- Filed
- Oct 26, 2026
- Pages
- 415
- Underwriters
- 22
Road to listing
147 days from first draft to public filing- Draft submittedJun 1 · DRSA first draft of the registration statement, sent to the SEC in confidence.0002130357-26-000005
- Draft amendedJul 13 · DRS/A0001628279-26-000861
- Draft amendedAug 10 · DRS/A0001628279-26-000993
- Draft amendedSep 4 · DRS/A0001628279-26-001111
- Draft amendedOct 1 · DRS/A0002130357-26-000009
- Draft amendedOct 9 · DRS/A0002130357-26-000014
- Filed in publicToday · S-1The registration statement, public for the first time.0001628280-26-067168
- Price range setNot yet · S-1/AAn amendment fills in the price range and the number of shares.
- RoadshowNov 10 at the earliestA company that filed drafts in confidence must file in public at least 15 days before its roadshow begins.
- EffectiveNot yet · EFFECTThe SEC declares the registration statement effective, and the shares can be sold.
- PricedNot yet · 424B4The final prospectus, with the price the shares sold at.
- First tradeNot yet · ANTThe shares open on the exchange, and the desk covers the company in full.
The company sent the SEC 6 drafts in confidence over 147 days, then filed in public on October 26, 2026. Its roadshow can begin November 10, 2026 at the earliest, 15 days after the public filing. The dashed stops are still to come.
Reading
Thaler Agent, each line on its passageAnthropic, PBC, founded in 2021, delivers its frontier AI, Claude, to customers through its models, platform, and applications.¶1
The company is offering shares of Class A common stock in an initial public offering and has applied to list them on the Nasdaq Global Select Market under the symbol ANT, with the price range left blank.¶2¶3
Class F common stock held by the Founder LLC will carry 50.1% of total voting power, and the Long-Term Benefit Trust, through Class T common stock, generally elects a majority of the board of directors.¶4¶5¶6
Revenue grew 1,368% year over year for the three months ended June 30, 2026, while compute and infrastructure expenses grew 300% in the same period; the company had raised $141.1 billion in aggregate capital as of June 30, 2026.¶7¶8
- Class F common stock voting power
- 50.1% Share of total voting power on matters submitted to stockholders generally, held by the Founder LLC¶5
- Customers with $100,000 or more of revenue on a TTM basis
- More than 11,900¶9
- Revenue growth
- 1,368% Year over year for the three months ended June 30, 2026¶7
- Net Revenue Retention
- approximately 900 % As of September 30, 2026¶10
- Aggregate capital raised
- $141.1 billion As of June 30, 2026¶8
Revenue and its largest cost
Revenue passed compute and infrastructure in Q1 2026. In Q2 2026, the company made its first operating profit.
Each dollar of revenue took $2.51 of compute and infrastructure in Q1 2025 and $0.48 in Q2 2026.
From the prospectus, page 157.
Statement of operations
328 of 328 checks passedAs filed, in the prospectus’s own lines.
| Line | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Compute and infrastructure | ||||||
| Personnel | ||||||
| Bartz settlement | — | — | — | — | — | |
| Sales, marketing, and partnerships | ||||||
| Other operating and administrative | ||||||
| Total operating expenses | ||||||
| Operating loss | ||||||
| Interest income | ||||||
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | ||||||
| Other income (expense), net | — | — | ||||
| Total other income (expense), net | ||||||
| Loss before provision for income taxes | ||||||
| Provision for income taxes | — | — | ||||
| Net loss |
Balance sheet
As filed, in the prospectus’s own lines.
| Line | Dec 31, 2024 | Dec 31, 2025 | Jun 30, 2026 |
|---|---|---|---|
| Cash and cash equivalents | |||
| Short-term investments | — | ||
| Accounts receivable, net | |||
| Prepaid expenses and other current assets | |||
| Total current assets | |||
| Restricted cash | |||
| Property and equipment, net | |||
| Operating lease right-of-use assets | |||
| Goodwill | — | ||
| Other assets, noncurrent | |||
| Total assets | |||
| Accounts payable, accrued expenses, and other current liabilities | |||
| Operating lease liabilities, current | |||
| Deferred revenue | |||
| Total current liabilities | |||
| Operating lease liabilities, noncurrent | |||
| Convertible notes payable | |||
| Other noncurrent liabilities | |||
| Total liabilities | |||
| Redeemable convertible preferred stock | |||
| Class A common stock | — | — | — |
| Class N common stock | — | — | — |
| Class T common stock | — | — | — |
| Additional paid-in capital | |||
| Accumulated other comprehensive income (loss) | — | ||
| Accumulated deficit | |||
| Total stockholders’ deficit | |||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||
| Cash, cash equivalents, and short-term investments | — | — | |
| Working capital | — | — |
Read from the prospectus’s tables, merged into one statement: the audited financial statements first, every other table checked against them.
Among its industry
By its last four quarters’ revenue, it would be the 7th largest of 281 companies filed under SIC 7372.
Services-Prepackaged Software. Its revenue is $19.71B (Q3 2025 to Q2 2026); each peer stands at its latest fiscal year.
Peers are the covered companies the SEC files under the same code.
From SEC EDGAR · Form S-1 · 0001628280-26-067168 · filed October 26, 2026