Anthropic's S-1: Is the Maker of Claude Making Money?
Yes, from its operations, in its latest reported quarter: Anthropic's Form S-1, filed with the SEC on October 26, 2026, shows an operating profit of $974 million for the second quarter of 2026 (unaudited), after operating losses in every earlier quarter shown. On the bottom line, not yet: the company still reported a net loss.
Anthropic, PBC is the public benefit corporation behind the Claude models. It submitted a confidential draft of its registration statement on June 1, 2026, and made the S-1 public on October 26, 2026. It has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The filing leaves the price range and the number of shares blank, so there is no IPO price or IPO valuation to report yet.
Revenue is the first figure the filing makes plain. Quarterly revenue rose from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026, with an increase in every quarter between. That is about 30 times as much over five quarters, a ratio computed here from the two quarterly figures. The quarterly numbers are unaudited, while the full years 2023 to 2025 are audited, and all figures are nominal US dollars.
The second set of figures comes from private funding rounds, not from the market. Anthropic's own releases give post-money valuations of $61.5 billion in March 2025, $183 billion in September 2025, $380 billion in February 2026 and $965 billion in May 2026. That last round raised $65 billion, which included $15 billion of previously committed investments. A post-money valuation is the price investors agreed in a private round, and it is not a share price. At June 30, 2026, the company held $131.7 billion in cash, cash equivalents and short-term investments.
The figure most likely to be misread is the loss. For the first half of 2026, Anthropic reported a net loss of $80.7 billion. Of that, $72.4 billion is a change in the fair value of convertible notes, derivative liabilities and SAFEs. The filing says this charge was driven mainly by the rising value of its convertible notes as its own enterprise valuation increased. In other words, a large part of the net loss is an accounting charge tied to the company's valuation, not a measure of what it spent running the business. That does not make the net loss disappear, and the first half of 2026 as a whole was still an operating loss.
Control is the other point that sets this filing apart. Just before the IPO, a single Class F share will be issued to a Founder LLC of the seven co-founders. It will carry a fixed 50.1% of the votes on general matters and no economic rights, while all Class A holders together will hold at most 49.9%. The Long-Term Benefit Trust will elect a majority of the board. Buying shares in the offering will therefore not buy control of the company.
As of the October 26 filing, the picture is a business whose revenue grew quickly enough to cover its operating costs in one quarter, inside a company that still reports a net loss. An amended filing may add later quarters and the price range, which would update these figures.
The gap between the two answers comes from where each line sits in the income statement. Operating income counts revenue against the costs of running the business, while net loss also absorbs fair value changes on instruments whose value rises with the company's own valuation.
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