We’ve been talking throughout 2026 that one of the key points in the AI industry will be marked by the moment when OpenAI and Anthropic go public, and at least for the latter, things are already underway. As the company itself communicated, they just filed a registration statement on United States Form S-1, and that gives us some more details about Dario Amodei’s company cash.
For example, its revenue for the first half of 2026 is 16.3 billion… and its net loss is 80.7 billion for the same period.
In short. This registration request is the formal step towards the stock exchange. This is the procedure that any company that wants to start business in the United States has to go through and that includes submitting all its books to the SEC (Stock Market Regulator). This includes details of your business, your account and your risk.
This is not a surprise and indeed, the news has been expected for a long time, since they presented a confidential draft on June 1 (too much money is at stake, especially related to a critical technology for the United States and with a rival like OpenAI on the horizon), but some of its figures have been leaked in recent months.
account. According to the S-1, the company had revenue of $16,286 million in the first half of 2026. By the same period in 2025, it has pocketed 1,163 million, a 14-fold year-on-year increase that represents growth this year. In fact, in 2025 they shipped 4,585 million and in 2024, 386 million. The growth is astronomical, but the net loss is also astronomical.
From a net loss of $12,929 million in the first six months of 2025, we went to $80,748 in the same period this year. Fortune described it as the largest semi-annual loss ever recorded by a company.
strategy. However, the total lost 72,388 million corresponds to a single accounting concept: SAFE. It is a contract whereby investors pay in exchange for future actions. That doesn’t leave Anthropic in the position of a much smaller operating loss, with a “highest” (with all global quotes) of 693 million in the semester compared to 2,135 million a year ago.
the bill. And if you’re wondering what they spent that first semester, according to the S-1 we find the answer:
- 8,945 million in computing and infrastructure. 2,334 million a year ago.
- 3,168 million in sales, marketing and alliances. A year ago, barely 120 million.
- The workforce is 3,152 million2,200 million with consideration in shares. In 2025, there were 538 million.
income And if we know what they spend, we also know where they get the money from. According to the document, it has about 12,000 clients who contributed $100,000 or more in the past twelve months. According to Investing, more than 1,900 exceeded $1 million and about 250 exceeded $10 million. And if each employee earns $1.4 million in 2025, that number rises to $6.6 million in 2026.
the risk. You have to look at the S-1 as an open book, almost literally, from anthropology to regulatory, and that’s where they say absolutely everything. Also where they detail risks and commitments. Regarding the first, they warn that past growth does not guarantee the future and so far it depends on a few clients and distribution channels and cloud providers who are clients and investors at the same time. This is something we’ve discussed many times when we’ve talked about circular AI financing.
They also noted that the models could act autonomously, with harmful actions that no one commanded. This is something that must be taken with a grain of salt as the AI is not a living thing, but in S-1 it is recalled by way of clarity that Anthropic has delayed some launches as a precaution. This is limited to the Glasswing cybersecurity project, in the case of Mythos.
cChicken? That’s the big question. The official statement doesn’t say anything at all, but there are sources discussing the dates. They all agree it will be in the second half of November, with Fortune pointing to Thanksgiving week (Nov. 26), Fox Business to Nov. 19 or 20, and the Wall Street Journal advancing the date to the week of Nov. 16.
Neither the price nor the number of Anthropic shares is known, but it is expected to go public in about two weeks. According to the WSJ, Anthropic could raise $100 billion, at a valuation of between $1.5 and $2 trillion, and the official thing is that it will trade on the Nasdaq under the label ‘ANT’.
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