Anthropic IPO: What to Know Before the $1 Trillion AI Safety Bet Goes Public

For most of the past two years, the biggest names in artificial intelligence have been private companies. You could use their chatbots every day, but you could not buy their shares until a company lists them on a stock exchange. The only numbers you had were the ones they chose to announce, or the ones that leaked from funding rounds.

That is changing one listing at a time. SpaceX went public in June 2026, OpenAI is preparing its own offering, and AI companies are asking the public to fund some of the most expensive projects in business history. Once a company files to go public, it has to publish audited accounts. The picture can look quite different from the headlines that came before.

Anthropic is the most unusual of the group. It was founded by researchers who believed advanced AI could become one of the most dangerous technologies ever built. Now it is preparing one of the largest share sales in history to build more of it, and it is asking the public to come along.

In late October 2026, Anthropic, the company behind the Claude AI models, published its registration statement for an initial public offering. The filing answers questions people had only guessed at. It shows how much revenue Anthropic books and how much it loses. It also shows who controls the company after the listing, who is selling shares, and what could go wrong.

What is the Anthropic IPO?

The Anthropic IPO is the planned initial public offering of Anthropic, PBC, the maker of Claude. Anthropic filed its public registration statement, Form S-1, with the US Securities and Exchange Commission (SEC) on October 26, 2026. It has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT.

The filing leaves the price range, the number of shares and the listing date blank, so none of them is set yet (source: Anthropic, PBC, Form S-1). Anthropic first submitted a draft confidentially in June 2026, which let the SEC review its accounts before they were made public (source: CNBC). Twenty-two banks are named on the cover, led by Goldman Sachs and Morgan Stanley.

The offering mixes new shares sold by Anthropic with shares sold by existing holders. Five of the seven co-founders are listed among the selling stockholders, with their amounts still blank. Anthropic says it will use its own proceeds for general corporate purposes, including compute, infrastructure and hiring, and to cover tax on employee share awards that settle at the listing. The sale is not limited to the US. It includes public offerings in Australia, Canada, Japan, Switzerland, the UK and parts of the European Economic Area, although the shares will list only on the Nasdaq (source: Anthropic, PBC, Form S-1).

What is Anthropic?

Anthropic is an AI company founded in 2021 and based in San Francisco. Its main product is Claude, a family of large language models that businesses reach through an API and that people use through apps for writing, analysis and coding. Dario Amodei is chief executive and his sister Daniela Amodei is president. Both are among its seven co-founders, with Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Chris Olah.

Anthropic is a public benefit corporation under Delaware law, a structure the S-1 calls consistent with its commitment to AI safety. The S-1 says this requires it to weigh shareholders' financial interests against the interests of others affected by its work. It must also weigh them against its stated purpose, "the responsible development and maintenance of advanced AI for the long-term benefit of humanity" (source: Anthropic, PBC, Form S-1).

The company has grown quickly in size as well as revenue. It had about 940 employees at the end of 2024 and about 5,300 by September 30, 2026. Revenue over the 12 months to that date came to more than $6.6 million per employee, against $1.4 million a year earlier (source: Anthropic, PBC, Form S-1).

Why Anthropic's founders left OpenAI

All seven co-founders came from OpenAI. Dario Amodei was its vice president of research until December 2020, and Daniela Amodei had been its vice president of safety and policy. Jared Kaplan was one of the principal authors of the neural scaling laws, which showed how AI models improve as they get more data and computing power. Chris Olah led OpenAI's interpretability research, the study of what happens inside a model (source: Anthropic, PBC, Form S-1).

Dario Amodei left OpenAI at the end of 2020. He and the other founders had differed with the lab over its direction after Microsoft's $1 billion investment in 2019 (source: VentureBeat). Anthropic was incorporated in January 2021. In May of that year it raised $124 million in a first round led by Skype co-founder Jaan Tallinn, to build AI systems that are more reliable and easier to understand (source: Anthropic, Series A).

The company's reasoning for building what it worries about is set out in its own guidelines for Claude. If powerful AI is coming either way, Anthropic argues, it is better to have safety-focused labs at the frontier than to leave that ground to developers less focused on safety (source: Anthropic, Claude's constitution). Public shareholders will now be asked to fund that bet, and to accept the trade-offs that come with it.

How does Anthropic make money?

Anthropic sells access to Claude in a few forms. Developers and companies build on the Claude Platform, its API and tools for building AI agents. Claude Code, a coding agent released as a research preview in February 2025, plans, writes, tests and fixes software alongside developers. Claude Cowork applies the same approach to office work such as research, drafting and analysis, and it has been merging with the Claude.ai chat app since September 2026. Claude Security, a cybersecurity product, is in public beta for enterprise customers (source: Anthropic, PBC, Form S-1).

Most of the money comes from usage. About $13.1 billion of first-half 2026 revenue, or 80%, was consumption-based, charged by how much customers use Claude, and $3.2 billion came from subscriptions (source: Anthropic, PBC, Form S-1). Coding has been the standout. Anthropic said in February 2026 that Claude Code's yearly revenue pace had passed $2.5 billion (source: Anthropic, Series G).

Businesses are the core of the model, and they keep spending more. As of September 30, 2026, more than 1,900 customers paid Anthropic at least $1 million over the previous 12 months, and about 250 paid at least $10 million. More than 11,900 paid at least $100,000, up from more than 950 a year earlier. Its net revenue retention was about 900%, which means customers from a year earlier were spending roughly nine times as much (source: Anthropic, PBC, Form S-1).

Claude is sold on all three big cloud platforms: Amazon Web Services, Google Cloud and Microsoft Azure. Anthropic keeps the customer contract and pays each cloud provider a fee. Sales through cloud marketplaces made up about 48% of first-half 2026 revenue (source: Anthropic, PBC, Form S-1). The spread across customers is widening. About 79% of third-quarter revenue came from outside its top five customers, up from about 64% in the first quarter, and no single customer passed 10% of revenue over the nine months (source: Anthropic, PBC, Form S-1).

Why Amazon and Google matter to Anthropic

Amazon and Google are Anthropic's investors, its suppliers of computing power and two of its biggest sales channels at the same time. More than 100,000 customers run Claude on Amazon Bedrock, Amazon's service for AI models (source: Anthropic). Google Cloud offers Claude through its Gemini Enterprise Agent Platform, formerly Vertex AI (source: Anthropic, PBC, Form S-1).

Amazon had invested about $8 billion before 2026 (source: Anthropic). In April 2026 it agreed to provide up to $20 billion more, and it put $5 billion of that into Anthropic's May funding round (source: Anthropic, PBC, Form S-1). Google signed a similar agreement in March 2026 for up to $30 billion and invested $10 billion in the May round, leaving up to $20 billion available (source: Anthropic, PBC, Form S-1). Amazon's own filing carried its Anthropic holdings at about $190.4 billion on June 30, 2026 (source: Amazon, Form 10-Q). How Amazon's Anthropic stake works and Alphabet's stakes in SpaceX and Anthropic cover what those holdings mean for each company.

The S-1 limits how big either can get. Amazon is capped at 12% of Anthropic's capital and Google at 14.99%, and their shares are mostly non-voting Class N stock. Microsoft is in the picture too. It announced a $5 billion investment in November 2025 (source: CNBC), and Anthropic has committed to at least $44.9 billion of computing with Microsoft from November 2026 to May 2033 (source: Anthropic, PBC, Form S-1).

What the S-1 shows about revenue and losses

The S-1 shows revenue of $16.3 billion in the first six months of 2026, up from $1.2 billion a year earlier (source: Anthropic, PBC, Form S-1). It also shows a net loss of $80.7 billion for those six months, most of it an accounting charge on its convertible notes (source: Anthropic, PBC, Form S-1). The operating loss is the better guide to how the business itself is doing.

The table uses the S-1's audited accounts (source: Anthropic, PBC, Form S-1).

Most of the gap between the operating loss and the net loss comes from one line. When Anthropic's valuation rises, the convertible notes it sold to investors, which are loans that turn into shares, become worth more, and the company has to book that increase as a loss. The S-1 puts that charge at $72.4 billion for the first half of 2026 and $34.3 billion for 2025 (source: Anthropic, PBC, Form S-1). It is a real cost to existing shareholders, because the notes turn into shares, but it is not cash leaving the business.

The quarterly figures show when the business turned. Revenue grew in every quarter, and the second quarter of 2026 was the first with an operating profit.

The third quarter of 2025 includes a one-off $1.5 billion charge for settling Bartz v. Anthropic, a class action by authors over the books used to train Claude (source: Anthropic, PBC, Form S-1). Without it, that quarter's operating loss would have been about $1.6 billion.

The operating loss is the clearer measure. It shrank from $2.1 billion in the first half of 2025 to $693 million in the first half of 2026, while revenue grew about 14 times. Compute and infrastructure, the cost of training and running the models, took $8.9 billion of the $16.3 billion, or about 55% of revenue. In the second quarter alone, revenue rose 1,368% from a year earlier while compute costs rose 300% (source: Anthropic, PBC, Form S-1).

Anthropic is not short of cash. It had raised $141.1 billion in total by June 30, 2026, and held $112.4 billion of cash and $19.3 billion of short-term investments. It has never paid a dividend and does not expect to pay one (source: Anthropic, PBC, Form S-1). It also warns that "we do not expect our revenue will continue to grow at comparable rates" (source: Anthropic, PBC, Form S-1).

Why is everyone watching the Anthropic IPO?

Four things set this listing apart: who Anthropic is, how fast it has grown, where it stands against OpenAI, and when it is coming to market.

A safety-first AI lab heading for a trillion-dollar listing

Anthropic is the only major AI lab that has put safety research at the center of its commercial pitch. Its S-1 argues that enterprises value predictable behavior and strong safeguards when they hand AI important work. A listing in the trillions would show whether public investors agree that a safety-first approach can also be a large business.

How fast Anthropic's revenue has grown

Anthropic reports a yearly revenue pace, which it calls run-rate revenue: the last 28 days of usage fees multiplied by 13, plus monthly subscriptions multiplied by 12 (source: Anthropic, PBC, Form S-1). It is a snapshot, not a forecast, but it shows how quickly demand has built.

The end-2025 and April figures come from Anthropic's compute deal with Google and Broadcom (source: Anthropic, April 6, 2026). The February and May figures come from its last two funding announcements (source: Anthropic, Series H; Anthropic, Series G). The S-1 leaves the latest run-rate blank, and third-quarter revenue was reported at about $16.8 billion, a figure that is not in the filing (source: 24/7 Wall St. via Yahoo Finance).

Where Anthropic stands against OpenAI

Anthropic has pulled ahead of OpenAI with businesses. In Ramp's AI Index for September 2026, which tracks company spending, 43.8% of US businesses on Ramp paid for Anthropic's products against 40.6% for OpenAI's (source: Ramp, AI Index). Menlo Ventures estimated in December 2025 that Anthropic held about 40% of enterprise spending on AI models, and 54% of spending on AI for coding (source: Menlo Ventures). OpenAI's lead is with consumers, through ChatGPT.

The last big AI listing on this year's calendar

SpaceX listed in June, but other AI companies have pulled back. Reuters reported that the data center operator Switch and the AI infrastructure firm Nscale have pushed back their listings. Rising interest rates and a sell-off in AI stocks have made investors more cautious (source: Reuters via Central Oregon Daily). OpenAI has filed confidentially, but has said a debut likely won't come until 2027 (source: CNBC, October 26, 2026). That leaves Anthropic as the test of how public markets price a leading AI lab.

What you need to know before the Anthropic IPO

When is the Anthropic IPO date?

Anthropic has not set a listing date. The SEC has to declare the S-1 effective before shares can be sold. The company then files an amended S-1 with a price range, pitches the shares to investors in a roadshow and prices the deal the evening before trading starts. Until that amendment arrives, every reported date comes from people familiar with the plans.

Those reports point to November 2026. IFR, citing a person familiar with the process, reported a roadshow from November 9 and a listing in mid-November (source: IFR). Reuters also reported marketing starting the week of November 9 (source: Reuters via Central Oregon Daily), and Al Jazeera said the listing is expected before Thanksgiving (source: Al Jazeera).

How much is Anthropic worth?

Anthropic's valuation has multiplied in each funding round as revenue took off.

Anthropic announced the Series E at $61.5 billion (source: Anthropic, Series E) and the Series F at $183 billion (source: Anthropic, Series F). The Series A was announced without a valuation (source: Anthropic, Series A). The Series G valued Anthropic at $380 billion (source: Anthropic, Series G), and the Series H at $965 billion (source: Anthropic, Series H). The $965 billion from May is the reference point the IPO price will be compared with. Reports of the IPO valuation range from about $1.5 trillion to about $2 trillion. Reuters cited investors discussing $1.5 trillion (source: Reuters via Central Oregon Daily), and IFR reported about $2 trillion (source: IFR).

A price-to-sales multiple shows how much growth each of those figures assumes. Divide the valuation by a yearly revenue pace. Second-quarter revenue of $11.6 billion, multiplied by four, gives a pace of about $46.4 billion. The reported third-quarter figure of $16.8 billion gives about $67.2 billion.

Price-to-sales multiple = valuation ÷ yearly revenue pace

These are rough measures, since revenue was still growing fast, but they show how much of the future each price already counts on.

How Anthropic's share classes and Long-Term Benefit Trust work

Buyers in the IPO get Class A shares, with one vote each, but Class A as a group is limited to 49.9% of the vote. A separate Class F, tied to the co-founders, carries a fixed 50.1% of the vote on ordinary shareholder matters. That makes Anthropic a "controlled company" under Nasdaq rules (source: Anthropic, PBC, Form S-1).

The board works differently again. Anthropic's Long-Term Benefit Trust is a group of trustees with no financial stake in the company. It holds a special Class T share that lets it elect and remove most of the board. The S-1 describes the trust as a way to help the company balance profit against its public benefit purpose.

Two more classes complete the picture. Class N shares have no vote and are held mainly by business partners. They generally turn into Class A shares if they are sold to an unrelated buyer. Class E shares go to employees, based on time worked and on shares they pledge to donate, and they vote only on limited matters and carry no economic rights. For a public shareholder, the result is simple to state: you share in the economics, but the founders control most votes and the trust controls the board.

What the S-1 says about risk

The risk factors cover the usual growth, competition and cost risks, plus one few companies would write about their own product. Anthropic notes concerns, including inside the company, that advanced AI systems without proper safeguards could "pose catastrophic or existential risks to humanity". It adds that those risks rise as AI starts to speed up its own research (source: Anthropic, PBC, Form S-1).

The most specific risk is a dispute with the US government. In February 2026, after Anthropic said its technology should not be used for mass domestic surveillance or fully autonomous weapons, the president directed federal agencies to stop using it. The Department of War designated Anthropic a supply-chain risk to national security (source: Anthropic, PBC, Form S-1).

Anthropic sued and won a largely favorable judgment in a California federal court in August 2026. On September 25, however, a federal appeals court in Washington upheld one of the designations, and Anthropic has asked the full court to rehear the case. In June 2026, the Department of Commerce also imposed worldwide export restrictions on two of its models, which Anthropic switched off for all customers until the restrictions were lifted (source: Anthropic, PBC, Form S-1).

The business risks are more familiar. Anthropic has taken on significant debt to fund its compute commitments, and the S-1 warns that its ability to service that debt may be limited by its cash flow. Those commitments are large: about $417 billion of new minimum payments signed since the end of 2025, plus an estimated $125 billion to $150 billion for capacity delivered from 2028 to 2031. They include up to $120.5 billion of compute from SpaceX through 2029 (source: Anthropic, PBC, Form S-1).

The S-1 also points to public controversy over new data centers' use of power, land and water, which could slow access to the electricity its models need. Copyright claims are another open front: music publishers and Reddit have sued Anthropic over training data, after the $1.5 billion Bartz settlement with authors (source: Anthropic, PBC, Form S-1). On revenue, it says recent growth "may reflect early-stage adoption dynamics" and could slow faster than expected (source: Anthropic, PBC, Form S-1).

Is the Anthropic IPO overvalued?

Whether the IPO is overvalued depends on how long Anthropic can keep growing near its current pace. The bull case rests on revenue that rose from $41 million in 2023 to $16.3 billion in one half year, an operating profit in the second quarter of 2026 and customers who spend more each year. The bear case rests on the price already paid for that growth.

The dot-com comparison

Saxo UK analyst Neil Wilson has compared the AI boom with the late-1990s dot-com bubble, when fast-growing companies listed at prices that later proved too high (source: The Guardian). CNBC has described the listing as a critical moment for the whole tech sector, because the AI boom has been driven so heavily by Anthropic and OpenAI (source: CNBC, October 26, 2026). A weak debut could change how investors price other AI stocks. What the AI bubble is covers the wider debate and the signs traders watch.

The cost of compute

Compute still takes more than half of every dollar of revenue, and the commitments run into the hundreds of billions. Anthropic's recent profit depends on revenue continuing to grow faster than those costs. If a rival released a much cheaper or more capable model, Anthropic might have to spend more to keep up, and margins could shrink quickly.

Competition from OpenAI

OpenAI keeps the larger consumer audience through ChatGPT and a deep partnership with Microsoft. The two companies compete for the same enterprise contracts, and the lead in Ramp's index is narrow enough to change. In October, OpenAI cut the valuation it is seeking in a new private round to $1.25 trillion, ahead of a possible listing in 2027 (source: Business Standard).

When the mission and the market disagree

The public benefit structure protects Anthropic's safety mission from short-term shareholder pressure. That protection works both ways. Public shareholders cannot force a sale or replace the board, and some decisions may be made on safety grounds that a purely profit-driven company would not make. The government dispute shows that those choices can carry a direct commercial cost.

A company that warns about its own product, is legally structured to resist profit pressure and was founded by people who thought AI was moving too fast is about to ask for a trillion-dollar valuation. Investors will be deciding whether that is proof the approach works or a test it has not yet faced.

What happens after the Anthropic IPO?

When can insiders sell their Anthropic shares?

Once the shares trade, most existing holders cannot sell straight away. Anthropic's directors, executives and the holders of substantially all its stock have signed market standoff agreements with Anthropic or lock-up agreements with the lead banks. For most of these holders, the limits last up to 180 days after the prospectus date. For the co-founders and certain holders of more than 0.5% of the shares, they last up to 365 days.

Both periods can end sooner. For the 180-day group, the early end is the second trading day after Anthropic reports results for the quarter ending March 31, 2027. For the 365-day group, it is the second trading day after results for the quarter ending September 30, 2027. The banks, or Anthropic with their consent, can also release holders early (source: Anthropic, PBC, Form S-1).

Those dates matter because large holders, including employees and the cloud partners, could add shares to the market when the restrictions end. Until the shares list, you can follow how traders react to each step of the offering, from a price range to a delay, on the ANTHROPICUSDT Perpetual page.

Could Anthropic join the Nasdaq-100 or the S&P 500?

The two indexes treat new listings differently. Nasdaq changed its rules in 2026 so that very large new listings can join the Nasdaq-100 within weeks of their debut (source: Bloomberg Government). Index funds that track it would then have to buy the shares.

The S&P 500 is slower. In June 2026, S&P kept its rule that a newly public company must wait 12 months before it can be considered (source: Macau Business). A company must also be profitable under US accounting rules in its latest quarter and over its latest four quarters combined (source: Reuters via CTV News). Those earnings include the convertible-note charges, so Anthropic's first-half 2026 net loss would not pass that test today.

What happens to Amazon's and Google's stakes?

Amazon and Google hold mostly non-voting Class N shares, which generally turn into Class A shares if sold to an unrelated buyer. Both are covered by the lock-up, and neither has a strong reason to sell quickly, because both depend on Anthropic as a customer and a product on their clouds. The size of their holdings still means any change in their plans after the lock-up would be closely watched.

How OpenAI's listing could change the picture

Once OpenAI lists, investors will have a second public AI lab to compare with Anthropic. A strong OpenAI debut could lift the whole group. If OpenAI's accounts show similar costs at a lower price, or make Anthropic look expensive, the comparison could weigh on Anthropic's shares instead.

Why each quarterly report will matter

Most of Anthropic's valuation rests on its growth rate. As a public company it will report every quarter, so investors will see quickly if growth slows, compute costs climb or the second-quarter operating profit does not last. The first reports after the listing will carry extra weight, because they also set the dates on which the lock-ups can end early.

How can you buy Anthropic shares?

Most people will buy Anthropic shares in one of two ways: through an allocation at the IPO price, or on the Nasdaq once trading starts.

At the IPO, shares go mainly to the banks' clients. The S-1 lets the lead banks set aside shares for underwriters to sell to their online brokerage account holders, so some retail brokers may offer them. It describes no directed share program, which some companies use to reserve shares for employees or customers. Investors outside the US may also be able to take part through the public offerings in Australia, Canada, Japan, Switzerland, the UK and parts of the European Economic Area (source: Anthropic, PBC, Form S-1). Ask your broker whether it will offer ANT shares and what it requires.

Before the listing, you cannot buy Anthropic shares in the usual way. Anthropic says any transfer of its stock without its board's approval is void, that it does not permit special purpose vehicles to buy its stock and that unsolicited offers to sell its shares are often scams (source: Anthropic support).

Some funds already hold Anthropic. Mutual funds held about $16 billion of Anthropic stock as of September 30, 2026, led by Capital Group and Fidelity (source: Morningstar). Among listed funds, three BlackRock technology trusts held between 3.8% and 5.7% of their investments in Anthropic at June 30 (source: BlackRock, semi-annual report). The Tema Photonics & Optical ETF reported about 10.2% through a special purpose vehicle (source: Tema ETFs). Check how a fund holds the stake, given Anthropic's position on such vehicles.

Are there alternatives to the Anthropic IPO?

If the price or the timing gives you pause, listed companies offer exposure to the same themes. Each one carries its own risks, and none is the same as owning Anthropic.

Nvidia

Most AI labs, including Anthropic, rely on chips like Nvidia's. Nvidia reported revenue of $96.2 billion for its quarter to late July, with $89.0 billion from data centers (source: NVIDIA). It does not need any one lab to win, only for spending on AI to keep rising. What Nvidia stock is explains the business.

Microsoft

Microsoft is an investor in Anthropic and a partner of OpenAI. It said in April 2026 that its AI business was running at $37 billion a year, and Microsoft 365 Copilot passed 30 million paid seats by July (source: Microsoft). Microsoft's first-quarter preview covers its October 28 report.

Amazon and Alphabet

Both hold large Anthropic stakes and earn money selling Claude on their clouds, so their shares give indirect exposure at lower valuation multiples. That exposure is not a hedge. If Anthropic stumbles, both lose a valuable stake and a large cloud customer at the same time.

Waiting for OpenAI's listing

OpenAI is aiming to list in 2027. Its accounts would show how a lab built around ChatGPT's consumer business compares with one built mostly on sales to businesses. If you want to compare the two labs as public companies, that means waiting.

What to watch as the Anthropic IPO approaches

The next few months follow a set order. Each step can move the price traders put on Anthropic.

For a trader, the listing will depend on the wider AI market at that moment, and each step in the table can move the price of the ANTHROPICUSDT Perpetual before the shares list. If AI stocks are still falling, Anthropic's first day could be more volatile than its private valuations suggest. For a longer-term investor, the S-1 points to three numbers to follow: compute costs as a share of revenue, how concentrated revenue is in the largest customers, and whether quarterly revenue keeps growing after the listing.

How to trade Anthropic before it lists

Before ANT starts trading on the Nasdaq, you can take a position on Anthropic's price on BloFin through the ANTHROPICUSDT Perpetual, a futures contract settled in USDT with leverage of up to 20x. Its price is set by trading on BloFin, not by any share price, and it gives you no shares, votes or dividends.

The perpetual lets you go long or short with margin. Leverage magnifies a move in both directions, and a market on a company that has not listed yet can move sharply on news such as a price range, a delay or a first trading day. At 10x leverage, a 10% move against you would use up the whole margin behind the position, and liquidation comes before that, once losses reach the maintenance margin. How liquidation works explains that process, and how to set a stop-loss on BloFin covers limiting the downside.

BloFin also offers perpetuals on listed companies tied to Anthropic. They include the AMZNUSDT Perpetual and GOOGLUSDT Perpetual for two of its cloud partners and investors. The MSFTUSDT Perpetual covers Microsoft, another investor and compute supplier, and the NVDAUSDT Perpetual covers the chipmaker whose hardware the AI labs rely on.

Looking to trade Anthropic before its IPO? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the ANTHROPICUSDT Perpetual, AMZNUSDT Perpetual, GOOGLUSDT Perpetual, MSFTUSDT Perpetual or NVDAUSDT Perpetual page.

Frequently asked questions

What is Anthropic's stock ticker?

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The shares will trade under that symbol once the SEC declares the registration effective and the offering is priced. Until then, ANT is a proposed symbol and no shares trade on the Nasdaq.

When is the Anthropic IPO date?

Anthropic has not set a date, and its S-1 leaves the price range blank. Reports citing people familiar with the plans point to a roadshow from November 9, 2026 and a listing in mid-November. The date is only firm once the company files an amended S-1 and prices the offering.

Is Anthropic profitable?

Anthropic was not profitable over the first half of 2026, on either an operating or a net basis, although its S-1 shows an operating profit of $974 million in the second quarter. For the six months as a whole, it shows an operating loss of $693 million and a net loss of $80.7 billion. Most of the net loss comes from a $72.4 billion non-cash charge for the rising value of its convertible notes.

How much revenue does Anthropic make?

Anthropic reported revenue of $4.6 billion for 2025 and $16.3 billion for the first six months of 2026, according to its S-1. That compares with $41 million in 2023 and $386 million in 2024. The company says it does not expect growth to continue at comparable rates.

Who are Anthropic's biggest investors?

Amazon and Google are its largest strategic investors, capped at 12% and 14.99% of its capital, and both also supply its computing power and sell Claude on their clouds. Microsoft has also invested, and Anthropic's largest recent round, in May 2026, was led by Altimeter, Dragoneer, Greenoaks and Sequoia.

Who controls Anthropic after the IPO?

The co-founders control most votes through Class F stock, which carries a fixed 50.1% of the voting power on ordinary shareholder matters. The Long-Term Benefit Trust elects the directors who form a majority of the board. Public Class A holders together hold at most 49.9% of the vote.

What is a public benefit corporation, and why does it matter to investors?

A public benefit corporation is a company that must balance profit with a stated public purpose. For Anthropic, that purpose is the responsible development of advanced AI for the long-term benefit of humanity. It gives the board legal room to put the mission ahead of short-term returns, which can protect the company and limit shareholders at the same time.

Will Anthropic join the S&P 500?

Not straight away, because the S&P 500 requires 12 months of trading after a listing and positive earnings under US accounting rules over the latest four quarters combined. Anthropic's large net losses from convertible-note charges would fail that test today. The Nasdaq-100 has faster rules for very large new listings.

How does Anthropic compare with OpenAI?

Anthropic leads with businesses: 43.8% of US businesses on Ramp paid for its products in September 2026, against 40.6% for OpenAI's. OpenAI has the larger consumer audience through ChatGPT and a deep partnership with Microsoft. Anthropic has filed publicly, while OpenAI has filed only confidentially and is aiming for 2027.

Can I buy Anthropic shares before the IPO?

Most individual investors cannot buy Anthropic shares before the listing, because its stock is held by its founders, employees and investors such as Amazon and Google. Anthropic says transfers without board approval are void. On BloFin, the ANTHROPICUSDT Perpetual lets you trade on what traders expect Anthropic to be worth instead. It gives you no shares or voting rights, and it can move sharply on IPO news.

Researched and written by the BloFin Academy editorial team with AI-assisted drafting. All facts independently verified. Primary sources include Anthropic's Form S-1 filed with the US Securities and Exchange Commission, Anthropic, Amazon, Microsoft, NVIDIA, BlackRock and BloFin, with reporting from CNBC, Reuters, IFR, Al Jazeera, Morningstar, Ramp, Menlo Ventures, The Guardian and VentureBeat, current as of October 27, 2026.

Nothing in this article constitutes financial advice, and nothing in it is a recommendation to buy, sell or hold Anthropic or any other company in any form. IPO timing and valuations reported before pricing can change, and newly listed shares can move sharply on their first days of trading. The ANTHROPICUSDT Perpetual can move sharply on news about the offering, and a leveraged position can be liquidated and lose all the margin behind it. BloFin services are not available in restricted locations, including the United States. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.