Anthropic Files S-1 with the SEC for Proposed IPO
Anthropic reveals the price of its AI growth
This is a Press Release edited by StorageNewsletter.com on November 5, 2026 at 2:01 pmAnthropic, PBC, filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to its proposed initial public offering of its Class A common stock.
Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.” The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Today’s announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Comments
The Anthropic S1 is available here, it was initially issued October 26 but updated on November 2, 2026. This iteration arrives a few months after the company has confidentially submitted its S1 as we wrote early June.
Active promotion period could start the week of November 9, with trading possibly before Thanksgiving, the window is short. The price range and share count remain blank.
The growth is exceptional. Nine-month revenue reached $33.24B, up roughly 1,200%, including about $17B in Q3, against $4.6B for all of 2025. More than 11,900 customers generate at least $100,000 a year, and net revenue retention is about 900%.
Q3 also complicated the story. Sequential growth slowed to 47% from 144%. A $974M Q2 operating profit became a $567M loss, reflecting costlier short-term compute and a $2B non-cash donation-matching charge. Compute climbed from 48% to 58% of revenue, and price cuts and discounts removed about $600M. The $104B nine-month net loss mostly reflects fair-value changes on convertible notes and derivatives.
The defining number, but also illustrating a big risk and potential danger, is $895.4B in commitments, running through 2045. About $447.5B falls before end-2030, and $69.8B within 12 months, close to annualized Q3 revenue. One analysis treats $213.8B as conditional or terminable, and total liquidity stood at $146.6B on September 30. The central risk is a mismatch: multi-year obligations rest on consumption revenue, much of it without long-term contracts. We clearly entered into a new financial dimension with AI.
Storage is part of that bill, since the S-1 defines compute to include memory and storage. Anthropic has now secured by contract every layer that could become a bottleneck.
Governance is equally unusual. A Long-Term Benefit Trust can generally elect a board majority, while a founder-held share carries 50.1% of general voting power.
Competitively, Anthropic has moved ahead on reported revenue. Its Q2 revenue of about $11.5B compares with $6.7B reported for OpenAI. OpenAI told investors it reached roughly $50B in annualized revenue at the end of September and reportedly expects at least $70B by year-end, versus about $68B for Anthropic’s annualized Q3, though the measures differ. OpenAI’s momentum is real, with enterprise run rate up 107% in Q3. And both clearly dominate the domain and they both reach a moment where money has to come from the public market and not "classic" investors for their next "growth' wave.
The bigger gap is transparency. OpenAI filed confidentially, but Sam Altman has ruled out a 2026 listing. It is reportedly raising up to $20B at $1.25T, reduced from $30B at $1.4T. Anthropic will therefore set the first public benchmark for a frontier AI lab.
The climate is expansive but less forgiving. Five hyperscalers are projected to spend $803B to $828B on capex in 2026, with more signaled for 2027. Yet investor valuation talk has dropped from about $2T to $1.5T–$1.6T. SpaceX fell well below its early peak after its record June IPO, and AI suppliers sank in October when OpenAI’s run rate came in below circulating figures. The last few weeks of the 2026 will be interesting and we anticipate somne moves.
This IPO is therefore more than a listing. It will test whether public markets accept that frontier AI revenue can carry infrastructure obligations on this scale. We'll see as it represents a real test and exam...
Subscribe to our free daily newsletter
