The Anthropic IPO moved a big step closer on October 26, 2026, when the Claude maker publicly filed a Form S-1 with the US Securities and Exchange Commission. Anthropic plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. According to Anthropic's announcement, the number of shares and the price range "have not yet been determined", so the IPO has not priced.
This article explains a public filing. It is not investment advice.
Anthropic IPO key facts
| Item | What we know |
|---|---|
| Filing | Public Form S-1, October 26, 2026 |
| Exchange and ticker | Nasdaq Global Select Market, "ANT" |
| Shares offered and price | Not yet set |
| Lead banks | Goldman Sachs and Morgan Stanley |
| Earlier step | Confidential draft S-1 submitted June 1, 2026 |
| Last private valuation | $965 billion, after a $65 billion round in May (per CNBC) |
Revenue: very fast growth
The filing figures below are as reported by CNBC.
- First half of 2026: $16.29 billion in revenue, up from $1.16 billion a year earlier.
- Full year 2025: $4.59 billion.
- Mix: about 80% usage-based (mostly API) and 20% subscriptions.
- Cloud marketplaces such as AWS, Google Cloud and Azure made up 48% of first-half revenue.
- Large customers: more than 1,900 pay over $1 million a year, and about 250 pay over $10 million.
Why the loss is so large
Anthropic reported a first-half net loss of $80.7 billion. About $72 billion of that comes from accounting charges on convertible notes, which grow as the company's valuation rises. In other words, most of the loss is a non-cash accounting effect, not money spent. Implied gross margin was about 85%, though management says it may swing with compute deliveries.
Huge compute commitments
The filing shows roughly $417 billion in obligations for data centres, chips and cloud. Named deals include about $110 billion with Amazon for Trainium chips and $114.5 billion with Google for TPUs. Committing to compute years ahead is a major cost and a major risk if demand forecasts are wrong.
Who controls the company
Anthropic is a public benefit corporation. A founder entity whose members are the Amodei siblings and five other co-founders holds 50.1% of voting power. Amazon holds non-voting shares, with its stake capped at 12%. The filing says this structure "has no direct public company precedent."
Main risks in the filing
- Disputes with the US government, including a Pentagon "supply chain risk" designation.
- Compute shortfalls or unused capacity if forecasts are wrong.
- Heavy reliance on TSMC, Amazon, Google, Microsoft and Broadcom.
- Competition from OpenAI and Google, the two direct frontier rivals it names.
- Safety and product liability claims.
What is still unknown
- The IPO date and price range.
- How many shares will be sold and how much will be raised.
- The public valuation. Figures such as $1.5 trillion to $2 trillion are outside estimates, not company numbers.
Frequently Asked Questions
When is the Anthropic IPO date?
No date has been set. The S-1 is filed but not yet effective, and the price range is still blank.
What will Anthropic's ticker be?
"ANT", on the Nasdaq Global Select Market.
How much revenue does Anthropic make?
$16.29 billion in the first half of 2026, according to the filing as reported by CNBC.
Can I buy Anthropic stock now?
Not on a public exchange. Shares cannot be sold to the public until the registration statement becomes effective.
Summary
Anthropic's public S-1 sets up a Nasdaq listing as ANT. The filing shows fast revenue growth, a loss driven mainly by convertible-note accounting, hundreds of billions in compute commitments and founder voting control. The date, price and size of the Anthropic IPO are still to come.
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