The AI developer plans to list on Nasdaq under the ticker ANT. Its latest private round priced shares at about 2.3 times the previous one, it held about $131.7 billion of cash and short-term investments at the end of June, and prediction-market traders have trimmed their odds of a listing by Nov. 20.
Anthropic's registration statement contains a number that looks alarming on its own: a net loss of $80.7 billion for the first half of 2026. Most of that loss reflects the rising value of the company itself.
The artificial-intelligence developer filed its public S-1 with the Securities and Exchange Commission on Oct. 26. It plans to list its Class A shares on the Nasdaq Global Select Market under the symbol "ANT." Goldman Sachs and Morgan Stanley are leading the offering. Both the company and existing shareholders will sell stock. The size of the offering and the price have not been set.
What the loss is
The filing attributes the first-half loss largely to changes in the fair value of convertible notes and similar instruments, a charge of $72.4 billion, or about 90% of the loss. The filing says the charge was primarily driven by an increase in the company's valuation. Notes that can convert into a company's shares generally become more valuable as the company's valuation rises, and under fair-value accounting that increase is recorded as a loss for the issuer. In other words, much of the $80.7 billion tracks how much the notes' holders have gained on paper, rather than cash that left the company.
The operating figures are smaller. Anthropic's operating loss for the half was $693 million, and its operating cash flow was positive at about $3.9 billion.
The balance sheet is large. Anthropic held about $131.7 billion of cash and short-term investments at June 30.
The price path
The filing shows how quickly private investors repriced the company this year. Its Series G round, in the first quarter, sold shares at about $259.14 each and raised $30.2 billion. Its Series H round, in the second quarter, sold shares at about $589.01 and raised $65.2 billion. That is a step-up of about 2.3 times in a matter of months, by our arithmetic. Those are prices for preferred shares. Anthropic split its common stock 10-for-1 in September, so they cannot be compared directly with an eventual IPO price per share.
Its strategic backers have committed more. Google put $10 billion and Amazon $5 billion into the Series H. Google has $20 billion remaining under its note facility and Amazon $15 billion. Google also has an option to buy up to $10 billion of stock in a private placement alongside the offering, at the IPO price, which would reduce its note facility by the same amount. Broadcom, whose chips Anthropic will lease through a separate $63 billion financing vehicle, has also agreed to buy up to $42 billion of convertible notes, or to have a partner it designates buy them. Anthropic can issue those notes only to pay rent on its Broadcom equipment lease, and none had been issued as of June 30.
The retail slice
Anthropic picked JPMorgan to lead a tranche of shares for U.S. retail investors, and an allocation of 15% to 20% of the offering to individuals is under discussion, Bloomberg reported late on Oct. 27, citing people familiar with the matter.
Timing, and what traders think of it
Trading could begin as soon as Nov. 16, according to a timeline reported by Yahoo Finance, with a roadshow starting as early as Nov. 10. An amended filing with a price range would come first, and none had been filed as of Thursday.
Prediction markets have grown a little less confident about that schedule. On Polymarket, the contract on an Anthropic IPO by Nov. 20 fell to 55.5 cents on Thursday from 61 cents early that morning, and held there early Friday. The contract on a listing by Nov. 30 eased to 84 cents by early Friday from 87.5 cents early Thursday, and the contract on a listing by Dec. 31 traded near 94 cents. These markets are thin. The Nov. 20 contract had less than $8,000 of liquidity.
Fortress or fragile?
The fortress view: about $131.7 billion of cash and short-term investments, committed facilities from Google and Amazon, a Google option to buy more at the IPO price, and a loss that largely reflects investors' gains.
The fragile view: the same fair-value accounting that produced an $80.7 billion loss can swing results sharply as the valuation moves; a small group of large partners provides both capital and, in Broadcom's case, chips; and a share price that more than doubled between two private rounds this year will be tested by public investors for the first time.
What to watch
The amended S-1 with a price range and offering size; the size of the retail allocation; disclosure of lease commitments, including the Broadcom vehicle; the roadshow start; and the Polymarket Nov. 20 contract as the window approaches.