When does Anthropic go public?
There is no fixed date yet. But the IPO is closer than ever. On October 26, 2026, the company behind Claude filed its S-1 with the SEC. The stock is set to trade on the Nasdaq under the ticker ANT.
Media name the second half of November as the target for the start of trading. According to the Wall Street Journal, Anthropic wants to raise at least $100 billion at a valuation of $1.5 trillion to $2 trillion.
That would make the Anthropic IPO even bigger than SpaceX's.
Here you'll learn which steps are still missing before trading starts, whether you can subscribe to the stock, and what the S-1 reveals about revenue and losses. The key points first:
- Anthropic filed its S-1 on October 26, 2026. The plan is a Nasdaq listing under the ticker ANT
- There is no official date. Media name the second half of November 2026, but the price range and share count must be set first
- According to the Wall Street Journal, Anthropic could raise at least $100 billion at a valuation of $1.5T to $2T. The last confirmed valuation is $965 billion
- In the first half of 2026, Anthropic made $16.3 billion in revenue, 14 times as much as a year earlier
1. When will Anthropic go public?
Anthropic prepared the IPO in two steps. On June 1, 2026, a confidential draft S-1 went to the SEC. The public version followed on October 26. The S-1 is the registration form a company uses to register its shares with the SEC.
Three steps are still missing before the first trading day:
- Price range: In an amended S-1, Anthropic has to set how many shares it offers and in what price range. Only then does the roadshow begin, where the banks present the offering to large investors.
- Effectiveness: The SEC has to declare the registration effective. Until then, Anthropic may not accept offers to buy.
- Pricing and first trade: The offering price is set the evening before the first trading day. After that, the stock trades on the Nasdaq as ANT.
The Wall Street Journal reported in September on a November target. Newer reports name the second half of November. Anthropic itself confirms no date.
SpaceX shows how fast it can go after the public S-1. There, a little over three weeks passed between publication on May 20 and the start of trading on June 12, 2026.
2. The Anthropic IPO at a glance
The key facts on the planned IPO:
In its October 26 announcement, Anthropic names Goldman Sachs and Morgan Stanley as contacts for the preliminary prospectus. The offering size and target valuation come from a Wall Street Journal report that Anthropic has not confirmed.
3. Buying or subscribing to Anthropic stock
You can't buy Anthropic stock yet. Still, two routes become interesting after the S-1.
3.1 Subscribing to Anthropic shares
Subscribing means you place an order before trading starts, at the later offering price. That only works once Anthropic has published the price range. Whether your broker offers access to this US IPO is listed in its new-issue offerings.
One catch:
An allocation is never certain. According to the SEC's investor guidance, brokers can offer access to IPOs but cannot guarantee an allocation. In a heavily oversubscribed offering, retail investors often get only a small part or nothing at all.
3.2 Buying after trading starts
For most people, buying from the first trading day is the simplest route. You search your brokerage account for the ticker ANT and check the identifier shown. Prices often swing hard on day one. SpaceX closed 19% above its offering price.
There are also routes through private secondary markets and funds, which have their own access rules:
4. The road to the IPO
Dario and Daniela Amodei founded Anthropic in 2021 with five other former OpenAI employees, out of concern about AI safety. Five years later, the company is facing one of the biggest IPOs in history:
For more background on models, benchmarks, and usage, see my Claude statistics.
5. Valuation: from $61.5B to as much as $2T
Between Series E in March 2025 and Series H in May 2026, Anthropic's private valuation rose from $61.5 billion to $965 billion. That is about 15.7 times as much in 14 months.
In the IPO, the valuation could double again. The Wall Street Journal names a target range of $1.5T to $2T. With Series H, Anthropic reported an annualized revenue run rate of more than $47 billion. Measured against that, the May valuation was about 20.5 times the run rate.
6. Funding and investors
In the four rounds E to H alone, Anthropic raised $111.5 billion. At $65 billion, Series H was the largest.
Series H still wasn't a world record. OpenAI reported a round on March 31, 2026 with $122 billion in committed capital. Anthropic names the investors that led Series H in its May 28, 2026 announcement:
According to its April 20 announcement, Amazon has invested $13 billion in total and can add up to $20 billion later. Amazon, Google, and Microsoft are also among Anthropic's most important infrastructure partners. Claude runs on AWS Bedrock, Google Cloud Vertex AI, and Microsoft Foundry.
7. Revenue and losses in the S-1
The public S-1 brings audited figures for the first time. In the first half of 2026, Anthropic made $16.286 billion in revenue. A year earlier it was $1.163 billion:
Before the S-1, Anthropic stated its annualized revenue run rate several times itself. A run rate extrapolates a short period of business to a full year. "More than" values are lower bounds:
gradually.aiHere's the catch:
Revenue alone says little about profit. In the first half of 2026, there was an operating loss of $693 million. The net loss was even $80.7 billion:
Almost 90% of the huge net loss comes from valuation effects. When Anthropic's value rises, convertible notes, derivatives, and SAFEs (advance financing that later converts into shares) become more expensive. That $72.4 billion is a bookkeeping expense with no cash leaving the company. The operating loss is more telling, and it is small relative to revenue.
8. Where Anthropic's revenue comes from
The S-1 splits revenue by billing model. In the first half of 2026, about 80% came from usage-based revenue, for example through the API, and 20% from subscriptions:
The categories cut across the products API, Claude.ai, and Claude Code. A product can therefore bring in subscription fees as well as additional usage-based revenue.
9. Large customers and revenue concentration
As of September 30, 2026, Anthropic counted over 1,900 customers that each brought in at least $1 million in revenue over the previous twelve months. The three groups are nested, so a customer with $10 million also counts in the two lower thresholds:
In the third quarter of 2026, about 79% of revenue came from customers outside the top five. For the first nine months, Anthropic reported no single customer with more than 10% of revenue. That limits dependence on individual customers.
10. Compute contracts and capacity commitments
A large part of the IPO proceeds will likely flow into compute. Anthropic has announced contracts for this with AWS, Microsoft and NVIDIA, Google and Broadcom, and SpaceX. The announcements give some dollar amounts and some gigawatts, so the selection sits in a table:
With AWS, Anthropic was already using more than one million Trainium2 chips, according to the April announcement. With contracts like these, Anthropic pays for infrastructure. They create long-term payment obligations, not additional funding.
11. Anthropic, OpenAI, and SpaceX compared
With its Series H valuation of $965 billion, Anthropic overtook OpenAI in May. If the IPO lands at the top of the reported range, Anthropic would reach a similar value to SpaceX on the stock market. The chart separates confirmed valuations from reported targets:
gradually.aiOpenAI has ruled out an IPO in 2026 and is negotiating another private round instead. You'll find more in my articles on the OpenAI IPO and the SpaceX IPO.
12. Risks for investors
Strong revenue growth doesn't mean the stock is cheap at the offering price. Know these points before you buy:
- Valuation: At $2 trillion, the valuation would be about 60 times the half-year revenue annualized. Slower growth would hit the share price quickly.
- Competition: New rival models and falling usage prices can squeeze demand and margins.
- Capital needs: The compute contracts bind Anthropic for years. The current business doesn't cover these expenses yet.
- Voting rights: According to the S-1, the founders' LLC is to hold 50.1% of general voting power through a special share. The Long-Term Benefit Trust generally appoints the majority of the board. As a public shareholder, you'd have little influence.
- Market conditions: A weak market can shift price and timing. SpaceX closed below its offering price for the first time five weeks after its IPO.
According to the S-1, Anthropic has already contributed Class N shares to the Anthropic Public Benefit Fund. They equal 5% of the fully diluted share count as of June 30, 2026. Further allocations are possible under specified conditions.
What counts for a purchase decision is the final prospectus, the actual offering price, and your own capacity to bear losses. Invest only money whose loss you can afford.
