Nasdaq listing under ticker “ANT” (Class A common stock), with Goldman Sachs and Morgan Stanley as lead underwriters among a group of 22 banks. No share count, price range, or exact raise amount is disclosed yet. Expected timing is around mid-November 2026 (e.g., week of Nov. 16 or before Thanksgiving), subject to change.[3][4]

Key elements from the ~400-page prospectus (consistent across reports):
- Financials (H1 2026, ended June 30): Revenue $16.3 billion (up ~1,300% YoY from ~$1.2 billion in H1 2025; Q2 alone ~$11.6 billion). Operating loss $693 million (improved from $2.1 billion prior year; Q2 showed first operating profit of ~$974 million). Net loss $80.7 billion, driven primarily by non-cash accounting charges on convertible notes/financing (not operational cash burn). Strong cash position reported (~$112 billion cash equivalents + short-term investments as of June 30 in related disclosures).[5][6]
- Business metrics (as of ~Sept. 30, 2026): >11,900 customers with ≥$100k TTM spend; >1,900 with ≥$1M; ~250 with ≥$10M. Net revenue retention (NRR) ~900%.[3]
- Compute/infrastructure commitments: Hundreds of billions over years (non-cancelable elements noted), including ~$110 billion with Amazon (10 years), ≥$114.5 billion with Google (to 2033), $44.9 billion with Microsoft (to 2033), and up to ~$120.5 billion with SpaceX by 2029 (e.g., ~$3.1B/month at full capacity for Nvidia GPUs).[5][7]
- Governance: Seven co-founders (Dario Amodei, Daniela Amodei, et al.) via “Founder LLC” retain 50.1% voting control via Class F shares to preserve AI safety mission.[3]
- Risk factors: Extensive section (~90+ pages) covering AI safety/misuse (e.g., model self-preservation, “blackmail”-like outputs, bioweapons, geopolitical destabilization, loss of human control), execution/financial risks, competition, regulation, and more.[8][9]
- Other: Executive compensation details (e.g., Dario Amodei ~$18M in 2025, mostly equity; Daniela Amodei ~$16.4M). Emphasis on enterprise growth, partnerships (AWS, Google Cloud, Azure), and long-term AI vision (e.g., “revolutionize every area of human endeavor,” potential for curing diseases vs. existential risks).[5]

No dedicated Anthropic press release was prominently reported; coverage centered on the SEC filing itself. Prior leaks (e.g., Reuters on confidential draft in Sept. 2026) aligned closely with public details.[10]

Source-quality table (primary vs. secondary; all post-4/28/2026, focused on Oct 26+ reporting):

Primary (official filings)

- SEC EDGAR S-1 (10/26/2026 public filing; prior confidential DRS June 2026 + amendments): Full prospectus, exhibits, financials, risks. Direct source for all numbers/sections.[1][2]

Secondary (major outlets)

- The Verge, TechCrunch, WSJ, WIRED, CNBC, Reuters, Bloomberg, etc. (10/26–10/27/2026): Consistent reporting on filing date, key financials, compute deals, governance, risks, and IPO timeline. Multiple independent corroborations of core figures (e.g., $16.3B revenue, $80.7B net loss).[5][3][11]

Gap flagged: No company-issued press release or detailed Anthropic statement beyond the filing was identified in coverage. Valuation targets ($1.5–2T range, >$100B raise potential) and exact IPO timing remain analyst/investor estimates, not in the S-1. Earlier confidential leaks provided previews but were not public. The public S-1 closes the prior gap on detailed, verified disclosures.[12]

This represents the most recent development as of Oct 28, 2026.