On October 26, Anthropic filed its S-1 registration statement with the SEC, proposing a Nasdaq listing under the ticker ANT. Here are a few points that stood out to me as a technology blogger; this is not investment advice. Filing for an IPO does not itself mean the shares have begun trading.
Revenue and losses
For the six months ended June 30, 2026, Anthropic reported $16.286 billion in revenue and an $80.748 billion net loss. Revenue was more than three times the $4.585 billion reported for all of 2025. Its Claude models and adoption by businesses are central to its growth story.
The loss needs context: the filing includes $72.388 billion in fair-value changes to convertible notes, derivative liabilities and SAFEs, primarily driven by the higher valuation of outstanding convertible notes. The same filing reports an operating loss of $693 million for the six months. Net loss and operating loss measure different things; the $80.748 billion should not be read as cash spent running the business.
The company says more than 90% of contributions to its own codebase in September 2026 were written by Claude. That is Anthropic's description of its own codebase, not a measure of all software written by Claude's customers.
Customers and advertising
Anthropic describes a business spanning enterprise customers, API-style usage and subscriptions, with distribution through cloud partners. The filing also notes that pricing can combine subscriptions and usage, so these are not necessarily exclusive customer categories. The original article estimated an 80%/20% split, but the filing passages reviewed do not establish that precise breakdown.
Separately, Anthropic said in February 2026 that Claude would remain ad-free and that advertisers would not pay to influence its answers. This is the company's stated policy, not a guarantee about every third-party integration.
Revenue from policy-violating customers
The S-1 estimates that 5%–7% of revenue in the nine months ended September 30, 2026 came from customers later determined to have violated usage policy or commercial terms. Anthropic says it recognized revenue when services were provided, before restricting or terminating access. This is not a disclosed percentage of retained subscription fees after bans, and the estimate may change as detection improves.
In a separate transparency report, Anthropic reported 11.4 million banned accounts, 398,000 appeals and 42,000 appeal overturns for January–June 2026. These are aggregate figures; they do not establish how many accounts were paid subscribers or the amount refunded. Refund eligibility can depend on circumstances and payment channel; Anthropic's support guidance says support can check eligibility.
Translated from the original Chinese article, published October 27, 2026. Financial figures and account-enforcement claims checked against the cited disclosures.
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