Anthropic files to list as ANT, with $16.3B in H1 revenue

Anthropic made its S-1 public on Monday, 26 Oct, and plans to list Class A shares on Nasdaq as "ANT". The headline numbers: $16.3B in revenue for the first half of 2026, up from $1.16B a year earlier, and a net loss of $80.7B. Most of that loss is a $72.4B non-cash charge: Anthropic's convertible notes rose in value as its own valuation climbed. Strip that and stock pay out and adjusted operating income was $1.6B. Q2 alone brought $11.6B in revenue and the company's first operating profit, $974M.

Control stays tight after the listing. The seven co-founders hold a Class F share carrying 50.1% of the vote, and the Long-Term Benefit Trust elects most of the board. Goldman Sachs and Morgan Stanley lead a group of 22 banks. The filing leaves the price range and share count blank.

On the same day, Bank of America, Citi, Morgan Stanley and Blackstone lined up $63B to buy Broadcom AI accelerators and networking gear. A special-purpose vehicle will buy the hardware and lease it to Anthropic, with deliveries from 2027. Broadcom gives the lenders residual value support, which in practice is a guarantee. The S-1 also lists compute commitments of at least $114.5B to Google, $110B to Amazon and $44.9B to Microsoft.

Why it matters: the frontier AI business can now turn an operating profit, but staying at the frontier takes financing on the scale of a national budget.