--- title: Anthropic made its S-1 public on 26 October 2026 description: "Anthropic made its S-1 public on 26 October 2026 and will list Class A shares on the Nasdaq Global Select Market as ANT, with Goldman Sachs and Morgan Stanley leading a syndicate of roughly 22–24 banks. \n\nThe prospectus shows a business that has gone from USD 41m of revenue in 2023 to USD 16.3bn in the first half of 2026 alone, and that turned operating-profitable in Q2 2026. \n\nThe USD 80.7bn headline net loss is ~90% a non-cash revaluation of convertible notes and SAFEs. Price range, share count and deal size are still blank; press reports point to a mid-November pricing at USD 1.5–2.0trn, which would make it the largest IPO on record." image: https://blog.syzgroup.com/hubfs/1793049134197.png --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 28 Oct 2026 - - - #### Anthropic made its S-1 public on 26 October 2026 Anthropic made its S-1 public on 26 October 2026 and will list Class A shares on the Nasdaq Global Select Market as ANT, with Goldman Sachs and Morgan Stanley leading a syndicate of roughly 22–24 banks. The prospectus shows a business that has gone from USD 41m of revenue in 2023 to USD 16.3bn in the first half of 2026 alone, and that turned operating-profitable in Q2 2026. The USD 80.7bn headline net loss is ~90% a non-cash revaluation of convertible notes and SAFEs. Price range, share count and deal size are still blank; press reports point to a mid-November pricing at USD 1.5–2.0trn, which would make it the largest IPO on record. [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) ![Anthropic made its S-1 public on 26 October 2026](https://blog.syzgroup.com/hubfs/1793049134197.png) ![Anthropic made its S-1 public on 26 October 2026](https://blog.syzgroup.com/hubfs/1793049134197.png) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) #### [France: too cheap to ignore?](https://blog.syzgroup.com/syz-the-moment/france-too-cheap-to-ignore?hsLang=en) French equities are deeply out of favour—and the valuation gap has reached historic proportions. After more than three years of underperformance, the CAC 40 is trading at its lowest valuation relative to the Eurozone on record, according to JPMorgan. Investors have been retreating from French assets, leaving sentiment firmly in the doldrums. For contrarians, the appeal is clear. The harder question is whether today’s discount offers a genuine opportunity—or simply reflects the risks ahead. Source: JPM, TME **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/10/2026 [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) #### [The Santa rally starts here?](https://blog.syzgroup.com/syz-the-moment/the-santa-rally-starts-here?hsLang=en) According to Deutsche Bank, October 27 has historically marked the final seasonal low for the S&P 500, with equities typically rallying into year-end. The setup is particularly interesting in midterm years, with the S&P 500 rising over the three months following early October in 21 of the past 23 midterm years. With the midterms just one week away, election uncertainty is about to fade just as year-end seasonal tailwinds kick in. Seasonality is no guarantee, but history suggests the window for a year-end rally is opening right now. Source: DB, TME **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/10/2026 [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [Investors keep asking when AI will generate real returns.](https://blog.syzgroup.com/syz-the-moment/investors-keep-asking-when-ai-will-generate-real-returns?hsLang=en) As very nicely highlighted by Ivana Delevska, founder of Spear, Investors keep asking when AI will generate real returns. Some AI companies are already answering—with numbers. Revenue milestones that once took years are being reached in months. Consider Anthropic. Its newly released S-1 contains plenty of data points. But one stands out: The company is already profitable. And it is showing substantial operating leverage on its compute spending. That matters. Revenue growth shows demand. Profitability shows whether that demand can become a durable business. And the momentum extends beyond Anthropic. → Higgsfield AI and Cursor reached $1 billion in ARR in less than three years. → More than 20 AI application companies are now valued at $4 billion or more. Valuations aren’t returns. ARR isn’t profit. But these milestones deserve attention. The investor debate needs to move beyond: “When will AI deliver?” To a more useful question: “Who can turn today’s extraordinary growth into lasting shareholder returns?” Source: Ivana Delevska, Spear **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/10/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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