Anthropic, the company behind Claude, filed a Form S-1 registration statement for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) on October 26, 2026 (US time). It has applied to list on the Nasdaq in the US under the ticker "ANT". The listing date, the number of shares and the price range have not been set yet. This article covers what Anthropic's announcement and the S-1 itself reveal, the steps to listing, whether you can buy the shares, and what it means for Claude users.
Investment decisions are your own. This article is not investment advice; it only summarizes officially announced facts and procedures.
The Anthropic IPO: where things stand
What we know
- The S-1 was filed publicly with the SEC on October 26, 2026
- Applied to list on the Nasdaq Global Select Market as "ANT"
- The shares being offered are Class A common stock (one vote per share)
- Prospectus requests go to Goldman Sachs and Morgan Stanley
- The offering includes public offerings outside the US, such as in Australia, Canada, the EEA, Japan, Switzerland and the UK (S-1)
What has not been decided
- The listing date (when trading starts)
- The number of shares, the price range and the IPO price
- How much money will be raised
- Which brokers outside the US will offer the shares
- When the SEC review will be finished
Checked: October 27, 2026. Sources: Anthropic's announcement and the original S-1 published on the SEC's EDGAR. This article is updated whenever new information comes out, and each change is recorded with its date in the "Update log" at the end.
1. Timeline so far
The S-1 did not come out of nowhere: a confidential draft registration statement (DRS) had been with the SEC for almost six months. Here is the filing record on EDGAR, alongside the company's announcements.
- January 2021Incorporated as a Delaware public benefit corporation (PBC)Per "Corporate Information" in the S-1.
- June 1, 2026Confidential draft registration statement (DRS) submittedAmended versions (DRS/A) followed on July 13, August 10, September 4, October 1 and October 9. Per the EDGAR filing index.
- September 17, 202610-for-1 stock split of Class A and Class N sharesThe figures in the S-1 reflect this split.
- October 18, 2026Anthropic Public Benefit Fund announcedAnthropic announced it would contribute 5% of its shares, subject to stockholder approval (Anthropic's announcement). The S-1 describes the same thing (Section 2).
- October 26, 2026S-1 filed publicly and announced by AnthropicEDGAR accession number 0001628280-26-067168.
- Date not setPrice range announced, then pricing, then listingAs described in Section 3. Anthropic has not published a schedule.
Sources: SEC EDGAR filing index for Anthropic, PBC (CIK 0002130357) and the S-1. Checked October 27, 2026.
2. What the S-1 reveals
The S-1 contains the prospectus, the document in which a company explains its business, financials, risks and share structure to investors. It runs to hundreds of pages, and many items, such as the number of shares and the price, are still blank. Here we picked the parts readers care most about from the sections where the figures are filled in. Every number comes from the original S-1; no media estimates are used.
Revenue grew more than 100-fold from 2023 to 2025
According to "Summary Consolidated Financial and Other Data" in the S-1, annual revenue (fiscal years ending in December) went from $41 million in 2023 to $4.585 billion in 2025. In the six months from January to June 2026 alone, revenue was $16.286 billion, about 14 times the same period of 2025 ($1.163 billion).
The losses are large too: the net loss was $41.965 billion in 2025 and $80.748 billion in the first half of 2026. Most of it, however, is not operating cost. As the company's valuation rose, the "fair value" of instruments such as convertible notes increased, and that increase is booked as a loss (per the notes to the S-1). The loss from the business itself (operating loss) narrowed to $693 million in the first half of 2026.
| USD millions | 2024 | 2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|
| Revenue | 386 | 4,585 | 1,163 | 16,286 |
| Compute and infrastructure costs | 2,522 | 7,326 | 2,334 | 8,945 |
| Total operating expenses | 3,366 | 12,645 | 3,298 | 16,979 |
| Operating loss | (2,980) | (8,060) | (2,135) | (693) |
| Change in fair value of convertible notes and similar instruments | (5,434) | (34,308) | (10,942) | (72,388) |
| Net loss | (8,309) | (41,965) | (12,969) | (80,748) |
Source: "Summary Consolidated Financial and Other Data" in the S-1. Figures in parentheses are losses. Operating expenses for 2025 include the $1.5 billion settlement of the copyright infringement class action (the Bartz case; settlement agreed in September 2025 and approved by the court in July 2026). The first half of 2026 also includes $8.757 billion of "other expense". Cash, cash equivalents and short-term investments were $131.651 billion as of June 30, 2026.
Customer counts, headcount and other figures
As of September 30, 2026, more than 11,900 customers (counted by organization) had paid Anthropic $100,000 or more over the trailing 12 months, up from more than 950 a year earlier (September 30, 2025). More than 1,900 paid $1 million or more, and about 250 paid $10 million or more. The S-1 says it uses customers paying $100,000 or more as an indicator of enterprise adoption.
Anthropic had about 5,300 employees as of September 30, 2026. It says it trains and serves its models on a combination of AWS Trainium, Google TPUs, and NVIDIA and AMD GPUs.
Five share classes, and only Class A is offered to the public
Anthropic's share structure is very different from that of a typical listed company. The S-1 itself calls it "novel": besides the Class A shares sold in the offering, there are four other classes with different voting rights and roles.
Source: S-1 cover page, "The Offering" and "Principal and Selling Stockholders".
Voting power on general matters (such as electing directors other than the Class T directors) is split as shown below. No matter how much Class A stock is bought, Class A never exceeds 49.9% in total. The S-1 also states that because the LTBT can elect a majority of the board through Class T, Anthropic is a "controlled company" under Nasdaq rules.
Class F is the single share held by the seven co-founders' Founder LLC. Separately, the LTBT elects a majority of the board through Class T.
Anthropic is a public benefit corporation (PBC) under Delaware law. Its directors must balance the financial interests of stockholders with the interests of those materially affected by the company's conduct and with the public benefit purpose set out in its charter ("the responsible development and maintenance of advanced AI for the long-term benefit of humanity"). The LTBT is set up as an independent body of trustees with expertise in AI safety, national security, public policy and similar fields, and with no financial interest in Anthropic.
Major shareholders: Amazon and Google each hold more than 5%, with no votes
According to the risk factors section of the S-1, after the conversion of preferred stock and convertible notes, Amazon and Google will each own more than 5% of the outstanding shares. Both hold non-voting Class N stock. The exact share counts are blank. Amazon's convertible notes convert into Class N at the IPO, and any amount above its ownership cap converts quarterly after the IPO.
Among voting shares, each of the seven co-founders holds roughly 230 million to 245 million Class A shares (as of September 30, 2026, including options and similar awards). The co-founders are also named as selling stockholders in this offering; the number of shares they will sell is blank.
Anthropic has also contributed 846,840,960 Class N shares (5% on a fully diluted basis as of June 30, 2026) to the Anthropic Public Benefit Fund, a wholly owned subsidiary. There is also a framework under which the board may contribute up to an additional 2% each time the share price rises 50% from the previous milestone (the first milestone is the IPO price). The co-founders have pledged to give 80% of their personal holdings to charity.
How the money will be used
"Use of Proceeds" in the S-1 lists "general corporate purposes": working capital, operating expenses, capital expenditures including investment in compute and infrastructure, and hiring and retaining talent. Part of the money may go to acquisitions or investments, but the company says it has no material agreements for any at present. The proceeds will also cover taxes due on the settlement of employee equity awards (RSUs). The amount to be raised is blank. Proceeds from shares sold by the selling stockholders do not go to the company.
Key risk factors
The S-1 has nearly 100 pages of risk factors. Here are the main ones by area, drawn from the "Risk Factors Summary".
- May fail to keep building frontier models
- May fail to secure or allocate enough compute
- Relies on a small number of cloud providers (which are also investors and customers, creating possible conflicts of interest)
- Intense competition
- Revenue and receivables are concentrated in a small number of customers and sales channels
- Short operating history; recent growth does not indicate future results
- Misuse and guardrail failures
- Models may behave in unintended or autonomous ways
- Regulatory and political uncertainty, and litigation
- Class A holders may have effectively no influence over major decisions, including a change of control
- Voting power is concentrated in the LTBT and Founder LLC
- Duties as a PBC may conflict with financial performance
3. The steps to listing, and where Anthropic is now
Here is the US IPO process, following "Updated Investor Bulletin: Investing in an IPO" on investor.gov, the SEC's site for investors. Anthropic is now at step 3.
- Confidential draft (DRS) submitted DoneJune 1 to October 9, 2026 (including amendments).
- S-1 filed publicly DoneOctober 26, 2026. Anyone can read it on EDGAR.
- SEC review and amendments We are hereSEC staff review the disclosure, and the prospectus is often revised. Amended versions appear on EDGAR as "S-1/A". The review does not guarantee that the content is accurate or that the investment is a good one.
- Price range and share count announced Not setThe current S-1 leaves "between $ and $" blank. When a version with these filled in comes out, this article will be updated.
- Gauging investor demand Not setBefore the registration becomes effective, the underwriters collect indications of interest from investors: how many shares they want and at what price.
- Registration declared effective and IPO price set Not setOnce the SEC declares the registration effective, the offering can proceed. The company sets the price based on the underwriters' recommendation.
- Listing and start of trading Not set"ANT" starts trading on the Nasdaq. The final prospectus (such as a 424B4) shows the IPO price.
Sources: the investor.gov (SEC) Investor Bulletin (October 14, 2022), Anthropic's announcement, and EDGAR. Dates are "Not set" because Anthropic has not published a schedule.
The S-1 announcement states plainly that the shares may not be sold, nor offers to buy accepted, before the registration statement becomes effective. At this stage, no broker anywhere can sell you ANT.
Where is OpenAI in this process?
OpenAI has also started preparing to go public, but it is still at step 1 of this process (the confidential draft). On June 8, 2026, OpenAI announced that it had confidentially submitted a draft S-1 registration statement. It also said it had not yet decided on timing and that the listing could be some way off, since some of its initiatives are easier to pursue as a private company (OpenAI's announcement, in Japanese). As of October 27, there is no public S-1 from OpenAI on EDGAR (EDGAR search). Anthropic, having reached the public S-1, is further along procedurally. There are media reports about OpenAI's IPO timing, but OpenAI has not officially confirmed them.
4. Can you buy the shares?
Here is what is known as of October 27, 2026. The S-1 says the offering includes public offerings in several countries outside the US, but how individual investors in each country can take part depends on the brokers there, and you should check your broker's own announcements.
Checked October 27, 2026. Some articles report speculation about the listing date, but they are not official company announcements, so they are not covered here.
According to the SEC's bulletin, there are two ways for individuals to get IPO shares. One is to buy at the IPO price as a client of an underwriter participating in the IPO, though many of the shares tend to be allocated to institutional and wealthy investors. The other is to buy on the market after listing, which the bulletin says is the more common route for individual investors. The same bulletin also warns that trading right after an IPO carries the risk of large price swings.
5. What it means for Claude users
As of October 27, 2026, Anthropic has announced no changes to Claude's pricing, plans or terms of service in connection with the IPO. The S-1 announcement does not mention users either, and the news page shows no user-facing change notices around the S-1.
What the S-1 does show is that the company's purpose and governance structure continue after the IPO. The public benefit purpose is written into the charter, and the LTBT will still elect a majority of the board after listing. The S-1 also says that after the IPO, material information will be disclosed through SEC filings, the investor relations page on Anthropic's website, its blog, and its official X accounts (@AnthropicAI and @ClaudeAI), among other channels.
If pricing or plans change, we will update our plan comparison in "Claude vs ChatGPT Pricing Compared". For account rules, see "How to Avoid Getting Your ChatGPT and Claude Accounts Banned".
6. What to watch next
Information leading up to the listing appears in the official places below. Checking here before relying on news reports is the safest approach.
- SEC EDGAR: filing index for Anthropic, PBC (the S-1/A amendments will show the price range and share count; after listing, the final prospectus, such as a 424B4, will show the IPO price)
- Anthropic news: anthropic.com/news
- Your broker: its IPO or new-listings page and official notices (brokers announce when they decide to offer the shares)
Summary
- Anthropic filed its S-1 with the SEC on October 26, 2026, to list on the Nasdaq as "ANT", offering Class A common stock
- The listing date, share count, price range and amount raised are not set; the process is now at the SEC review stage
- Per the S-1, revenue was $4.585 billion in 2025 and $16.286 billion in the first half of 2026, and most of the net loss comes from changes in the fair value of convertible notes and similar instruments
- There are five share classes. Class A voting power is capped at 49.9% in total. The LTBT elects a majority of the board. Amazon and Google each hold more than 5% (non-voting)
- The S-1 includes public offerings in several countries outside the US, but whether you can buy depends on your country and broker, and as of October 27 no shares can be sold before the registration is effective
- No changes for Claude users have been announced
FAQ
Q. When is Anthropic's IPO date?
A. As of October 27, 2026, it has not been set. With the S-1 filed, the SEC review, the announcement of a price range and the pricing still remain. Anthropic has not published a schedule. When a date is set, it will be added to this article's "Update log".
Q. What will the share price or market value be?
A. The IPO price has not been set, and the price range in the S-1 is blank, so there are no official figures. This article does not cover forecasts or estimates.
Q. Has the IPO been postponed?
A. As of October 27, Anthropic has announced no postponement. Since no schedule was ever published, there is no fact that would amount to a "postponement". As a general matter, some brokers that handle US IPOs note that IPO schedules can change or be postponed.
Q. Which market will it list on?
A. The Nasdaq Global Select Market in the US. The ticker symbol is "ANT". According to the S-1, there are currently no plans to list on exchanges in the countries outside the US where public offerings are being made.
Q. Can I buy it through my broker?
A. As of October 27, no shares can be sold before the registration becomes effective, and availability will depend on your country and broker, so check your broker's official notices. As a precedent, for SpaceX's June 2026 listing, some brokers outside the US accepted applications from individual investors (see Section 4), and lottery winners could buy at the IPO price before listing. Each broker sets its own rules, such as when funds must be deposited to enter a lottery and which order types are accepted on listing day. Whether ANT will be offered depends on each broker's announcement.
Q. Can I reserve shares before the IPO and buy at the IPO price?
A. Only if a broker handles the offering, and then by applying for a lottery. It is a lottery rather than a reservation: if you are not selected you cannot buy, and you may not receive all the shares you applied for. Even if you buy at the IPO price, the price after listing can fall below it. If no broker available to you handles the offering, you will buy on the market on or after the listing date, at the market price rather than the IPO price.
Q. Isn't OpenAI going public?
A. It has started preparing, but the timing is not set. On June 8, 2026, OpenAI announced that it had confidentially submitted a draft S-1, and said the timing was undecided and could be some way off. As of October 27, no public S-1 has been filed (see "Where is OpenAI in this process?" in Section 3).
Update log
This article is updated whenever new official information comes out, such as the price range, the listing date or broker availability. The date and content of each update are recorded here.
- October 27, 2026Added to Section 4 and the FAQ the June 2026 SpaceX precedent, in which brokers outside the US accepted applications from individual investors, and how buying at the IPO price before listing works (lottery). Checked against each broker's announcements and official pages.
- October 27, 2026Added "Where is OpenAI in this process?" to Section 3 and a question about an OpenAI IPO to the FAQ. Checked against OpenAI's June 8 announcement and EDGAR.
- October 27, 2026First version. Written after Anthropic filed its S-1 (October 26), based on the announcement, the original S-1, the SEC's guidance and brokers' official pages.
