Anthropic, the company behind the Claude AI models, made its IPO filing public on Monday, October 26, 2026, by filing a Form S-1 with the US Securities and Exchange Commission (SEC). The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT.
The filing shows revenue of about $16.3 billion for the first half of 2026, but it leaves the share count and price range blank. Reports citing people familiar with the plans put the target valuation between $1.5 trillion and $2 trillion, with a listing as early as the week of November 16.
What the Anthropic S-1 Confirms
The public filing follows a confidential draft that Anthropic submitted to the SEC on June 1, 2026. The table below separates what the filing states from what is still open.
| Item | Status |
|---|---|
| Filing date | October 26, 2026 |
| Security | Class A common stock |
| Exchange and ticker | Nasdaq Global Select Market, ANT |
| Underwriters | 22 banks, led by Goldman Sachs and Morgan Stanley |
| Number of shares | Blank in the filing |
| Price range | Blank in the filing |
| Sellers | The company and existing stockholders, according to HNGN |
Anthropic is a Delaware public benefit corporation, and the filing gives substantial space to its governance structure, including how voting power is shared between its co-founders and a Long-Term Benefit Trust, according to FinanceFeeds.
The registration statement is not yet effective, so no shares can be sold until the SEC declares it effective and the offering is priced.
Anthropic Financials Disclosed in the S-1
Revenue has grown very fast, according to figures in the filing as reported by several outlets, including Reuters and Data Studios.
| Period | Revenue | Net loss |
|---|---|---|
| Full year 2024 | $386 million | About $8.3 billion |
| Full year 2025 | $4.585 billion | About $41.97 billion |
| First half 2025 | About $1.16 billion | About $12.97 billion |
| First half 2026 | $16.286 billion | $80.748 billion |
Revenue in the second quarter of 2026 alone was $11.555 billion, according to Decode the Future’s summary of the filing. Subtracting that from the half-year total implies first-quarter revenue of about $4.73 billion, which is Findoc’s calculation and not a figure from the filing.
On an operating basis, the picture is narrower. The operating loss for the first half was $693 million, compared with $2.135 billion a year earlier. Kingy.ai reported a first-quarter operating loss of $1.667 billion, which means Anthropic booked operating income of $974 million in the second quarter.
Why the Net Loss Is $80.7 Billion
The headline loss is mostly an accounting item. The first-half net loss of $80.748 billion includes a $72.388 billion non-cash charge from changes in the fair value of convertible notes, derivatives and SAFEs, according to Crypto Briefing and Kingy.ai. These instruments rise in value as the company’s own valuation rises, and that increase is booked as an expense.
The same pattern applied in 2025. Yahoo Finance reported that more than $34 billion of the roughly $42 billion loss that year came from accounting adjustments tied to the fair value of the company’s liabilities and not from cash outflows.
Data Studios reported that on the company’s own non-GAAP measures, adjusted operating income was $1.618 billion in the first half, a margin of about 10%, and adjusted net income was $2.671 billion. Non-GAAP figures are the company’s own presentation and are not audited in the same way as the main financial statements. The first-half results in the filing are also unaudited.
Valuation, Size and Timeline: What Reports Say
The filing gives no offering valuation, so the figures below come from media reports citing unnamed sources and are not confirmed terms.
| Report | Valuation | Other details |
|---|---|---|
| Last private round (May 2026) | $965 billion post-money | Series H, as reported by several outlets |
| Wall Street Journal, via Investing.com | $1.5 trillion to $2 trillion | Raise of $100 billion or more; listing in the week of November 16; timing could change |
| Bloomberg, earlier report | $1.8 trillion to $2 trillion | Roadshow from the week of November 9; debut before Thanksgiving on November 26 |
| Bloomberg, as cited by Investing.com on October 27 | $1.4 trillion to $1.5 trillion, with $1.75 trillion possible | Earlier Bloomberg report on investor indications |
Anthropic reported cash and cash equivalents of $112.4 billion as of June 30, according to Yahoo Finance. Axios noted that third-quarter numbers have not been reported but could appear in an amended filing before pricing, since they have been leaked. The Wall Street Journal said the company could disclose the share count and price range in roughly two weeks, after gauging investor feedback.
Axios also reported that OpenAI said it does not expect to go public until next year.
Retail Allocation and What It Means for Indian Investors
Bloomberg reported on October 27 that JPMorgan will lead retail sales of the IPO in the United States, while Citigroup will coordinate an international retail offering. The company has considered allocating about 15% to 20% of the shares to retail investors, though the proportion could change. The countries named in the report for the international retail offering are Australia, Canada, Japan, Britain, Switzerland and some European Economic Area countries. India was not among them, though the report’s list may not be exhaustive.
Because the shares will list on Nasdaq, they will not be available through the NSE or BSE IPO application process that Indian investors use for domestic issues. Investors in India who hold a demat and trading account should check with their broker whether US-listed shares can be accessed, and under what charges, tax treatment and Reserve Bank of India remittance limits. Those who want to follow the stock after listing can use an investing platform that offers US market data, but direct participation in the IPO itself may be limited.
Anyone considering the stock should also read the final prospectus once the price range is set, since the current filing is incomplete.
What to Watch Next
Several milestones remain before ANT can trade:
- An amended S-1 with the share count, price range and expected proceeds.
- The start of the roadshow, which reports place in early to mid-November.
- Whether third-quarter results are added to the filing.
- The SEC declaring the registration statement effective.
- Pricing and the first trading day, reported as targeted before Thanksgiving or in the week of November 16.
The size of the offering, the valuation and the timing are all reported estimates, and the company has not confirmed them. The S-1 and any amendments are available on the SEC’s EDGAR database.
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