Anthropic has officially filed its S-1 prospectus with the Securities and Exchange Commission to list its stock on the Nasdaq exchange under the ticker symbol ANT. The public filing gives everyday readers their clearest look yet at the business model, computing costs, and long-term risks behind the maker of the Claude AI assistant.
Massive revenue growth paired with colossal compute deals
According to TechCrunch, Anthropic brought in $16.3 billion in revenue for the first half of 2026, up from $1.2 billion during the same period in 2025. Its operating loss shrank to $693 million for the first half of the year, compared to a $2.1 billion operating loss in the first half of 2025. However, the company posted a net loss of $80.7 billion, which was largely driven by noncash accounting adjustments tied to convertible notes issued for past funding.
To power its artificial intelligence, Anthropic has committed to spending hundreds of billions of dollars on data infrastructure and computing hardware. The Verge reported that Anthropic agreed to pay SpaceX up to $3.1 billion per month for access to Nvidia graphics processors once all capacity is delivered, totaling up to $120.5 billion by 2029. Anthropic also detailed long-term compute commitments with major tech companies, including $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over the next ten years.
A strategy to lock in corporate customers
The filing reveals that Anthropic is relying heavily on enterprise customers to fund its massive infrastructure bills. TechCrunch reported that as of late September 2026, Anthropic had over 11,900 customers spending at least $100,000 per year, 1,900 customers spending over $1 million, and roughly 250 spending $10 million or more annually.
Anthropic is increasingly linking its underlying model platform to dedicated workplace applications like Claude Code and Cowork. More than half of its enterprise clients spending $100,000 or more now use both the core platform and a specialized app, up from about 30% late last year. In its SEC filing, Anthropic explained that it plans to spend less effort preserving existing business models and more effort defining new product classes. The company has steadily expanded into workplace tools, as seen when Anthropic launches Claude Duet, an AI agent for busy professionals.
Founder control and catastrophic risk warnings
Unlike standard public corporations where shares determine voting power, Anthropic’s seven co-founders will retain majority control over the business. TechCrunch noted that the company’s Founder LLC will hold 50.1% of total shareholder voting power to protect its corporate safety mission, while its Long-Term Benefit Trust maintains authority to appoint most board members. Executive compensation figures in the filing showed CEO Dario Amodei earned nearly $18 million in 2025, while president Daniela Amodei received $16.4 million, mostly in stock awards.
The company also listed unusual risk factors in its prospectus. Anthropic warned investors about legal battles over copyright, potential taxes targeting AI, and the prospect of models developing forms of sentience. It also warned of potential catastrophic AI incidents, noting that no single insurance provider—and likely not the insurance industry as a whole—would be able to cover the potential financial damage. Furthermore, Anthropic noted that cloud providers like Amazon, Google, and Microsoft are also competitors, which could lead to supply friction for computing power.
What this means for everyday Claude users
For regular users, the filing makes clear that running frontier AI models requires unprecedented financial capital and power resources. Companies must generate billions in recurring revenue just to cover the electricity, chips, and cloud servers required to keep these systems online.
If you use AI tools yourself, Anthropic still offers access to its technology for free. According to our tool data, Claude provides a free plan for everyone with usage limits that reset over time, with no credit card required to start. Individual users looking for higher limits and paid features can upgrade to Claude Pro for $20 per month (or $17 per month billed yearly). Rival services like ChatGPT operate on a similar freemium structure, offering free basic text chats alongside paid tiers. As Anthropic transitions to a public company, everyday users can expect the firm to place more emphasis on converting free users into paid subscribers to satisfy Wall Street investors.