Anthropic publicly filed its S-1 registration statement on Monday, setting out plans to list on Nasdaq under the ticker ANT. The filing, which runs to about 350 pages, shows revenue rising from $41 million in 2023 to $16.3 billion in the first half of 2026, including $11.6 billion in the second quarter alone. The company reported a second-quarter operating profit of $974 million and first-half operating cash flow of $3.9 billion. Its headline first-half net loss of $80.7 billion is driven mainly by $81.1 billion of non-cash charges tied to financial instruments. The IPO had been expected around November 9. A large share of revenue now runs through cloud partners. According to the filing as reported, 48% of first-half 2026 revenue, about $7.8 billion, flowed through Amazon Bedrock, Google Vertex and Azure Marketplace, up from 11% in 2023. Those marketplace fees are booked under sales and marketing rather than cost of revenue, so they do not reduce the reported 85% gross margin. Anthropic has raised $141.1 billion in aggregate and holds $112.4 billion in cash plus $19.3 billion in short-term investments. Its non-cancelable compute commitments extend deep into the next decade, including up to $120.5 billion for Nvidia-powered capacity under agreements running into 2029. The company also disclosed that it recently delayed pre-training of a new frontier model. Some derived figures are contested. Analysts' estimates of lifetime cash burn range from about $9.4 billion to $9.7 billion, and reported cash balances differ between accounts. Much of the GAAP loss appears to come from convertible notes held by Amazon and Google that convert at $2 to $5 per share, well below a roughly $59 Series H price, forcing fair-value accounting. Altimeter said it would participate majorly in the offering. For Australian businesses and professionals, the listing changes little immediately: it does not alter current pricing, contracts or obligations under the Privacy Act 1988 for anyone using Claude today, including through Bedrock, Vertex or Azure. The filing's risk disclosures are worth reading if your organisation depends on Anthropic as a supplier, but it is not a reason on its own to change tools or vendors.