Anthropic IPO: ANT ticker, date and what the S-1 shows

Anthropic, the company behind the Claude AI assistant, has officially filed to go public. On Monday, October 26, 2026, it published its Form S-1 registration statement with the US Securities and Exchange Commission and said it plans to list its Class A shares on the Nasdaq Global Select Market under the ticker "ANT".

The filing does not yet include a share price, the number of shares on offer or a listing date. But it does give the first full look at Anthropic's finances: $16.3 billion in revenue for the first half of 2026, a huge on-paper loss, and hundreds of billions of dollars in computing commitments. Here is what we know, when the shares could start trading, and whether ordinary investors will be able to buy in.

Anthropic IPO at a glance

Company: Anthropic, PBC, a public benefit corporation founded in 2021 by former OpenAI researchers including CEO Dario Amodei and President Daniela Amodei.

Exchange and ticker: Nasdaq Global Select Market, symbol ANT. Anthropic filed confidentially with the SEC in June and made the S-1 public on October 26.

Price, size and valuation: not set. The S-1 leaves the price range and share count blank. The Wall Street Journal, as cited by Forbes, reported the company could raise $100 billion or more at a valuation of $1.5 trillion to $2 trillion. Anthropic's last private round in May valued it at $965 billion.

Lead banks: Goldman Sachs and Morgan Stanley, with more than 20 other banks including JPMorgan and Citigroup in the syndicate.

When will Anthropic stock start trading?

There is no confirmed date. Anthropic says the shares will be sold "as soon as practicable" after the SEC declares the registration effective. Reports point to the second half of November: the Wall Street Journal reported the company is planning to go public the week of November 16, while Fortune and NerdWallet describe an expected debut before or during US Thanksgiving week (Thanksgiving is November 26). Market conditions and the SEC review could move that.

Before trading starts, Anthropic will normally amend the S-1 with a price range, run an investor roadshow, then price the shares the night before they list. We will update this story when a range is filed.

Can you buy Anthropic shares?

Not yet. Until the IPO prices, there is no public market for the stock. The S-1 says the underwriters may set aside some shares for their online brokerage customers, and NerdWallet notes that Morgan Stanley, one of the two lead banks, owns E*TRADE. When SpaceX listed in June, five brokers (E*TRADE, Fidelity, Charles Schwab, Robinhood and SoFi) offered IPO shares directly to retail customers. None has been confirmed for Anthropic, and IPO allocations are never guaranteed.

Once ANT starts trading, anyone with a brokerage account that offers US stocks should be able to buy shares on the open market, at whatever price the market sets on day one. Be wary of anyone selling "pre-IPO" Anthropic shares: Anthropic's own website warns that share sales without board approval are not permitted and that third-party offers may not be legitimate.

What the S-1 shows about Anthropic's money

Revenue: $16.29 billion in the six months to June 30, 2026, up 1,304% from $1.16 billion a year earlier. For all of 2025, revenue was $4.59 billion. In the second quarter alone Anthropic made $11.6 billion while spending $5.6 billion on computing, according to Fortune.

Losses: the net loss was $80.7 billion for the half year, one of the largest ever reported. But about $72.4 billion of that is a non-cash accounting charge, because the convertible notes Anthropic issued became more valuable as its valuation rose. On an operating basis the loss narrowed to $693 million from $2.1 billion a year earlier, and on Anthropic's adjusted measure it made $1.6 billion in operating income. It also generated $3.9 billion in cash from operations, its first positive half.

Cash: as of June 30 Anthropic had raised $141.1 billion in total and held $112.4 billion in cash plus $19.3 billion in short-term investments, per the filing.

Where the money comes from: about 80% of revenue ($13.1 billion) is consumption-based, mostly businesses paying for API usage, and 20% ($3.2 billion) is subscriptions such as Claude plans. About 48% of revenue flows through the cloud marketplaces of Amazon, Google and Microsoft, and international customers brought in $4.5 billion, or 27.8% of the total.

Who Anthropic's customers are

The filing leans heavily on business demand. As of September 30, Anthropic had more than 11,900 customers paying $100,000 or more a year, about 1,900 paying $1 million or more and about 250 paying $10 million or more, TechCrunch reports. No single customer made up more than 10% of revenue in the first nine months of 2026, but the top five together accounted for roughly a quarter.

The only two competitors Anthropic names are OpenAI and Google.

Who controls Anthropic after the IPO

Buying ANT will not give public shareholders much say. A company owned by Anthropic's seven co-founders, called Founder LLC, will hold a single Class F share carrying 50.1% of shareholder voting power. Its members are Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah.

Separately, Anthropic's Long-Term Benefit Trust, a group of financially independent trustees set up in 2023, holds Class T stock that lets it elect a majority of the board. The structure is designed to keep the company tied to its public benefit mission, and it means outside shareholders cannot easily take control.

Insiders will be able to sell some shares from the first trading day, with further lock-up releases 27, 48, 62 and 76 days after the IPO, instead of the usual single 180-day lock-up, CNBC reports. Google also has an option to buy up to $10 billion of non-voting Class N shares at the IPO price in a private placement alongside the offering.

The biggest risks in the filing

Computing costs: Anthropic owes its providers about $417 billion for data centers, chips and cloud services, and expects to add $125 billion to $150 billion more for capacity due between 2028 and 2031. That includes $110 billion with Amazon through 2036, $114.5 billion on Google TPUs through 2033 and $44.9 billion with Microsoft between November 2026 and May 2033.

Government disputes: the filing flags its dispute with the US Defense Department, which labelled Anthropic a supply-chain risk, as a threat to revenue. A federal court in California ruled for Anthropic, but a federal appeals court in Washington ruled for the Defense Department, and Anthropic has asked for a rehearing.

Safety and misuse: the S-1 runs to about 94 pages of risk factors, including the misuse of its models and a warning that it may not achieve or sustain profitability. Anthropic also estimates that 5% to 7% of this year's revenue came from customers later found to be breaking its usage policies, Fortune reports.

Market mood: the filing lands as investors question whether AI spending will pay off. SpaceX, which raised $85.7 billion in its June IPO, has spent much of the time since trading below its IPO price, NerdWallet notes.

What it means for Claude users

For now, nothing changes. Anthropic's IPO announcement says nothing about new Claude plans, prices or features. The S-1 does show that subscriptions are a fifth of revenue and that most growth comes from businesses and developers.

Anthropic also says it plans to set aside at least 5% of its shares for a new Anthropic Public Benefit Fund for donations, subject to shareholder approval, Forbes reports, and Fortune says each co-founder has pledged to give 80% of their personal Anthropic equity to charity.