Updated October 28, 2026
General information only, not investment advice. We don’t recommend buying or selling any security.
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Anthropic, the AI company behind the Claude chatbot, publicly filed for an IPO on October 26, 2026. It plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. Its S-1 shows $16.3 billion in revenue for the first half of 2026, up from $1.2 billion a year earlier, and a net loss of $80.7 billion. The loss headline is misleading on its own: $72.4 billion of it is a non-cash accounting charge tied to the company’s rising valuation, while the operating loss was $693 million. No share price, share count or listing date has been set yet; reports point to a listing in late November.
What happened
On Monday, October 26, 2026, Anthropic made its registration statement (Form S-1) public with the U.S. Securities and Exchange Commission. It had filed confidentially in June. An S-1 is the document a company must file before selling shares to the public. It includes audited financials, risk factors and how the company is governed. If you’ve never read one, our guide on how to read an IPO walks through the main sections.
The filing is a first step, not the listing itself. This version leaves the price range and the number of shares blank. Those usually appear in an amended filing shortly before the “roadshow”, when bankers market the shares to big investors.
The key numbers from the S-1
| Measure | First half 2026 (Jan–Jun) | First half 2025 (Jan–Jun) |
|---|---|---|
| Revenue | $16.3 billion | $1.2 billion |
| Operating loss | $693 million | $2.1 billion |
| Non-cash fair-value charge (convertible notes, derivatives, SAFEs) | $72.4 billion | $10.9 billion |
| Net loss | $80.7 billion | $13.0 billion |
| Spending on chips and infrastructure (reported by CBS News) | $8.9 billion | $2.3 billion |
Two things stand out. First, revenue grew about 13.6 times year on year. Second, the operating loss, the cost of actually running the business, shrank even as revenue soared. The company itself warns growth is expected to slow over time.
Why the $80.7 billion loss isn’t what it seems
Many headlines led with the net loss, more than six times last year’s. That number is real under accounting rules, but it doesn’t mean Anthropic burned $80.7 billion in cash.
Like many fast-growing startups, Anthropic raised money through instruments such as convertible notes and SAFEs (simple agreements for future equity). These convert into shares later. Accounting rules require the company to re-measure them at fair value each period. When the company’s valuation rises sharply, the value of those future shares rises too, and the increase is booked as a loss.
The S-1 says the change in fair value was $72.4 billion in the first half of 2026 and attributes it mainly to an increase in the company’s valuation. In other words, a large part of the loss is a side effect of the company becoming more valuable. These instruments typically convert at the IPO, so this type of charge often stops recurring after a listing.
That doesn’t make Anthropic profitable. It still runs an operating loss, it’s spending heavily on computing infrastructure, and its risk factors note that it depends on continued access to capital. But the operating line is the better guide to how the business itself is doing.
Who will control the company
Anthropic is a Delaware public benefit corporation (PBC). Its directors must balance shareholders’ financial interests with its stated public benefit: “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.” Its share structure is unusual:
| Share class | Who holds it | Voting power |
|---|---|---|
| Class A (the listed shares) | Public investors and others | One vote per share on general matters |
| Class N | Mainly strategic partners | No vote, except where law requires; converts to Class A if sold to an unaffiliated buyer |
| Class T (one share) | Long-Term Benefit Trust | Elects and removes the Class T directors, who are a board majority |
| Class F (one share) | An LLC of the co-founders | 50.1% of total voting power on general matters |
The Long-Term Benefit Trust is described as five financially disinterested trustees with backgrounds in AI safety, national security, public policy and social enterprise. It picks most of the board but, according to the filing, has no say over day-to-day management or strategy.
For anyone buying Class A shares, the takeaway is simple: you’d own part of the economics, but the founders and the trust would hold the decisive votes. That’s common in big tech listings, but here it’s combined with a formal public-benefit mission.
What happens next, and when
- Amended S-1: expected to add the price range, share count and use of proceeds. As of October 28 it has not been filed; it typically arrives one to two weeks before listing.
- Roadshow and pricing: Bloomberg reported marketing could start the week of November 9, and Fortune reported a target of Thanksgiving week (from November 23). Anthropic hasn’t confirmed a date.
- Size and valuation: Anthropic was valued at $965 billion in a May funding round. Analysts quoted by CBS News suggest $1.5 trillion or even $2 trillion, and reports say the offering could raise up to $100 billion, which would top SpaceX’s $86 billion IPO in June. None of this is in the filing, and the final numbers could differ.
- Underwriters: Goldman Sachs and Morgan Stanley head the list, alongside J.P. Morgan, Citigroup, Barclays and others.
What it means for everyday investors
A record-sized AI listing will get a lot of attention, so it helps to separate the facts from the noise.
- You can’t buy shares yet. There’s no public market until the IPO prices and trading begins. Watch for scams: anything offering “pre-IPO Anthropic shares” through social media or messaging apps deserves heavy suspicion.
- The ticker isn’t unique everywhere. A different company, Anteros Metals, already trades as “ANT” on the Canadian Securities Exchange. Check the exchange before placing any order.
- Private-market prices aren’t the IPO price. Some finance sites show implied values based on private trading. They’re estimates, not the price you’d pay on listing day.
- IPO allocations mostly go to institutions. Some brokerages run programs that give eligible customers access to IPO shares at the offer price, with their own rules. Most individuals can only buy once trading opens, when early prices can swing sharply.
- Read the risk factors. Anthropic’s filing flags continuing losses, heavy infrastructure spending, reliance on raising capital and risks specific to advanced AI. Index funds that track the Nasdaq or the broader market may eventually hold the stock once it qualifies, which is how many people get exposure without picking individual names.
The filing also adds to a wider story: AI is reshaping both markets and jobs. For the workplace side, see our explainer on Microsoft’s 60,000-employee buyout offer and our guide to the AI skills worth learning.
FAQ
When is the Anthropic IPO?
No date has been set. Reports point to late November 2026, around Thanksgiving week, but Anthropic hasn’t confirmed timing.
What will Anthropic’s ticker be?
Anthropic has applied to list Class A shares on the Nasdaq Global Select Market under “ANT.”
How much revenue does Anthropic make?
$16.3 billion in the first six months of 2026, up from $1.2 billion in the same period of 2025, according to its S-1.
Did Anthropic really lose $80.7 billion?
That’s its reported net loss for the first half of 2026, but $72.4 billion was a non-cash charge from re-valuing convertible notes and similar instruments as the company’s valuation rose. The operating loss was $693 million.
What is the IPO price?
Not set yet. The price range and number of shares will appear in a later amended filing.
What is Anthropic valued at?
It was valued at $965 billion in a May 2026 funding round. Analysts have floated $1.5 trillion to $2 trillion for the IPO, but those are estimates, not figures from the filing.
Who controls Anthropic after the IPO?
A one-share Class F held by the co-founders carries 50.1% of general voting power, and the Long-Term Benefit Trust elects a majority of the board through a one-share Class T.