Edward Marchesi Artificial intelligence giant Anthropic has filed its Form S-1 with the SEC, outlining the steps required for a Nasdaq listing expected mid-month. The document reveals impressive financial figures: for the first nine months of 2026, revenue totaled $33,24 billion , a 1.200% jump compared to the same period the previous year.
However, revenue growth is accompanied by a net loss of 104 billion , a result that arises mainly from accounting charges related to the company's valuation, rather than from actual cash outflows.
Balance sheet data and revenue growth
In the third quarter of 2026 alone, Anthropic posted revenue of $17 billion , compared to just $1,4 billion in the same quarter of 2025.
The net loss for that period was $23,3 billion , consisting almost entirely of accounting expenses resulting from the company's increased market value, not actual operating costs. The company has stated that it is allocating nearly $900 billion to investments in AI computing infrastructure, including data centers and next-generation chips.
Multi-class share structure
The S-1 prospectus presents a capitalization divided into several classes of shares. Class F , reserved for Founder LLC – the co-founders' holding company – will grant 50,1% of the voting rights but will not grant any economic rights. Meanwhile, Class E is intended for employees (excluding the co-founders) and will grant limited voting rights without financial participation. Classes A and N will make up the remainder of the capital: the former will offer one vote per share and will not be convertible, while the latter, largely without voting rights, may be converted into Class A shares in the event of transfer to an unaffiliated third party.
Market outlook and risks for investors
The launch comes amid growing caution toward AI companies . Despite significant investments from Amazon, Google, and Nvidia , industry volatility has prompted other companies, such as Switch and Nscale, to postpone their IPOs. Anthropic, led by CEO Dario Amodei and President Daniela Amodei, intends to use the proceeds to strengthen its computing resources, expand its research team, and potentially explore strategic acquisitions. However, the lack of a near-term dividend plan signals that future profits will be reinvested to support growth and competitiveness in the global AI market.