More than 1,900 companies paid Anthropic at least $1 million apiece over the past year, and about 250 of them paid $10 million or more. Those counts became public shortly after 9 a.m. ET Monday, when the Claude maker filed its registration statement with the Securities and Exchange Commission and applied to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT.”
The price range and share count are still blank. Goldman Sachs and Morgan Stanley head a list of 22 underwriters on the cover. WebProNews reported Sunday that the public filing could land as early as Monday, and leaked drafts had already put the first-half numbers in circulation. The official version goes further and spells out who is buying Claude and how the company will be controlled once it trades.
Who’s actually paying for Claude
Anthropic counted more than 11,900 customers that each generated $100,000 or more in revenue over the trailing twelve months as of Sept. 30, up from more than 950 a year earlier. Over half of the Fortune 500 now sits in that group, along with more than 30% of the Global 2000. Roughly 40 million smaller customers make up the rest. Net revenue retention was about 900%.
Spending inside those big accounts is still small. Fortune 500 companies in the $100,000-plus group spent, on average, less than 0.1% of their total expenses with Anthropic in the third quarter, according to the filing. The filing points to Claude Code as the way that spending grows. Claude Enterprise users who skipped Claude Code averaged under $75 a month, while the top 5% of users who adopted it spent roughly 20 times that.
Amazon, Google and Microsoft sit on both sides of the ledger. The filing names the three as distribution partners whose own AI models compete with Claude. Sales through cloud provider marketplaces made up about 48% of revenue in the first six months of 2026, and those platforms accounted for 58% of net receivables at June 30.
Revenue for the half came to $16.3 billion, compared with $1.2 billion a year earlier. The operating loss narrowed to $693 million, and adjusted operating income, a non-GAAP measure, was $1.6 billion. The net loss was $80.7 billion, of which $72.4 billion came from changes in the fair value of convertible notes and similar instruments as the company’s valuation rose. Anthropic said it had raised $141.1 billion in total and held $112.4 billion in cash plus $19.3 billion in short-term investments at the end of June. The filing describes Claude as having “the fastest enterprise adoption of any technology in history,” then warns nearly 60 pages later: “We do not expect our revenue will continue to grow at comparable rates.”
Five share classes and a 50.1% founder vote
Public buyers get Class A stock with one vote per share. Class N, held mostly by strategic business partners, carries no vote and generally converts to Class A when sold to an unaffiliated party. The Long-Term Benefit Trust, made up of five financially disinterested trustees, holds Class T and can generally elect a majority of the board. A single share of Class F goes to an LLC owned by the seven co-founders and carries 50.1% of the vote on most questions put to stockholders, including the election of directors the trust doesn’t pick. Employees other than the founders get Class E, which votes only on a narrow set of issues.
Because the trust can elect most of the board, Anthropic qualifies as a “controlled company” under Nasdaq rules, though it says it will use the exemption only for its nominating and governance committee. If fewer than three continuing founders remain in the LLC for 90 straight days, a 450-day transition begins, and at the end of it the Class F and Class E stock is redeemed for nothing. Last week the company said it plans to commit 5% of its shares to a public benefit fund.
The founder group named in the filing is Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. A footnote says Benjamin Mann, often called a co-founder, is not a member of the LLC and will have no say in how the Class F share is voted.
from WebProNews https://ift.tt/hrQ4YXK
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