Anthropic IPO: what the S-1 says, the ANT ticker and when it could trade

Filed

Form S-1, October 26, 2026

Exchange and ticker

Nasdaq Global Select Market, ANT

Offering

Class A common stock. Price and share count not set yet

Expected

Late November 2026, according to press reports

Anthropic, the company behind Claude, filed a registration statement with the SEC on October 26, 2026 for an initial public offering of its Class A common stock. The prospectus runs past 300 pages and covers revenue, losses, voting control and risks in detail. It still has no share price and no date.

When is the Anthropic IPO?

There's no date in the S-1. Two reports point to late November:

• The Wall Street Journal, as relayed by Yahoo Finance, reported a debut in the week of November 16.
• Fortune reported that Anthropic is aiming for Thanksgiving week, which starts November 23.

Neither date is confirmed by the company. What comes first is an amended filing, an S-1/A, that adds the expected price range and the number of shares. After that the company markets the shares to investors (the roadshow), sets the final price the evening before trading, and the stock starts trading the next morning.

The numbers in the S-1

The $80.7 billion loss is the number that made headlines, and most of it is accounting. When a company's value rises fast, convertible notes it sold earlier are marked up on paper, and the markup is booked as a loss. Without that charge the half looks very different: an operating loss of $693 million, down from $2.1 billion a year earlier, and $3.9 billion in cash from operations.

The business is also concentrated. Anthropic's five largest customers brought in about a quarter of revenue in the first nine months of 2026, and nearly half of all revenue came through cloud marketplaces run by Amazon, Google and Microsoft, three companies that also compete with it.

Who will control the company

Buying shares won't buy much say in how Anthropic is run. The company has several share classes, and a Class F share keeps the seven cofounders at 50.1% of the voting power. Anthropic is also a public benefit corporation (the filer's name is Anthropic, PBC), which means its board must weigh a stated public benefit alongside shareholder returns.

On October 18 Anthropic committed part of its shares to a new Anthropic Public Benefit Fund, and on October 21 physicist Christopher Stubbs joined its Long-Term Benefit Trust, the body that helps choose board members. According to Fortune, each cofounder has also pledged to give 80% of their personal Anthropic equity to philanthropy.

How much is Anthropic worth?

The filing doesn't put a value on the company; that happens when the deal is priced. In its last private round, a $65 billion Series H in May 2026, Anthropic was valued at $965 billion after the investment. Press reports since the filing put the IPO target at $1.5 trillion to $2 trillion, and some investors have talked about more once trading starts. Treat those as estimates until there's a price range in an amended filing.

Risks Anthropic lists

The risk factors run to about 94 pages. Besides the usual items (a few large customers, rivals that are also partners, pricing pressure, rising costs and continued losses), a few are specific to an AI lab:

• An ongoing legal fight with the Department of War
• Misalignment, including models taking "harmful actions" on their own, and catastrophic AI risk more broadly
• Incidents during security testing in which a model gained unauthorized access to real-world systems
• 5% to 7% of this year's revenue came from customers later found to be breaking Anthropic's usage policies

Can you buy Anthropic stock now?

Not on a public market. Anthropic shares don't trade anywhere yet, and they won't until the offering is priced and Nasdaq lists them. After that, Class A shares will be available through an ordinary brokerage account under the ticker ANT.

Be careful with anyone offering "pre-IPO" Anthropic shares in the meantime. Fake pre-IPO offers are a common scam whenever a well-known company files to go public. Buy only through a regulated broker you already use.

This page reports public filings and news coverage. It isn't investment advice.

Anthropic IPO questions