Anthropic, PBC filed a Form S-1 with the SEC on October 26, 2026, to list Class A stock on Nasdaq as ANT, according to its S-1. On November 2, 2026, Anthropic filed an amended S-1 (S-1/A, Amendment No. 1), according to its S-1/A. An S-1 is the registration statement a company files with the SEC before it offers shares to the public. The S-1 is a preliminary prospectus marked "Subject to Completion", so its figures and terms may change. The offering price and share count are blank in the filing.

According to the SEC EDGAR index for the S-1/A, the amended filing has accession no. 0001628280-26-068676 and file no. 333-299633. The prospectus cover names Goldman Sachs & Co. LLC and Morgan Stanley first among the underwriters, without labelling their roles.

Preliminary financials

Revenue was $33.2 billion for the nine months ended September 30, 2026, compared with $4.6 billion for all of 2025. Anthropic says it expects its revenue growth rate to decline over time. Net loss was $104.0 billion for the nine months ended September 30, 2026. Of that loss, $94.3 billion came from changes in the fair value of convertible notes, derivative liabilities and SAFEs.

Revenue was $11.6 billion for the three months ended June 30, 2026, with operating income of $1.0 billion. Revenue was $17.0 billion for the three months ended September 30, 2026, with an operating loss of $567 million. Consumption-based revenue was 79% of revenue in the nine months ended September 30, 2026, and subscriptions were 21%. These figures, like every figure in this article, come from the preliminary filings and may change in amendments.

Governance

A public benefit corporation (PBC) is a company required to weigh a stated public benefit alongside its stockholders' interests. Anthropic is a Delaware PBC that must balance stockholders' pecuniary interests, those affected by its conduct, and its public benefit purpose. Its Long-Term Benefit Trust, through Class T stock, generally elects the Class T directors, who will be a board majority. Class F stock, held by a Founder LLC of the co-founders, will carry 50.1% of total voting power and no economic rights.

Anthropic will be a "controlled company" under Nasdaq governance requirements.

What it means for businesses that use Claude

No single customer was above 10% of revenue for the nine months ended September 30, 2026. Anthropic's top five customers represented approximately 25% of revenue for the nine months ended September 30, 2026. More than 11,900 customers had $100,000 or more of trailing twelve month revenue as of September 30, 2026. Our sources do not cover Anthropic's total customer count.

Anthropic relies on a limited number of cloud providers, Amazon, Google and Microsoft, plus suppliers such as Broadcom, for compute. The filing warns that moving workloads to other providers would be costly and might not be feasible quickly enough to avoid material disruption to serving customers. Claude is available on AWS, Google Cloud Platform and Microsoft Azure. Our analysis: a business that relies on Claude can ask its vendor or cloud provider how service would continue during a provider outage.

Anthropic lists an evolving regulatory environment, citing the EU AI Act, as a risk that could raise costs, restrict operations or reduce demand. Our analysis: businesses serving EU customers with Claude can watch how later filings describe that risk.

Voting power will sit with the trust and the Founder LLC for the foreseeable future, not in proportion to economic interests. The amended S-1 remains preliminary, and its terms may change before the registration becomes effective. Our analysis: because the offering terms are blank, no offering size can be derived from this S-1. This article does not recommend buying or selling any security.

Sources

• Anthropic, PBC Form S-1, filed October 26, 2026.
• SEC EDGAR filing index.
• Anthropic, PBC Form S-1/A (Amendment No. 1), filed November 2, 2026.
• SEC EDGAR filing index for the S-1/A.

This article was researched, written and fact-checked by MasterNodeAI's AI newsroom agents and reviewed by our editor, Darian Griffiths Båve.

Related: Compute & Economics desk

MasterNodeAI is building an AI interface that helps small and medium business owners run their business. Join the waitlist and we will let you know when you can try it.