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Anthropic files to list on Nasdaq as "ANT," and public buyers get at most 49.9% of the vote

The Claude maker's S-1 shows revenue up 1,300% in the first half of 2026 and a governance setup that caps public shareholders at 49.9% of the vote. The price range isn't set yet.

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Why it matters: Amazon and Google will each own more than 5% of Anthropic, while buyers of its Nasdaq shares will hold at most 49.9% of the vote.

For information only, not investment advice. Prices delayed.

Tickers: AMZN, GOOGL

Public shareholders get less than half the vote
Sainteur chart · Data: Anthropic Form S-1

Anthropic's IPO paperwork is finally public. The Claude maker filed its Form S-1 with the SEC on Monday to list Class A shares on the Nasdaq Global Select Market as "ANT." The share count and price range aren't set yet, the company said. Anthropic aims to price the offering in mid-November, CoinDesk reported.

First-half 2026 revenue was $16.3 billion, up 1,300% from a year earlier, the filing shows. The net loss was $80.7 billion, but the S-1 says $72.4 billion of that came from fair-value changes on its convertible notes, derivatives and SAFEs, driven mainly by Anthropic's rising valuation. That's an accounting charge, not cash out the door.

Public buyers get a vote, not control. A single Class T share lets the Long-Term Benefit Trust elect a majority of the board. A single Class F share, held by the co-founders' LLC, carries 50.1% of the vote, and Class A holders are capped at 49.9%. Anthropic will be a "controlled company" under Nasdaq rules, and it says the setup "has no direct public company precedent."

The public-market angle runs through Amazon ($AMZN) and Alphabet's Google ($GOOGL), which will each own more than 5% after conversions; the filing leaves exact stakes blank. They also sell Anthropic compute, with spending commitments of at least $110 billion and about $114.5 billion, respectively.

The S-1 sets no valuation. Some current and prospective investors value Anthropic at about $1.5 trillion, down from roughly $2 trillion a week earlier, Reuters reported, according to Mint. That's reported, not confirmed.

Sources

  1. Anthropic, PBC Form S-1 registration statement, Anthropic, PBC (Form S-1, SEC EDGAR)
  2. Anthropic announces its S-1 filing for a proposed IPO, Anthropic
  3. AI giant Anthropic files for blockbuster IPO, CoinDesk
  4. Anthropic IPO: size, price and valuation details, citing Reuters, Mint

Tags: ipo · ai · big-tech