Anthropic publicly filed its S-1 registration statement with the SEC on Oct. 26 and intends to list on Nasdaq under the ticker ANT, and the author put the filing into Claude to assess the stock ahead of its listing. Revenue in the first half of 2026 reached $16.3 billion, up nearly 1,300% year on year, while the net loss of $80.7 billion was mainly driven by $72.4 billion in largely non-cash accounting changes to convertible securities and other financial instruments; the operating loss was about $693 million, narrowing from $2.1 billion in the first half of 2025. Claude flagged compute commitments extending through 2045 and the fact that cloud partners such as AWS and Google Cloud are also developing competing AI products, and noted that co-founders including CEO Dario Amodei will retain 50.1% of voting power. At hypothetical valuations of $500 billion, $1 trillion and $2 trillion, the price-to-sales ratio would be 15, 31 and 61 times; Claude said a small speculative investment could make sense at $500 billion, judged the IPO unattractive at $1 trillion because investors would be paying for years of outsize growth, and called $2 trillion a non-starter. Claude suggested waiting for
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