For five years, the company behind Claude kept its numbers to itself. On Monday, 26 October, it published them, in a filing to list its shares on Nasdaq under the ticker ANT [2]. The figure everyone quoted first: $16.3 billion of revenue in the first six months of 2026, against $1.2 billion in the same months a year earlier [1]. Bookmark this page: the live ANT share price will appear here on the first day of trading.
At a glance
| What | Form S-1 registration statement for a proposed IPO [2] |
|---|---|
| Filed | October 26, 2026 [2] |
| Exchange and ticker | Nasdaq Global Select Market, ANT [2] |
| Revenue, Jan to Jun 2026 | $16.3 billion, up from $1.2 billion a year earlier [1] |
| Net loss, Jan to Jun 2026 | $80.7 billion, of which $72.4 billion is a revaluation of convertible notes [1] |
| Banks named first | Goldman Sachs and Morgan Stanley [2] |
| Price and share count | Not yet set [2] |
| Live share price | Appears on this page automatically from the first trading day |
- S-1 filedOct 26, 2026
- Price range setIn an amended filing
- Shares pricedThe night before trading
- First tradeExpected Thanksgiving week
Anthropic is not trading yet. The live ANT share price will appear here automatically on its first day of trading.
The signal
- Revenue for January to June 2026 was $16.3 billion, 14 times the $1.2 billion of the same period in 2025 [1].
- The $80.7 billion net loss is mostly a $72.4 billion non-cash charge from revaluing convertible notes as the company's value rose [1].
- More than 11,900 customers now pay $100,000 or more a year, and about 250 pay $10 million or more [1].
- Growth comes from a land-and-expand path: the API first, then Claude Code for engineers, then Claude Cowork for everyone else [4].
- For B2B marketers, Claude is moving from the developer's terminal to the knowledge worker's desktop, where buyers research vendors.
What happened
Anthropic, the San Francisco company that makes the Claude AI models, filed its Form S-1 with the U.S. Securities and Exchange Commission on Monday, 26 October 2026 [2]. An S-1 is the document a company must publish before it can sell shares to the public. It plans to list on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley named first among the banks [2]. The price and the number of shares have not been set [2].
The filing shows a business growing at a pace few companies have reported. Revenue for the first half of 2026 was $16.3 billion, against $1.2 billion a year earlier [1]. Revenue in the second quarter alone was $11.6 billion [3][5], up 1,368% on the same quarter of 2025 [1].
The headline loss is just as large: $80.7 billion for the first half [1]. But $72.4 billion of that is one accounting line [1]. Investors who lent Anthropic money through convertible notes can turn that debt into shares, and as the company's value rose, the accounting value of those notes rose with it, which is recorded as a loss [1]. Fortune reported that operating cash flow for the half was positive at $3.9 billion [3]. The filing still warns: "We expect our costs will increase over time and our losses will continue" [3].
The customer numbers explain where the money comes from. As of 30 September, more than 11,900 customers had paid $100,000 or more over the previous 12 months, more than 1,900 had paid $1 million or more, and about 250 had paid $10 million or more [1]. Anthropic reports net revenue retention of about 900% [1], meaning a typical group of customers spent roughly nine times more than a year before.
By the numbers
Timeline
Anthropic is founded in San Francisco [3].
Claude Cowork, which works across files and apps on a user's desktop, launches as a research preview [1].
Anthropic confidentially submits its draft S-1 to the SEC [6].
Anthropic begins merging Cowork into Claude.ai [1].
More than 11,900 customers have paid $100,000 or more in the past year [1].
The S-1 is made public; Anthropic plans to list on Nasdaq as ANT [2].
“The speed and depth of our enterprise customer adoption are powerful evidence of Claude's position at the frontier of AI.”
Who is affected
| Who | What changes | Impact |
|---|---|---|
| B2B marketers | Claude is spreading from engineers to knowledge workers, so more buyers may ask it which vendors to shortlist [1][4]. | High |
| Software companies selling to enterprises | The filing shows a clear land-and-expand path, from one team to the whole company, that drove spending growth [4]. | Medium |
| Cloud providers | Nearly half of Anthropic's revenue flows through their marketplaces, and the filing calls them partners and competitors [3][4]. | Medium |
| Investors | Pricing, valuation and early insider sales are still to be set out in amended filings [5][6]. | High |
Why it matters
Claude is moving to where buyers do their research. For most of its life, Claude was best known among developers. The filing describes a different company now. TechCrunch reports that more than half of customers spending $100,000 or more a year use both the Claude platform and a first-party app such as Claude Code or Cowork, up from about 30% at the end of last year [4]. Cowork, built for knowledge workers rather than engineers, is being merged into Claude.ai [1]. In plain terms, Claude is landing on the desktops of the managers, analysts and procurement teams who shortlist vendors.
That matters because B2B buyers already ask AI which vendors to consider. In a 2026 Semrush survey of US B2B professionals who use AI at work, 71% used ChatGPT for product research and 14% used Claude [7]. Claude is the smaller channel today. The S-1 shows how quickly that could change inside the companies paying for it.
The playbook is worth studying. Anthropic's growth follows a path TechCrunch compares to Amazon Web Services: a company starts with the developer API, its engineers adopt Claude Code, then the wider workforce adopts Cowork [4]. Each step widens the account. That is why net revenue retention can reach about 900% [1]. Any B2B company selling software can learn from the order of those steps.
The risks are spelled out too. The top five customers made up about a quarter of revenue in the first nine months of 2026, and nearly half of revenue flows through cloud marketplaces run by Amazon, Google and Microsoft [3]. The filing warns that those same cloud partners increasingly see Anthropic as a competitor [4]. Opinions on the price are split: Dan Ives of Yorkville Ives called Anthropic "the heart and lungs of the AI revolution", while research firm New Constructs called it the "most ridiculous IPO of 2026" [6].
Disclosure: WebVisiblity uses AI models from several companies, including Anthropic, in its product, and tracks how Claude describes companies.
How Claude spreads inside a company
- 1The API
A company's developers build Claude into their own products through the developer platform [4].
- 2Claude Code
Engineers adopt the coding agent for planning, writing, testing and fixing code [1][4].
- 3Claude Cowork
The wider workforce gets Claude on the desktop, working across files and apps [1][4].
- 4Bigger contracts
Spending per customer grows; net revenue retention reached about 900% [1].
What to do now
For marketers
- Ask Claude the questions your buyers ask, such as 'best [your category] for [your industry]', and note which companies it names.
- Check Claude separately from ChatGPT. Each assistant searches different sources, so results differ.
- Make sure your website states plainly what you do, for whom and where, so any AI assistant can match you to the question.
- Study the land-and-expand order in the filing: one team first, then the wider company, and map your own product to it.
For software buyers and IT teams
- If your company is adopting Cowork or Claude Code, agree on what data it may access before it reaches every desktop.
- Expect AI vendors to price for expansion: ask how costs change as more teams use the same tool.
These steps are our recommendations based on this news, not statements from the companies involved.
What to watch
- The live ANT share price, right here. This briefing has a ticker card near the top. It shows the IPO steps today and switches by itself to the live Nasdaq price on Anthropic's first day of trading, so bookmark this page.
- The price range. An amended filing should add the share price range and the amount raised [6]. Media reports put the valuation under discussion at $1.5 trillion to $2 trillion [3][5].
- The listing date. Fortune expects a debut in Thanksgiving week [3].
- Early share sales. Yahoo Finance reports insiders may sell from the first trading day, across more than 20 unlock windows, instead of the usual 180-day wait [5].
- Cowork inside Claude.ai. How fast the workplace app spreads will show whether Claude becomes an everyday research tool for business buyers [1].
- OpenAI's response. Bloomberg, cited by Yahoo Finance, reports OpenAI is expected to go public in early 2027 [5].
Questions readers ask
What is Anthropic's ticker symbol?
Anthropic plans to list on the Nasdaq Global Select Market under the symbol ANT [2]. The price range and number of shares have not been announced yet [2].
How much revenue does Anthropic make?
Anthropic reported $16.3 billion of revenue for the six months to 30 June 2026, up from $1.2 billion in the same period of 2025 [1]. Second-quarter revenue alone was $11.6 billion [3][5].
Why did Anthropic lose $80.7 billion?
Most of it, $72.4 billion, is a non-cash charge from revaluing convertible notes as the company's value rose [1]. Fortune reported positive operating cash flow of $3.9 billion for the same half year [3]. The filing still says losses will continue [3].
When will Anthropic start trading?
No date has been set in the filing. Fortune reported that a debut is expected in Thanksgiving week [3].
What is Claude Cowork?
Cowork brings Claude Code's way of working to knowledge workers: it reads files, moves between applications and carries out multi-step tasks on a user's desktop [1]. It launched as a research preview in January 2026 and is being merged into Claude.ai [1].
Should B2B marketers track how Claude describes their company?
If your buyers work in companies that use Claude, yes. In a 2026 Semrush survey, 14% of US B2B professionals using AI at work used Claude for product research, against 71% for ChatGPT [7]. Check Claude alongside ChatGPT, Gemini and Perplexity, because each names different companies.
Companies in this story
Sources
- U.S. SECOriginal
- AnthropicOriginal
- Fortune
- TechCrunch
- Yahoo Finance
- Inc.
- Semrush
Researched, fact-checked and edited by the Market Signal desk. Read our editorial standards. Spotted an error? Email hello@webvisiblity.com and we will correct it.