Updated Oct 29

Lab Listings

Anthropic’s books are public. On October 26 it filed its registration statement with the SEC. It plans to list Class A shares on Nasdaq under the symbol ANT, with Goldman Sachs and Morgan Stanley leading 23 underwriters. No share count or price range is set yet, and reporters expect a listing in mid-to-late November.

The filed figures match what reporters had seen in drafts. Revenue was $4.59 billion in 2025, and $16.29 billion in the first half of 2026, up from $1.16 billion. The first-half net loss was $80.7 billion, about $72 billion of it non-cash charges on convertible notes. The third quarter is blank, so the figures Anthropic gave investors privately for it remain unfiled.

The filing also puts numbers on the obligations: $265.6 billion of purchases it cannot cancel at June 30, and $321.4 billion of leases. A company of its seven co-founders will hold 50.1 per cent of the votes.

OpenAI has filed nothing in public. An SEC search on October 29 found no registration statement from it.

New Oct 29

The whole story5 chapters

The state of it — as of October 29, 2026

1 of 2

frontier labs with a public prospectus: Anthropic filed October 26; OpenAI has not

$16.3bn

Anthropic’s first-half 2026 revenue as filed, against $1.16bn a year earlier

$265.6bn

of purchases Anthropic cannot cancel, as filed at June 30

Today

NewOct 28, 2026

With my upbeat story for Anthropic, I estimate a value for the equity of $1.475 trillion, at the lower end of the offer pricing range ($1.5 to $2 trillion).

— Aswath Damodaran

NYU valuation professor Aswath Damodaran, reading the public filing on his blog. His ‘offer pricing range’ is the valuation reported in the press; the filing sets no range.

Not yet checked

An analyst’s valuation, not a checkable forecast. No price range has been filed. The $1.5–2 trillion figures are media-reported talk.

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Aswath Damodaran

Earlier this month

NewOct 26, 2026

Anthropic Files Its Prospectus in Public, the First Frontier Lab to Do So

Anthropic publicly filed its registration statement with the SEC on October 26. It plans to list Class A shares on Nasdaq as ANT. Goldman Sachs and Morgan Stanley lead 23 underwriters. The share count and price range are not yet set, and the filing is not yet effective. Reporters expect a listing in mid-to-late November. The filed accounts, as reported, match the drafts reporters had seen. 2025 revenue was $4.59 billion, with a net loss of about $41.9 billion. First-half 2026 revenue was $16.29 billion, up from $1.16 billion, with a net loss of $80.7 billion, about $72 billion of it non-cash charges on convertible notes. The third quarter is left blank.

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AnthropicU.S. Securities and Exchange CommissionU.S. Securities and Exchange CommissionCNBCFortuneCNNWIREDYahoo Finance

NewOct 26, 2026

What the Filing Shows: $266 Billion of Purchases It Cannot Cancel, and Founders With Half the Votes

As reported from the filing, Anthropic had $265.6 billion of noncancelable purchase commitments at June 30, up from $54.6 billion six months earlier. It had $321.4 billion of lease obligations. Named contracts include at least $110 billion with AWS through April 2036, owed whatever it uses, and $114.5 billion for Google TPUs through 2033. No customer was above 10 per cent of revenue in the nine months to September; the top five were about a quarter. A company of the seven co-founders will hold 50.1 per cent of the votes. Amazon’s shares carry no vote. The filing leaves its total committed compute spend blank, and outlets’ sums of the parts differ.

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CNBCFortuneWIREDCNN

Oct 21, 2026

Anthropic Is Said to Be Days From Making Its Prospectus Public

Anthropic had not made its registration statement public as of October 21 and could do so as soon as Friday, October 23, three people familiar with its plans told Yahoo Finance. SEC rules require a confidential filer to publish its registration materials at least 15 days before its roadshow begins, so a filing then would clear the way for a November listing, subject to market conditions. Anthropic did not comment. Searches of SEC records on October 22 found no public registration statement from Anthropic or from OpenAI.

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Yahoo FinanceU.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission

Oct 20, 2026

A Newer Draft of Anthropic’s Prospectus Shows $450 Billion of Computing It Cannot Cancel

A newer confidential draft of Anthropic’s prospectus, reported by the Wall Street Journal on October 20, shows about $450 billion of noncancelable cloud commitments, led by Google ($111 billion) and Amazon Web Services ($110 billion), and signals up to $750 billion of computing spending including deals under negotiation. About a fifth of first-half revenue came from two unnamed customers. Its risk factors include uncertain access to computing power and catastrophic incidents whose damages could exceed insurance. Two days earlier Anthropic said 5% of its shares would go to a new public-benefit fund, subject to stockholder approval. None of this is filed.

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The Wall Street JournalYahoo FinanceInvesting.comAnthropicCNBC

NewOct 20, 2026

First-half 2026 revenue was $16.3 billion, up from $1.1 billion a year earlier, and the net loss was $80.7 billion, about $72 billion of it non-cash charges on convertible notes and other financing instruments.

— Anthropic True

Checked: true

True. The public S-1 filed on October 26 shows first-half 2026 revenue of $16.29 billion, against $1.16 billion a year earlier, and a net loss of $80.7 billion. About $72 billion of the loss is fair-value charges on convertible notes (CNBC, Fortune).

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The Wall Street JournalYahoo FinanceInvesting.comCNBCFortune

Oct 19, 2026

OpenAI Looks to 2027 for Its Listing as Other Issuers Wait on Anthropic’s

OpenAI’s listing is planned for 2027, Reuters reported on October 19, as the company tried to raise about $30 billion privately before Anthropic’s expected mid-November debut, according to two people familiar. Investors said OpenAI wanted the capital in case weaker IPO markets push its own listing back further. Bankers and investors told Reuters that several companies preparing IPOs had decided to wait until after Anthropic’s, and that some late-stage companies were timing private rounds to avoid it. OpenAI declined to comment; Anthropic did not respond.

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Euronext (news feed)

Oct 14, 2026

Third-quarter 2026 revenue was $16.8 billion, up from about $11.5 billion in the second quarter, and the company was profitable on an adjusted basis.

— Anthropic

Not yet checked

Unverified. These are figures given to prospective IPO investors on October 14, not filed. The public S-1 filed on October 26 leaves the third quarter blank. SEC rules would require it before a listing later than about mid-November (Wired).

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Yahoo FinanceEuronext (news feed)WIRED

Oct 14, 2026

Anthropic’s Would-Be Shareholders Weigh $1.5 Trillion, Not $2 Trillion

After Anthropic’s pre-IPO investor day in San Francisco on 14 October, some current and prospective investors were weighing a valuation of about $1.5 trillion for its planned November listing, down from the roughly $2 trillion that had been expected, Reuters reported from four people familiar; they were disappointed that quarter-on-quarter growth had slowed. Anthropic’s prospectus is still confidential, so the figures shown that day have not been published by the company. The valuation is investors’ talk, not a price: no shares have been offered.

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Euronext (news feed)CNBCBloomberg News

Oct 14, 2026

New York City’s Pension Overseer Asks Anthropic to Pause Its Listing

New York City Comptroller Mark Levine, who oversees pension funds holding more than $325 billion, wrote to Dario Amodei on October 14 urging Anthropic to pause its initial public offering until it “fully and transparently addresses” the safety, governance and development-pace concerns the company has itself raised. He asked it to disclose specific audits and controls with a timeline, called its “morally binding” accord with the White House insufficient, questioned a reported governance structure that could concentrate control with founders and trustees, and asked for a written reply. He set no deadline. Anthropic had not commented when Bloomberg reported the letter.

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New York City GovernmentQuartz

Sep 29, 2026

Anthropic Has Promised $518 Billion to Six Suppliers, and Four-Fifths Cannot Be Cancelled

Against about $4.6 billion of revenue last year, Anthropic expects to spend at least $518 billion over a decade with six partners, according to the confidential prospectus Reuters saw. About 80 per cent is non-cancellable or payable regardless of usage: $111.1 billion with Google, $110 billion with Amazon, $31.4 billion with Microsoft, and about $161.2 billion of Broadcom-related equipment leases. “If our actual spend falls short, we must pay Google the difference,” the document says. Up to $84.5 billion with xAI is largely cancellable on 90 days’ notice. AMD is to supply more than $20 billion of capacity and has committed to buy up to $5 billion of Anthropic stock. Anthropic did not respond to Reuters.

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KSL.comYahoo FinanceFortune

This quarter

Sep 28, 2026

Anthropic’s Books, Seen but Not Filed: $4.6 Billion of Revenue, a $42 Billion Net Loss

The first frontier-lab prospectus has been read, though not by the public. Reuters reported on a confidential Anthropic IPO prospectus it had seen: 2025 revenue of about $4.6 billion; an operating loss of $8.06 billion, up from $2.98 billion in 2024; a net loss of about $42 billion; and $7.33 billion spent on compute and infrastructure. About a quarter of revenue comes from two customers the document does not name. The listing could value the company at more than $2 trillion. What separates the $8 billion operating loss from the $42 billion net loss is not explained in the reporting that could be read. These are figures from a document one outlet saw, not a filing: a search of SEC records on 10 October for registration statements naming Anthropic, PBC returns nine documents from four other companies and none from Anthropic.

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ReutersFortuneYahoo FinanceKSL.comU.S. Securities and Exchange Commission

Sep 12, 2026

It would be ‘ill-advised’ for OpenAI to go public now, given safety concerns; the company will not list in 2026.

— Sam Altman

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CNBCReuters

Sep 4, 2026

Anthropic's Listing Slips to Mid-October, and Still Nothing Is Filed

The first frontier-lab IPO has moved back about five weeks. Anthropic had been expected to make its prospectus public in the week of 7 September; Reuters reported on 4 September, citing people familiar, that this is now expected late September, with marketing from mid-October and the listing days before the November midterms. A bank credit facility must be finalised first. Anthropic declined to comment. Until a prospectus exists its revenue figures are annualised run rates shown to investors, not audited ones — and a full-text search of SEC records on 7 September still returns no Anthropic registration statement.

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ReutersCNBCReuters

Our reading

Aug 31, 2026

There Is No Anthropic S-1 on EDGAR

Searching the SEC's filer index for "anthropic" returns fifteen entities and every one is an investment vehicle holding Anthropic stock — Aurum VP Fund, Incepto AGI Funds, Anthropic Capital Fund LP, a long run of series LLCs. There is no operating-company filer. A full-text search for "Anthropic, PBC" across Form S-1 returns seven filings, all of them somebody else's: three from SpaceX, two from Idea Acquisition Corp, two from Figma. A Zacks commentary carried by Yahoo Finance on 25 August states that Anthropic filed its Form S-1 on 1 June; the only S-1-family filing of that date mentioning Anthropic, PBC is SpaceX's amendment. Two limits: the filer list was truncated, and a confidential submission would not appear on EDGAR at all — so what is established is that there is no public registration statement.

Compared

U.S. Securities and Exchange CommissionU.S. Securities and Exchange CommissionYahoo Finance

Aug 25, 2026

Anthropic Is Said to Pitch a Thirty-Trillion-Dollar Market Ahead of Its Listing

Anthropic will tell IPO investors its potential revenue opportunity exceeds $30 trillion, the Wall Street Journal reported on 25 August, citing people familiar — larger than the $28.5 trillion SpaceX showed before its own offering. The company more than doubled revenue to $11.6 billion in the second quarter, and could seek as much as $100 billion at about a $2 trillion valuation, against SpaceX's $86 billion and $1.77 trillion debut in June. Nothing is filed and no figure is final. NYU's Aswath Damodaran called SpaceX's comparable estimate “reaching the end of what's plausible”; the stock trades below its offer price.

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Yahoo Finance

Earlier this year

Jun 8, 2026OpenAI files its own confidential draft S-1, a week after Anthropic

Jun 1, 2026Anthropic confidentially files a draft S-1, opening the first frontier-lab IPO process

Covered since Jun 2026Read it from the start →