Anthropic, the company behind Claude, has filed to go public. Its registration statement, the S-1, is now on the SEC's website, and it names the plan: Class A shares listed on the Nasdaq Global Select Market under the ticker ANT.
Three things everyone is searching for are still blank in that document: the date, the price per share and the number of shares. Those arrive in an amended filing shortly before trading starts. What the S-1 does show, in detail, is the business, and it is a remarkable set of numbers. In the first half of 2026 Anthropic earned $16.3 billion in revenue, fourteen times the $1.16 billion of a year earlier.
Here is what is confirmed, what is only reported, how ordinary investors can actually buy, and the part of the filing most people will skip: who controls the company after the IPO.
What is confirmed and what is only reported
| Question | Answer | Status |
|---|---|---|
| Is Anthropic going public? | yes, an S-1 is on file with the SEC | confirmed |
| Exchange and ticker | Nasdaq Global Select Market, ANT | confirmed in the S-1 |
| Lead banks | Goldman Sachs, Morgan Stanley and J.P. Morgan lead a long list of underwriters | confirmed in the S-1 |
| Price per share and number of shares | left blank | not yet set |
| Date | not in the filing; a debut around Thanksgiving week has been reported | reported, not confirmed |
| Valuation | reports of $1.5 trillion to $2 trillion, with investor talk drifting towards the lower end in October | reported |
| Amount raised | reports of $100 billion or more | reported |
| Last private valuation | $965 billion, set in a $65 billion funding round in May 2026 | confirmed by earlier announcements |
If the reported range holds, this would be one of the largest listings in history, in the same league as SpaceX's in June, which I covered in the SpaceX IPO and its AI bet.
What the S-1 shows: the numbers
All figures are from the summary financial data in Anthropic's S-1.
| 2024 | 2025 | First half 2025 | First half 2026 | |
| Revenue | $386 million | $4.59 billion | $1.16 billion | $16.29 billion |
| Compute and infrastructure costs | $2.52 billion | $7.33 billion | $2.33 billion | $8.95 billion |
| Sales, marketing and partnerships | $43 million | $568 million | $120 million | $3.17 billion |
| Operating loss | $2.98 billion | $8.06 billion | $2.14 billion | $693 million |
| Net loss | $8.31 billion | $41.97 billion | $12.97 billion | $80.75 billion |
Three things jump out.
The growth is extraordinary. Revenue went from $386 million in 2024 to $16.3 billion in six months of 2026. The number of customers paying Anthropic $100,000 or more a year rose from more than 950 to more than 11,900 between September 2025 and September 2026.
The core business is close to breaking even. The operating loss, which measures the actual business of selling Claude, shrank from $8.06 billion in all of 2025 to $693 million in the first half of 2026. Compute is still the largest cost, more than half of operating expenses, but revenue is now catching up with it.
The huge net loss is mostly on paper. The $80.7 billion net loss looks alarming, but almost all of it, $72.4 billion, is a change in the fair value of convertible notes, derivatives and SAFEs: accounting for early investors' instruments whose value rose as the company's value rose. It is not cash leaving the business, and these instruments convert into shares at the IPO. The filing also records a $1.5 billion charge in 2025 for the Bartz copyright settlement with authors.
If you have followed our earlier coverage, these numbers fit the story of the first AI lab to make its enterprise model work. Claude Code, its coding agent, is described in the S-1 as the product that "most concretely defined what autonomous AI work looks like".
Who will control Anthropic after the IPO
This is the part most coverage will skip, and it matters if you buy.
| Share class | Who holds it | Voting power |
| Class A | the public, including you if you buy | one vote per share |
| Class F | a single share held by a Founder LLC controlled by the seven co-founders | 50.1% of the total vote on general matters |
| Class T | a single share held by the Long-Term Benefit Trust | elects the directors who form a majority of the board; no economic rights |
| Class N | non-voting shares | none, except where the law requires |
In plain terms: public shareholders will own a large part of the company's economics but will have very little say in how it is run. The founders hold a majority of the vote, and an independent trust of "financially disinterested" trustees with expertise in AI safety, national security and policy elects a majority of the board. Anthropic will be a "controlled company" under Nasdaq rules.
Anthropic is also a public benefit corporation. Its charter commits it to "the responsible development and maintenance of advanced AI for the long-term benefit of humanity", which means the board can weigh that mission alongside shareholder returns.
You may see this as a strength, a company structured so that safety cannot be overruled by short-term investors, or as a risk, because your vote will not change anything. Either way, you should know it before you buy.
How to buy Anthropic stock
Before the IPO. Most people cannot. Pre-IPO shares are sold privately to large investors and employees. Websites offering "pre-IPO Anthropic shares" to the public usually sell indirect exposure through funds or special vehicles, often with high fees. Treat them with great caution.
At the IPO price. Shares at the offering price go mainly to institutions. Some US brokers run IPO access programmes that let eligible customers request a small allocation. Availability, eligibility rules and allocation sizes vary, and in a hot IPO most requests receive few or no shares.
On the first day of trading and after. This is how most ordinary investors will buy: through any broker that offers US stocks, once ANT starts trading on Nasdaq. Two things to know. First, the first-day price can be far above the IPO price; you buy at the market price, not the offering price. Second, use a limit order, which sets the maximum you will pay, rather than a market order, which can fill at a much higher price in a volatile opening.
Through funds. You may already have indirect exposure. Amazon and Alphabet have invested in Anthropic, and some AI-focused funds may add ANT after it lists. Index funds usually add new listings later, under their own rules.
None of this is a recommendation to buy or not to buy. Whether a single, newly listed and very richly valued stock fits your savings is a question for a licensed adviser.
The money math: what a $1.5 to $2 trillion valuation implies
A simple way to judge the price is to compare it with revenue.
| Valuation | Annualised revenue (first half 2026 × 2) | Price-to-sales ratio |
| $965 billion (last private round) | about $32.6 billion | about 30× |
| $1.5 trillion | about $32.6 billion | about 46× |
| $2 trillion | about $32.6 billion | about 61× |
Revenue is still growing very fast, so the forward multiple will be lower if growth continues. But at 46 to 61 times current sales, buyers are paying today for many years of future growth. If growth slows, or competition from OpenAI, Google and others squeezes prices, the share price has a long way to fall. I set out how to think about valuations like this in is AI a bubble, and what to do with your money.
Risks the filing itself highlights
- Compute costs. More than half of operating expenses go on computing power, much of it bought from partners that are also competitors.
- Copyright. The $1.5 billion Bartz settlement is behind it, but new suits keep coming, including a recent claim by music rights holders, which Anthropic disputes.
- Lock-up expiry. Early investors and employees usually cannot sell for a period after the IPO. When that period ends, extra selling can push the price down; the S-1 lists the anticipation of lock-up releases among the factors that can move the stock.
- Control. As above, public shareholders cannot change the board or the strategy.
What this means for you
If you want to buy ANT, wait for the amended S-1 with the price range, read the risk factors, decide in advance the maximum you will pay, and use a limit order on the first day. Do not put money you need in a single new listing.
If you already own index funds, you are likely to get exposure over time without doing anything, and through Amazon and Alphabet you already have some.
If you use Claude for work or a side income, the IPO changes little in the short term. Prices and plans are set by product decisions, not by the listing. If you are building income on top of Claude, how to make money with Claude remains the practical guide.
The honest take
What strikes me in this filing is how quickly the economics have turned. A company that lost $8 billion running its business in 2025 is now close to breaking even on fourteen times the revenue, while still spending more than half its costs on computing. That is a real business, not just a research lab with a valuation.
But a public listing at $1.5 to $2 trillion asks ordinary investors to pay for a great deal of future success in advance, in a company where they will have almost no vote. Both of those facts can be true at once: an exceptional business and an expensive, founder-controlled stock.
So when the price range appears: will you read the S-1 before you buy?
This article will be updated when Anthropic sets the price range and the date.
Frequently asked questions
When is the Anthropic IPO date?
Anthropic has not announced a date. Its S-1 is on file with the SEC, and reports point to a debut around Thanksgiving week in late November 2026. The exact date comes with the amended filing and pricing.
What is Anthropic's stock ticker?
ANT, on the Nasdaq Global Select Market, according to its S-1.
What will Anthropic's IPO price be?
Not set yet. The price range and number of shares are blank in the S-1 and will appear in an amended filing. Reports put the company's valuation at $1.5 trillion to $2 trillion.
How can I buy Anthropic stock?
Most investors will buy through a broker once ANT starts trading on Nasdaq. Some brokers offer IPO access programmes for eligible customers. Be cautious with offers of pre-IPO shares to the public.
How much revenue does Anthropic make?
$16.29 billion in the first half of 2026, up from $1.16 billion a year earlier, and $4.59 billion in all of 2025, according to its S-1.
Is Anthropic profitable?
Not yet. Its operating loss narrowed to $693 million in the first half of 2026 from $8.06 billion in 2025. Its net loss of $80.7 billion is mostly a non-cash change in the value of investor instruments.
Will public shareholders control Anthropic?
No. A Founder LLC holding Class F stock will have 50.1% of the vote on general matters, and the Long-Term Benefit Trust elects a majority of the board. Anthropic will be a controlled company under Nasdaq rules.
Sources: Anthropic, PBC: Form S-1, SEC EDGAR; Gradually.ai: Anthropic IPO, S-1 filed, Nasdaq ticker ANT; Leverage Shares: Anthropic IPO tracker; The Neuron: AI news, October 26; Herve Cuviliez: market news, November 3.
