ANT is not for sale... yet[Anthropic]

Anthropic’s filing is easy to misread in two places: the loss, and the vote.

On 26 October Anthropic, PBC filed a Form S-1. The share would be Class A common stock on the Nasdaq Global Select Market, symbol ANT. Goldman Sachs and Morgan Stanley are named in the prospectus. The public document is the preliminary S-1. The numbers below are from it.

Revenue in the first half of 2026 was $16.3 billion. A year earlier it was $1.16 billion. The operating loss fell from $2.14 billion to $693 million. The net loss was $80.7 billion. Of that, $72.4 billion did not leave the company as cash. It is a change in the fair value of convertible notes, derivative liabilities and SAFEs, because the valuation of the company went up.

• H1 2025 1.16
• H1 2026 16.3

On 30 September 2026 the filing counts more than 11,900 customers with at least $100,000 of revenue over the previous twelve months, more than 1,900 at $1 million, and about 250 at $10 million. Anthropic also puts net revenue retention at about 900% that day. The same document says this figure is calculated internally and has not been checked outside the company.

The share for sale carries one vote. That is Class A. A separate Class T share has no economic rights. Through it, the Long-Term Benefit Trust elects and removes its own directors, and those directors are to be a majority of the board. Just before the offering, a founder company receives one Class F share. It has no economic rights either. It carries 50.1% of the vote on ordinary questions put to stockholders, and it does not elect the Trust’s directors. Dario and Daniela Amodei and the other five co-founders are the first members of that company.

I would read the operating loss, not the net loss. And I would read who holds the vote before I read the ticker.