Ticker hub · Anthropic, PBC (proposed NASDAQ: ANT) · Updated 15 NOVEMBER 2026
Anthropic in one paragraph: Anthropic, the maker of Claude, is a public benefit corporation that has applied to list on Nasdaq as ANT. Its latest filing, the S-1/A of 10 November 2026, offers 825 million Class A shares at $70 to $78, which puts the company at about $968 billion at the midpoint (our arithmetic). Revenue was $17.0 billion in the three months to 30 September 2026, up 1,127% on a year, and its run-rate reached about $81 billion on 31 October. It lost $104.0 billion in the first nine months of 2026, but $94.3 billion of that was a non-cash revaluation of convertible notes and similar instruments; the operating result swung from a $974 million profit in Q2 to a $567 million loss in Q3. It has committed about $900.9 billion of future spending, mostly compute, and after the IPO a founders’ LLC will hold 50.1% of the vote.
Anthropic IPO: what to watch
- Where it prices against $70 to $78. At the range, Anthropic is worth $916B to $1.02T on the 13.09 billion shares the S-1/A says will be outstanding (our arithmetic). Each $1.00 on the price moves the cash raised by about $793 million.
- The suppliers buying in. Google and NVIDIA put in $10.0B each, AMD $2.5B, Broadcom, Micron and Microsoft $1.0B each and TSMC $500M, all at the IPO price, in non-voting Class N shares that are not locked up.
- The lock-up. Holders of about 15.5 billion shares are restricted for up to 180 days, co-founders and holders above 0.5% for up to 365 days. 3.6 billion shares can become eligible earlier, including up to 10% of non-founder insiders’ shares from the first trading day.
- Retail and overseas demand. Anthropic expects retail investors to get up to 20% of the shares offered; the Japan offering alone is US$3.0B to US$3.5B.
- The final prospectus. The 424B4 filing carries the final price, share count and proceeds. As of 15 November EDGAR shows none yet; we update this hub when it lands.
Range, shares, placement and lock-up from the S-1/A of 10 November 2026; pricing date from the Japan amendment filed with the SEC on 12 November. Lead underwriters: Goldman Sachs and Morgan Stanley.
Latest from our newsroom
- 15 NovAnthropic IPO: Polymarket Odds of a $1.5T+ Debut Fall to 34%
- 15 NovAnthropic’s Benefit Fund Holds 3.5x Each Co-Founder’s Stake
- 15 NovAnthropic Grew Counterintelligence Roles 2.4x to 33 in 2026
Following the deal live: the newsroom’s Anthropic IPO map · all AI news
- 5 trackers built from Anthropic’s S-1/A
- Every Anthropic story in our newsroom, by theme
- A short brief in your inbox when the IPO prices
Anthropic trackers, from the S-1/A
Each chart is rebuilt from Anthropic’s SEC filings. Anthropic reports on calendar quarters. When the final prospectus lands, the offering figures switch from the range to the final price.
Revenue, costs and losses by quarter
| Quarter | Revenue | Compute | Operating | Revaluation | Net loss |
|---|---|---|---|---|---|
| Q1 2025quarter to Mar | $376M | $944M | −$935M | −$5.7B | −$6.6B |
| Q2 2025quarter to Jun | $787M | $1.4B | −$1.2B | −$5.2B | −$6.4B |
| Q3 2025quarter to Sep | $1.4B | $2.0B | −$3.1B | −$9.2B | −$12.1B |
| Q4 2025quarter to Dec | $2.0B | $2.9B | −$2.8B | −$14.2B | −$16.9B |
| Q1 2026quarter to Mar | $4.7B | $3.4B | −$1.7B | −$12.8B | −$14.4B |
| Q2 2026quarter to Jun | $11.6B | $5.6B | $974M | −$59.6B | −$66.3B |
| Q3 2026quarter to Sep | $17.0B | $9.9B | −$567M | −$21.9B | −$23.3B |
From the S-1/A quarterly statements of operations. Compute = compute and infrastructure expenses; operating = operating income or loss; revaluation = the change in the carrying amount of convertible notes, derivative liabilities and SAFEs, marked to the company’s rising valuation.
Commitments and cash
Customer concentration
Who controls Anthropic
From private rounds to the IPO range
Every Anthropic story in our newsroom
Newest first, grouped by theme. 273 recent pieces whose headline names Anthropic, Claude or Dario Amodei.
Owners, votes and control
- 15 NovAnthropic’s $63B Benefit Fund Is 2.3x HHMI and 68% of Gates
- 13 NovAnthropic’s 5% Public Benefit Fund Is Worth $59B-$66B at IPO
- 12 NovSpark $9.2B, Zoom $3.9B: Anthropic Backers at IPO Midpoint
- 12 NovAmazon’s Anthropic Stake Made 43% of Its 2026 Pretax Profit
- 12 NovAnthropic Founders Can Sell $121B and Keep a 50.1% Vote
- 12 NovDubai Tycoon’s $50M Anthropic Stake: $1.2B at IPO Midpoint
- 12 NovAnthropic Founders’ 4.8x Vote Tops Zuckerberg’s 2.7x at IPO
- 11 NovWhat Is Non-Voting Stock? 43% of Anthropic Carries No Vote
Legal, policy and protests
- 14 NovViral Anthropic-Nvidia Claims: FEC Shows $8,000, Not $51,000
- 13 NovAnthropic Faces Mythos Trademark Suit Days Before Its IPO
- 13 NovAnthropic IPO Said to Bar China Bids; Filing Has 25 Markets
- 12 NovAnthropic, OpenAI Sued Before IPOs Over 5 Attention Patents
- 12 NovNonprofits Sue OpenAI, Anthropic, Google to Freeze AI Models
- 11 NovHow Anthropic’s Public Benefit Duty Works, and the $2M Suit
- 11 NovAnthropic IPO Protest: 8 AI Lab Actions in 2026, 18 Arrests
- 11 NovAnthropic IPO Protest: 5 Arrested at Its New York Office
Markets around the deal
- 15 NovBitcoin’s $194B Slide Is 3.2x Anthropic’s $61B IPO Deal
- 15 NovSamsung SDS Courts Anthropic, OpenAI; Analysts See 6x Sales
- 14 NovAnthropic’s IPO at 27x Sales: 2x Nvidia, Half of Palantir
- 14 NovAnthropic IPO Would Rank 14th in US Value, Past JPMorgan
- 11 NovWhat Is a Pre-IPO Perp? How Traders Price Anthropic Early
- 11 NovAnthropic Said to Tell Analysts Claude 5.5 Cost Over $10B
- 9 NovAnthropic ETF Filings Began 112 Days Before Its IPO Draft
- 9 NovMorningstar Values Anthropic at $1.7T, 36% Above IPO Talk
Inside the filing
- 14 NovAnthropic’s Banks Model $275B of 2028 Sales, 60x Last Year
- 14 NovWho Is Buying Anthropic’s $61B IPO? Filings Name Few Buyers
- 13 NovAnthropic’s Post-IPO Cash Would Be 3.8x Nvidia’s $56.6B
- 13 NovAnthropic IPO Filing Implies $636M in Fees for Its 22 Banks
- 13 NovPatel Sees Anthropic IPO Gain; Filing Shows Q3 Adds Fell 21%
- 13 NovAnthropic’s $131.8B Cash Pile Tops Amazon, SpaceX and Meta
- 12 NovAnthropic’s IPO Filing Named 7 Verticals; Claude Adds an 8th
- 11 NovAnthropic’s IPO Filing Cites Reputation in 34 of 88 Risks
The IPO: price, timing, demand
- 15 NovHow to Buy Anthropic Stock: ANT at $70-$78, Trading 19 Nov
- 14 NovAnthropic’s $61B IPO, Nvidia’s $108B Guide: AI’s Week Ahead
- 13 NovAnthropic Targets $1.25T-$1.4T IPO; Investors See Room Above
- 13 NovClaude Login Errors Hit 4 Anthropic Services in IPO Week
- 12 NovAnthropic Launches Claude for Manufacturing Mid-IPO Roadshow
- 12 NovClaude Managed Agents Go Self-Hosted, With Pricing by Quote
- 12 NovAnthropic IPO Cites Walmart’s 35%; Walmart’s Latest Is 40%
- 12 NovAnthropic IPO Site: Walmart Sparky Orders 35% Larger
Claude, products and customers
- 14 NovClaude Fable 5.2 Leads Epoch’s Fact Recall Test by 16 Points
- 14 NovClaude Fable 5.2 Thinks It’s Being Tested, Earns 42% Less
- 14 NovClaude Leads Rivals 2.2x at Building AI Systems: CMU Paper
- 14 NovAnthropic’s Fable 5.2 Hit 2.2x GPT-6 Astra on a Robot Test
- 14 NovAnthropic Always-On Agent Guide: 78% Less per Solved Task
- 13 NovClaude Code Projects Beta Covers $20 Pro and $100 Max Plans
- 13 NovMeta’s Muse Lands in Chrome With 126 Users vs Claude’s 22M
- 13 NovWhat Is Claude for Manufacturing? Skills, Price, Partners
Company, people and strategy
- 15 Nov65 Days After Quitting Anthropic, Coxon Says He May Go Back
- 14 NovAnthropic’s AI Scientist Push: Researcher Pay Tops $850,000
- 14 NovAnthropic’s Gas Deal Is $2M a MW as Power Bills Hit the CPI
- 13 NovPensions Committed $818M to Spark Funds That Hold Anthropic
- 13 NovAnthropic Safety Evals: Same Model Scored 34 Points Apart
- 13 NovAmodei to Dimon: Anthropic Buys Compute ‘on the Low Side’
- 13 NovAnthropic Seeks First Gas Chief at Up to $405K for AI Sites
- 13 NovAnthropic Tops $3.6T AI 100 List; Labs Worth 14x App Firms
Deep dives
Explainers on FourWeekMBA
- Anthropic IPO valuation explained: from $5.61 a share to the $70-$78 range
- How the Anthropic IPO works: price range, pricing day, listing and the lock-up
- Anthropic's Long-Term Benefit Trust, explained
- Non-voting stock explained, with Anthropic's Class N
- What is a pre-IPO perp? How traders price Anthropic early
The Business Engineer analysis
- Anthropic's S-1 and the State of Frontier AI 26 Oct 2026
- Anthropic's Reality Check and the Capital Squeeze 31 Oct 2026
- Anthropic's Mythos and AI's New Map 8 Apr 2026
- The Intelligence Factory: OpenAI vs Anthropic 6 Apr 2026
- Anthropic's Leak and the Scaffolding Map of AI 1 Apr 2026
- Claude Code: The Ultimate Dogfooding Success Story 18 Jul 2025
All our Anthropic pages
The IPO, explained
Ownership and control
Company and strategy
Anthropic stock and IPO FAQ
When is the Anthropic IPO?
Pricing is expected on the evening of 18 November 2026 in New York. The Japan offering document filed with the SEC on 12 November assumes a pricing date of 19 November, Japan time, within a window that runs to April 2027. The date is final only when the final prospectus (424B4) is filed.
What is the Anthropic IPO price range?
$70 to $78 a share for 825 million Class A shares (801,351,354 from Anthropic, 23,648,646 from selling stockholders), with an option for 123,750,000 more. That is $57.75B to $64.35B before the option (our arithmetic).
What will Anthropic’s ticker be?
ANT, on the Nasdaq Global Select Market, according to the S-1/A.
How much is Anthropic worth at the IPO?
About $916 billion at $70, $968 billion at the $74 midpoint and $1.02 trillion at $78, on the 13,086,672,593 shares the S-1/A expects after the offering and placement (our arithmetic). The Series H round in May 2026 was at $965 billion post-money, on a different share basis.
How much revenue does Anthropic make?
$17.0 billion in the third quarter of 2026 and $33.2 billion in the first nine months, against $4.6 billion in all of 2025. Its run-rate revenue, a company metric, was about $81 billion on 31 October 2026.
Is Anthropic profitable?
Not on a net basis: the net loss was $104.0 billion in the first nine months of 2026, of which $94.3 billion was a non-cash revaluation of convertible notes and similar instruments. Operating income was $974 million in Q2 2026, then a $567 million operating loss in Q3 after $5.0 billion of short-term compute and $2.0 billion of donation-matching charges.
Who controls Anthropic after the IPO?
The Founder LLC’s single Class F share carries 50.1% of the vote on most matters, the Long-Term Benefit Trust elects a majority of the board, and the Class N shares bought by the suppliers carry no vote.
Who is buying in the private placement?
Google and NVIDIA ($10.0 billion each), AMD ($2.5 billion), Broadcom, Micron and Microsoft ($1.0 billion each) and TSMC ($500 million): $26.0 billion of Class N stock at the IPO price, with no underwriting discount.
Sources and method. Every figure comes from Anthropic’s SEC filings (the S-1/A of 10 November 2026 and the Japan amendment of 12 November 2026, EDGAR checked on 15 November 2026) or from Anthropic’s funding announcements. Implied company worth, sums, multiples and percentages marked as ours are our arithmetic. Newsroom and Business Engineer items are linked, not reproduced. This page is not investment advice.