Anthropic owes $640B for chips and servers.Anthropic earns $11.6B a quarter.
Anthropic, the company behind Claude, filed to sell shares on Nasdaq under the ticker ANT. Its sales went from $41M in all of 2023 to $11.6B in the second quarter of 2026 alone. The catch: it has signed about $640B of computer deals it must pay for even if growth slows, and people who buy public shares get almost no say in how it is run.
9 / 20 Watchlist (provisional, no IPO price yet)
| Status | Public S-1 |
| Expected listing | not announced |
| Exchange | to be confirmed |
| Filing | Public S-1, filed 26 Oct 2026 (SEC EDGAR) |
| Proposed listing | Nasdaq Global Select, ticker ANT (applied for, not final) |
| IPO price range | Not set yet, blank in the S-1 (26 Oct 2026) |
| Last private price | $58.90 per share after the 10-for-1 split (Series H, May-Jun 2026, S-1) |
| Value at last private price | About $1.0 trillion (my calculation: 16.9B fully diluted shares x $58.90, S-1 data at 30 Jun 2026) |
| Revenue, Q2 2026 | $11.6B, up from $787M a year earlier (S-1, unaudited) |
| Revenue, full year 2025 | $4.6B (S-1, audited) |
| Operating margin, Q2 2026 | 8% (19% adjusted, company measure) (S-1) |
| Cash and short-term investments | $131.7B at 30 Jun 2026 (S-1) |
| Compute it has promised to buy | About $637B in fixed deals plus $145-170B variable (my sum of S-1 disclosures) |
Sources: Anthropic, PBC, Form S-1 registration statement, SEC EDGAR, filed 26 Oct 2026 (sec.gov/Archives/edgar/data/2130357/000162828026067168) · Valuation, price/sales and reverse DCF: author's calculations from S-1 data, 27 Oct 2026
IPOs are risky and you can lose money. See the disclaimer.