Anthropic officially filed its S-1 with the U.S. Securities and Exchange Commission on Monday morning, setting the stage for the frontier AI lab's initial public offering.
The filing confirmed previously reported financial figures, including $4.6 billion in revenue for 2025 and $16.3 billion through the first six months of 2026. Anthropic intends to list on the Nasdaq exchange under the ticker ANT.
Goldman Sachs and Morgan Stanley are named as representatives of the underwriters. Anthropic and existing shareholders plan to sell shares.
Anthropic previously said $72 billion of its $80 billion first-half 2026 loss came from financing-related accounting charges. The firm spent $9 billion on computing in that time, up from $2.3 billion a year earlier.
Notably, Anthropic said its top five customers represented about 25% of its revenue.
"A substantial portion of our revenue is driven by a limited number of customers," according to the filing. "While no single customer represented more than 10% of our revenue for the nine months ended September 30, 2026, our top five customers represented approximately 25% of our revenue for the nine months ended September 30, 2026."
The Claude developer said it had more than 11,900 customers generating at least $100,000 in trailing 12-month revenue as of Sept. 30.
Last week, Anthropic said it will donate 5% of its shares to the public good through a new entity, with plans to increase the commitment as the company grows.
"Our novel capital and corporate governance structure has been carefully designed and differs significantly from that of other public companies," the firm wrote in Monday's S1 filing. "We strive to help bring humanity safely into an era where transformative AI exerts tremendous and potentially decisive influence over a broad range of human undertakings. Operating as a public benefit corporation (“PBC”) gives our board of directors the necessary latitude to balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the specific public benefit purpose that we promote."
Anthropic said its specific public benefit purpose is to responsibly develop and maintain advanced AI for the long-term benefit of humanity.