SAN FRANCISCO — Anthropic published its registration statement with the US Securities and Exchange Commission on Monday, disclosing revenue of $16.29 billion for the first half of 2026 and a net loss of $80.7 billion as it prepares to sell Class A shares on the Nasdaq Global Select Market under the ticker ANT.

The prospectus is the first public look at the accounts of the five-year-old company behind the Claude chatbot, and it sets up what could be the largest share sale on record. SpaceX set that record in June with $75 billion, CNBC reported at the time. Bloomberg reported that Anthropic expects to start marketing the offering to investors on Nov. 9 and could list before the Thanksgiving holiday on Nov. 26.

Revenue for the six months to June 30 rose 1,304% from $1.16 billion a year earlier, the filing shows. Sales for the whole of 2025 were $4.59 billion, up 1,089% from 2024.

Most of the loss is an accounting figure rather than cash out the door. Anthropic said about $72.4 billion of the $80.7 billion came from changes in the fair value of convertible notes and similar instruments. The operating loss for the half was $693 million. On an adjusted basis, which excludes share-based pay, non-cash charitable contributions and legal settlements, the company said it made $1.6 billion, against a $1.8 billion loss a year earlier. It lost about $41.9 billion in 2025 and $8.3 billion in 2024.

Anthropic held $112.4 billion in cash and equivalents and $19.3 billion in short-term investments at the end of June. It raised $65 billion in May at a $965 billion valuation and said it had taken in $141.1 billion since it was founded.

The number of shares on offer and the price range are left blank. Both the company and existing shareholders will sell, and Anthropic said it will not receive any proceeds from the shareholders' sales.

Goldman Sachs is listed first in the prospectus and Morgan Stanley second. Other banks taking part include JPMorgan, Citigroup, Barclays, Wells Fargo, Deutsche Bank, UBS, Jefferies and Macquarie Capital, according to CNBC.

Sinan Aral, an MIT Sloan professor and AI investor, said on CNBC's Squawk Box that a valuation of $1.5 trillion to $2 trillion would put the company on 22 to 30 times revenue. "So the future growth and the profit of this company are being priced in that kind of valuation," he said.

The filing also sets out a control structure that Anthropic says "has no direct public company precedent." A single share of Class F stock will go to Founder LLC, whose sole members are chief executive Dario Amodei, his sister and company president Daniela Amodei, and five other co-founders. That share carries 50.1% of the voting power, making Anthropic a controlled company under Nasdaq rules. A single share of Class T stock, held by the company's Long-Term Benefit Trust, elects a majority of the board.

Anthropic, a public benefit corporation, told investors that holders of Class A stock "generally will not be able to affect the outcome of any matter submitted to a vote of our stockholders." It has also placed about 846.8 million non-voting Class N shares, roughly 5% of the company, in a public benefit fund.

Growth has come from a narrow base of large buyers. Anthropic put its net revenue retention at around 900% as of Sept. 30, meaning existing customers were spending roughly nine times as much as a year earlier; the median for publicly traded cloud software companies was 108% in January, according to data from Altimeter Capital partner Jamin Ball. The five largest customers accounted for about a quarter of revenue in the first nine months of the year. Headcount reached 5,300 at the end of September, from 940 at the end of 2024.

Against that sits a wall of fixed cost. The prospectus details compute commitments including at least $110 billion with Amazon through April 2036 regardless of actual usage, $114.5 billion with Google's parent Alphabet, up to $120.5 billion with SpaceX's AI division into 2029 at roughly $3.1 billion a month, and at least $44.9 billion with Microsoft between November 2026 and May 2033. Those four come to at least $389.9 billion, and Fortune put the total, including chip leases and smaller cloud contracts, at as much as $750 billion.

Amazon has put $13 billion into the company since 2023 and holds $6.2 billion of convertible notes, with its stake capped at 12%. Anthropic gave Google the right in March to buy up to $10 billion of Class N stock at the offer price.

Anthropic warned that its continuing dispute with the Trump administration and the Defense Department could cause "material revenue losses or business disruptions." A federal court in California ruled in its favor, finding the Pentagon's actions were "retaliatory acts meant to punish" the company, while the US Court of Appeals for the District of Columbia Circuit sided with the department. Anthropic has asked the full appeals court to rehear its case.

The Federal Trade Commission has separately demanded that executives testify in an investigation into whether AI products from Anthropic and OpenAI put consumers at risk, CNBC reported.

Employees and early investors may sell from the first day of trading, with further lock-up windows opening 27, 48, 62 and 76 days after the debut. Microsoft and Alphabet report quarterly results on Wednesday, with Amazon a day later.