Anthropic IPO Date & Price: $70-$78, ANT Trades Nov 19

Anthropic IPO Date: The Current Expected Window

Quick answers (updated November 12, 2026)

When is the Anthropic IPO? The roadshow launched on November 10, 2026. CNBC (Nov 10, citing people familiar with the details) reports pricing on Wednesday, November 18 and the first trade on Thursday, November 19, under the ticker ANT on the Nasdaq Global Select Market. Anthropic's own IPO website, filed with the SEC on November 10, now gives the same timeline: price expected November 18 and trading November 19 (Eastern time), subject to regulatory clearance. The registration statement is not yet effective.

What is the Anthropic IPO price? The filed range is $70.00 to $78.00 per share (S-1/A No. 2, November 10), midpoint $74. The offering is 825,000,000 Class A shares: 801,351,354 new shares from Anthropic and 23,648,646 from selling stockholders, plus a 30-day option on 123,750,000 more. At the range that is a $57.8 billion to $64.4 billion base deal, before a separate $26.0 billion Class N private placement to AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC at the IPO price. Anthropic estimates its own net proceeds at about $84.6 billion at $74 ($93.7 billion if the option is exercised in full). With 13,086,672,593 shares outstanding after the offering, the range implies about $916 billion to $1.02 trillion. CNBC puts the fully diluted value at up to $1.405 trillion at $78. The final price is set on pricing night.

Other new terms in the November 10 filing: run-rate revenue of about $81 billion as of October 31, 2026, up $10 billion from September 30. Nine-month 2026 revenue was $33.24 billion (up 1,206%) with a $104.0 billion net loss, most of it fair-value changes on convertible notes and derivatives. Board members and affiliated entities have indicated interest in buying up to $303 million of shares. Lock-ups run up to 180 days, and up to 365 days for the co-founders and holders of more than 0.5%; the private-placement shares are not under the underwriter lock-up. CNBC also reports a retail allocation target of about 20%, against a usual 5% to 10%.

New in the November 10–12 filings: five free writing prospectuses show the deal is global. Anthropic filed offering documents in Canada, Australia, the UK, nine European countries plus Switzerland, and Japan, with up to 80,135,135 shares for European retail investors and 38.5 to 50 million shares in Japan. The European prospectus sets a maximum offer price of $120 and notes that the US price can be raised without a new SEC amendment, so a final price above $78 is possible but not guaranteed. The filings also describe the net settlement of 49,754,965 Class A shares of employee RSUs that vest on November 19, the expected first trading day. Because of the time difference, Australian applications close at 5 pm on November 17 AEDT and trading starts there on November 20 AEDT. Country-by-country details: buying the Anthropic IPO outside the US.

What does the S-1/A tell us about the share price? Anthropic did a 10-for-1 stock split on September 17, 2026, and its preferred stock converts at 10 to 1. The Series H-1 round (May to June 2026) was priced at $589.0095 per preferred share, which works out to about $58.90 per share on today's basis. The filing also says 846,840,960 Class N shares equal 5% of the fully diluted shares as of June 30, which implies roughly 16.9 billion shares in total. On that base, our estimate is about $89 a share at a $1.5 trillion valuation, about $94 at $1.6 trillion and about $118 at $2 trillion. These are our own calculations, not Anthropic's figures, and the final share count will change once the offering shares are added.

How big is it? Anthropic is reportedly seeking up to $100 billion, which would beat SpaceX's $75 billion June 2026 listing as the largest IPO ever. The valuation talk has cooled: after the October 14 investor pitch, Reuters (Oct 15) reported some investors discussing about $1.5 trillion rather than the $2 trillion reported in September, because quarterly growth slowed from about 147% to about 45%.

Latest numbers: the S-1/A now includes the third quarter. Revenue was $16.96 billion for the three months to September 30, 2026, up from $11.56 billion in Q2 and $4.73 billion in Q1, and up 1,127% year over year. Nine-month revenue was $33.2 billion. Q3 showed an operating loss of $567 million and a net loss of $23.3 billion, mostly a $21.9 billion non-cash change in the fair value of convertible notes, derivatives and SAFEs. The amendment also lists about $895.4 billion of committed spending, substantially all on compute and infrastructure, and a new risk factor saying future models may soon meet its Responsible Scaling Policy's definition of “dramatically accelerated progress attributable to AI”. The public S-1 confirms first-half 2026 revenue of $16.3 billion and a net loss of $80.7 billion, mostly a $72.4 billion non-cash charge on convertible notes, notes and SAFEs: Anthropic's $80 billion loss explained.

Any pushback? On October 14, New York City Comptroller Mark Levine wrote to CEO Dario Amodei asking Anthropic to pause the IPO until AI safety and governance concerns are addressed. Bloomberg (Oct 16) reports Anthropic has opened talks with his office. The market backdrop is also shakier: Yahoo Finance (Oct 21) reported that AI-related stocks have wobbled as investors grow more selective about AI spending, South Korean data-centre company Elice fell 32% on its first trading day, and Nvidia-backed Firmus Grid shelved its listing.

Who might anchor it? Reuters reported in September that Nvidia is in talks to invest up to US$10 billion as an anchor investor in the offering. Neither company has confirmed.

Where will it trade? On the Nasdaq Global Select Market under the ticker ANT: the October 26 S-1 says Anthropic has applied for that listing. The shares on offer are Class A common stock, one vote per share.

Who controls it? Not public shareholders. According to the S-1, a single Class F share held by a company owned by Anthropic's seven co-founders will carry 50.1% of the votes on general matters, and the Long-Term Benefit Trust's Class T stock elects a majority of the board. Anthropic will be a Nasdaq “controlled company”. Class N shares, held mainly by strategic partners such as Amazon, have no votes.

What happens next? The roadshow runs from November 10. If the reported schedule holds, the SEC declares the registration effective, the final price is set on the evening of November 18 and published in a 424(b)(4) prospectus, and ANT opens on Nasdaq on November 19. The price can land inside, above or below $70 to $78, and the range can be revised in another S-1/A during the roadshow.

Latest private share-price estimate: about US$82.86 per share (Nasdaq Private Market, Oct 1, 2026). That is not an IPO price, and other platforms quote very different per-share figures on different share bases; see the table below.

There is no announced Anthropic IPO date. That is the honest answer, and every page telling you otherwise is presenting a reported expectation as a scheduled event. What Anthropic itself has stated publicly is narrow: on June 1, 2026, Anthropic, PBC confidentially submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission for a proposed initial public offering of its common stock, and the number of shares and the price range had not been determined. That announcement was made under Rule 135 of the Securities Act, which is the specific mechanism that lets a company acknowledge a planned offering without the acknowledgement itself constituting an offer to sell.

Everything past that sentence comes from reporting. On September 4, 2026, Reuters reported that Anthropic is expected to begin marketing its offering in mid-October at the earliest and to complete the listing days before the United States midterm elections in November. The same reporting said the public prospectus — previously expected in the week of September 7 — had slipped to late September 2026. Those sources cautioned that plans, including timing, remain subject to change. That timetable has since moved: on September 18, 2026, The Wall Street Journal reported that Anthropic pushed the listing from October to November. On October 1, Bloomberg reported that Anthropic has invited institutional investors to meet senior management at its San Francisco headquarters on October 14, that formal marketing could begin as early as the week of November 9, and that trading could start before US Thanksgiving on November 26. Anthropic declined to comment, and the schedule could still change.

Confirmed by Anthropic: Confidential draft Form S-1 submitted to the SEC on June 1, 2026. No share count, no price, no date, no exchange, no ticker.
Public prospectus: Filed on SEC EDGAR on Monday, October 26, 2026 (Form S-1, Anthropic, PBC, CIK 0002130357; we confirmed it in the EDGAR filing index that morning). It names the Nasdaq Global Select Market and the ticker ANT but leaves the price range, share count and offering size blank. Yahoo Finance had reported on October 21 that the filing could come as early as Friday, October 23; it came on the next business day.
First amendment (S-1/A): Filed on SEC EDGAR on Monday, November 2, 2026 (accession 0001628280-26-068676). It adds third-quarter 2026 results, the 10-for-1 stock split of September 17, about $895.4 billion of compute and infrastructure commitments and new AI-progress risk language. The price range, share count and offering size are still blank.
Roadshow: Launched November 10, 2026 (Anthropic announcement), the first day allowed under the 15-day rule after the October 26 public S-1. The investor day was held on October 14.
Listing expected: Pricing November 18, first trade Thursday, November 19, 2026 (CNBC, Nov 10, citing people familiar with the details). Not yet confirmed by Anthropic.
Reported deal size: Up to US$100 billion (WSJ). Valuation reported at about US$2 trillion in September, with some investors discussing about US$1.5 trillion after the October 14 pitch (Reuters, Oct 15). Anthropic expects its annualized revenue run rate to top US$110 billion by year-end.
Exchange: Nasdaq Global Select Market, ticker ANT, per the public S-1 filed October 26, 2026 (first reported by Bloomberg and Business Insider on Sept 13).
Voting control: The Information reported on Sept 25 that Anthropic's seven co-founders want a new share class giving them 50.1% of the vote while owning about 14% of the company.
Status of the price: Range filed November 10, 2026: $70.00 to $78.00 per Class A share (S-1/A No. 2). Final price not set until pricing night, reported for November 18.

The mechanical constraint worth knowing is the fifteen-day rule. A company that files confidentially must publicly file its registration statement, including the original draft and any amendments, at least fifteen days before it begins the roadshow. The September timetable broke on exactly this rule: the prospectus did not appear in September, so the mid-October roadshow moved, and the listing moved with it to November. The same arithmetic now applies to the new plan. A roadshow on November 9 needed a public S-1 on EDGAR by Friday, October 23, and it did not come. A filing on Monday, October 26 still allows a roadshow from November 10, and a filing by Friday, October 30 still leaves room for a roadshow from Monday, November 16 and, with a one-week roadshow, trading before Thanksgiving on November 26. Each day of delay after that pushes the deal toward December, so the filing itself is the clearest sign of whether the late-November date holds.

One more sequencing detail matters. Reuters reported that Anthropic is working to finalise a $15 billion revolving credit facility before analyst meetings begin. Credit facilities of that size usually close before a roadshow, not during one, because underwriters and lenders both need final terms locked before public investor conversations start.

How to read any Anthropic IPO date you see online. The filings give the ticker ANT and, since November 10, a $70 to $78 range, but no date. The trading date comes from press reports (November 19, CNBC) until the final 424(b)(4) prospectus is filed. Prediction markets, secondary-market platforms and data vendors will all display numbers — those are estimates, order-book prices or placeholders, not terms of an offering.

Anthropic IPO Date: The Current Expected Window: key points illustration, Anthropic IPO Delayed to November: Date, Price & How to Buy

Anthropic IPO Date: The Current Expected Window: Anthropic IPO Delayed to November: Date, Price & How to Buy

Anthropic IPO Price and Share Price Estimates

The Anthropic IPO price does not exist yet, and it will not exist until the very end of the process. Here is the actual order of operations, and where every number currently circulating sits within it.

Step 1 — Public S-1

The prospectus becomes public. Audited financials, risk factors, ownership tables and share structure are disclosed. Often still no price range at this point, and Anthropic's leaves it blank.

Filed October 26, 2026

Step 2 — Price Range Filed

An amended S-1 adds the indicative range and share count. Anthropic's S-1/A No. 2 set $70 to $78 for 825,000,000 Class A shares.

Done: Nov 10, 2026

Step 3 — Roadshow

Management markets the deal to institutions. Books build. Ranges are frequently raised or lowered during this window based on demand.

Nov 10 at the earliest (15-day rule)

Step 4 — Pricing Night

The final offer price is set the evening before trading opens. This is the only number that is ever the IPO price. Shares then open at whatever the market decides.

Listing eve

The share price numbers currently in circulation

Anthropic share price and valuation reference points as of November 10, 2026. Only the filed range comes from Anthropic.
Reference point	Figure	Date / source type	What it actually is
Nasdaq Private Market estimate	~US$82.86 per share	Oct 1, 2026 — private market data	A modelled estimate from secondary activity. Not an offer price. Per-share figures differ widely between platforms because Anthropic's share count is not public, which is exactly why per-share estimates are unreliable before the S-1.
Series H post-money valuation	~US$965 billion	May 2026 — company-confirmed round	The last confirmed primary valuation. The firmest anchor available.
Secondary-market implied valuation	~US$1.29 trillion	Early Sept 2026 — secondary pricing	Thin, opaque market. Reflects demand, not a company-endorsed value.
Prediction market (Polymarket)	Most likely closing market cap US$2.0–2.25 trillion (~30%)	Oct 11, 2026 — prediction market	Traders' bets on the first-day closing value. US$1.75–2.5 trillion together carries about 72%. A bet, not a valuation.
Reported listing valuation	About US$2 trillion	Sept 18, 2026 — The Wall Street Journal	The latest reported target, also discussed by Bloomberg, Fortune and the NYT. Bloomberg (Oct 1) says some prospective investors see fair value at about US$1.8–2 trillion. Unconfirmed by Anthropic.
Reported investor valuation talk	About US$1.5 trillion	Oct 15, 2026 — Reuters	Some investors discussing a lower number after the October 14 pitch, as growth slowed to about 45% quarter on quarter. Not a filed range.
Reported raise size	Up to US$100 billion	Sept 18, 2026 — The Wall Street Journal	Would be the largest IPO ever, above SpaceX's US$75 billion raise in June 2026. The filed base deal plus greenshoe will settle it.
Investor commentary	~US$1 trillion “margin of safety”	Sept 26, 2026 — Chamath Palihapitiya on X	Expects the IPO to “clear at a much lower price than anybody thinks.” One investor's opinion, not a forecast of the offer.
Bear-case research	~US$150 billion	Oct 7, 2026 — New Constructs (via CNBC)	Called it the year's “most ridiculous IPO”. One research firm's valuation, far below every other estimate.
Filed IPO price range	US$70–$78 per share	Nov 10, 2026 — S-1/A No. 2 (SEC)	Anthropic's own range. About US$916 billion to US$1.02 trillion on 13.09 billion shares outstanding after the offering; up to US$1.405 trillion fully diluted at $78 (CNBC).
Actual IPO price	Not set	Reported for Nov 18	Exists only after pricing night.

Two cautions on the per-share figure specifically. First, private-market estimates are built on a share count that can change materially before listing — stock splits, new grants, converted instruments and the offering itself all move the denominator. Second, a company that lists at a $2 trillion market capitalisation does not need a high per-share price to get there; the offer price is a function of how the share count is set, which is a decision Anthropic and its underwriters make late in the process. Treat any confident "Anthropic will price at $X per share" claim published before the amended S-1 as content marketing.

Full Anthropic IPO Timeline: December 2025 to Today

Anthropic IPO timeline. Confirmed company statements are marked; everything else is press reporting.
Date	Event	Status
Dec 2, 2025	Financial Times reports Anthropic has retained Wilson Sonsini to prepare for an IPO as early as 2026. A spokesperson says no decision has been made on whether or when to list.	Reported
Feb 2026	Series G: US$30 billion raised at a US$380 billion post-money valuation.	Company-confirmed
Late May 2026	Series H: US$65 billion raised at a US$965 billion post-money valuation. Run-rate revenue reported to have crossed US$47 billion.	Company-confirmed
Jun 1, 2026	Anthropic, PBC confidentially submits a draft Form S-1 to the SEC for a proposed IPO of common stock. Share count and price not determined.	Company-confirmed
Jul 2026	Run-rate revenue reported above US$65 billion. Early investor outreach begins — the opening stage of the roadshow process.	Reported
Aug 17, 2026	Preliminary Q2 figures circulate: more than US$11.5 billion in quarterly revenue against US$787 million a year earlier, with positive adjusted operating income.	Reported
Aug 21, 2026	CNBC reports the prospectus will explicitly name "AI backlash" as a risk factor.	Reported
Late Aug 2026	New York Times reports an eventual IPO could value Anthropic at US$2 trillion. No public S-1 or S-1/A located in EDGAR as of an Aug 26 check.	Reported
Sep 1, 2026	Anthropic ships Claude Fable 5.1 alongside Enterprise Frontier Safeguards — read by analysts as pre-IPO enterprise lock-in.	Company-confirmed (product)
Sep 2, 2026	The Information reports a plan to publish the prospectus after Labor Day, hold an investor day in mid-September, and list in late September or early October.	Reported
Sep 4–5, 2026	Reuters: prospectus slips to late September; marketing to begin mid-October at the earliest; listing targeted for days before the November midterms. A US$15 billion revolving credit facility is being finalised first.	Reported
Sep 2026	Anthropic decides not to proceed with a reported US$6 billion acquisition of Decart AI, removing one source of timeline uncertainty.	Reported
Sep 17, 2026	Pre-IPO perpetual futures on the Hyperliquid derivatives exchange imply a market value of about US$2.15 trillion, after touching roughly US$2.36 trillion. Trading is thin: about US$6 million a day.	Market data (reported)
Sep 18, 2026	The Wall Street Journal: Anthropic moves the IPO from October to November so it can present third-quarter results first; still targeting up to US$100 billion at about a US$2 trillion valuation. Coverage ties the timing to showing revenue momentum after OpenAI's September model launch, and to heightened scrutiny after CEO Dario Amodei's public warnings on frontier-AI safety.	Reported
Sep 2026	Reuters: Nvidia is in talks to act as an anchor investor in the IPO with up to US$10 billion, on top of the up to US$10 billion it pledged to Anthropic in November 2025. Neither company has confirmed.	Reported
Sep 22, 2026	Anthropic releases Claude Opus 5.5, a cheaper model that performs close to Fable 5.1 on most work. Bloomberg frames the launch as part of its positioning ahead of the IPO.	Company-confirmed
Sep 24, 2026	SEC EDGAR search: no public S-1, S-1/A or pricing prospectus filed by Anthropic, PBC. The only Anthropic-named entities in EDGAR are private investment funds that hold its shares. The late-September prospectus has not appeared yet.	Verified
Sep 25, 2026	The Information: the seven co-founders seek a new share class giving them 50.1% of the vote on about 14% ownership.	Reported
Sep 25, 2026	Akamai announces an US$11.6 billion, seven-year deal to supply Anthropic with CPU computing capacity, expandable to about US$20 billion. Akamai issues Anthropic a warrant for up to 5% of its shares. Revenue starts in the second half of 2027.	Company-confirmed (Akamai)
Sep 28, 2026	Reuters reviews the confidential draft prospectus: 2025 revenue of about US$4.6 billion (up about 1,088%), an operating loss of US$8.06 billion and a net loss of about US$42 billion, of which roughly US$34 billion is a non-cash accounting charge on convertible financing. It also shows about US$518 billion of future cloud and compute commitments, nearly a quarter of 2025 revenue coming from two customers, and a risk factor warning that its models could try to resist shutdown. The draft is not public and the figures may change.	Reported
Oct 1, 2026	Bloomberg: Anthropic invites institutional investors to an October 14 meeting with senior management at its San Francisco headquarters. Formal marketing could start as early as the week of November 9, putting the first trade before Thanksgiving (Nov 26). Leads named: Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup. Anthropic declined to comment.	Reported
Oct 7, 2026	Research firm New Constructs calls it the year's “most ridiculous IPO” and values Anthropic at about US$150 billion (CNBC).	Reported (opinion)
Oct 11, 2026	SEC EDGAR full-text search re-checked: still no public S-1, S-1/A or pricing prospectus from Anthropic, PBC. Polymarket: 4% listed by Nov 15, 54% by Nov 30, 72% by Dec 31; Nasdaq about 95%.	Verified / Market data
Oct 14, 2026	Investor day held at Anthropic's San Francisco headquarters. The same day, New York City Comptroller Mark Levine, whose pension funds report about US$7 million of exposure to Anthropic, writes to CEO Dario Amodei asking for a pause in the IPO until AI safety and governance concerns are addressed.	Reported / Public letter
Oct 15, 2026	CNBC: Anthropic tells investors third-quarter revenue reached US$16.8 billion (Q2: US$11.6 billion; Q1: US$4.7 billion), its second straight quarter of adjusted profitability. Reuters: some investors now discuss a valuation of about US$1.5 trillion, not US$2 trillion, as quarterly growth slowed to about 45%.	Reported
Oct 16, 2026	Bloomberg: Anthropic opens talks with the Comptroller's office after the call to delay. No change to the timetable has been reported.	Reported
Oct 18, 2026	SEC EDGAR full-text search and company index re-checked: still no public S-1, S-1/A, DRS or pricing prospectus from Anthropic, PBC. No price per share, no ticker and no fixed listing date.	Verified
Oct 21, 2026	Reuters and The Wall Street Journal report figures from the draft prospectus: first-half 2026 revenue of US$16.3 billion and a net loss of about US$80.7 billion, mostly a US$72 billion non-cash charge on convertible notes. Yahoo Finance, citing three people familiar with the plans, reports the public S-1 could come as early as Friday, October 23.	Reported
Oct 23, 2026	The expected public filing does not appear on SEC EDGAR. Anthropic has not announced a filing date.	Verified
Oct 25, 2026	SEC EDGAR full-text search and company index re-checked: still no public S-1, S-1/A, DRS or pricing prospectus from Anthropic, PBC. EDGAR does not accept filings on weekends, so Monday, October 26 is the next possible filing date. Polymarket: 2% listed by Nov 15, 59% by Nov 30, 76% by Dec 31.	Verified / Market data
Oct 26, 2026	Anthropic, PBC files its Form S-1 publicly on SEC EDGAR: Class A common stock, Nasdaq Global Select Market, ticker ANT; Goldman Sachs and Morgan Stanley first among 22 banks. Price range and share count left blank. First-half 2026: revenue $16.3 billion, net loss $80.7 billion.	Verified (EDGAR)
Nov 2, 2026	Anthropic files S-1/A Amendment No. 1 on SEC EDGAR: third-quarter revenue $16.96 billion (nine months $33.2 billion), Q3 net loss $23.3 billion, about $895.4 billion of compute and infrastructure commitments, a 10-for-1 stock split effected September 17, and new risk language on AI accelerating AI research. Price range and share count still blank. WSJ: investors push for a $1.5 trillion to $1.6 trillion valuation.	Verified (EDGAR) / Reported
Nov 3, 2026	SEC EDGAR and the Nasdaq IPO calendar re-checked: no further filing since the November 2 S-1/A, and Nasdaq still lists Anthropic (ANT) as “filed”, not “upcoming”, with no expected date or price range.	Verified
Nov 10, 2026	Anthropic files S-1/A Amendment No. 2 (accession 0001628280-26-072484): price range $70.00–$78.00, 825,000,000 Class A shares (801,351,354 primary, 23,648,646 secondary), 123,750,000-share option, $26.0B Class N private placement, run-rate revenue ~$81B at Oct 31. Roadshow launched the same day.	Confirmed (SEC EDGAR, Anthropic)
Nov 10–11, 2026	Anthropic files free writing prospectuses for its IPO website (with a founders' letter and an IPO factsheet), the UK retail offer through RetailBook, and the Australian and Canadian prospectuses (Canada: second amended and restated preliminary base PREP prospectus, filed in every province and territory). The website FAQ gives pricing on November 18 and trading on November 19, subject to regulatory clearance.	Confirmed (SEC EDGAR)
Nov 12, 2026	EDGAR shows two more: the BaFin-approved European retail prospectus (nine EEA countries plus Switzerland, up to 80,135,135 shares, $120 maximum price) and the Japanese amended registration (38,461,539 to 50,000,000 shares). Price range unchanged at $70–$78; no further S-1/A and no final 424B4 prospectus yet.	Verified (SEC EDGAR)
Nov 18, 2026	Pricing night: final IPO price set (reported).	Expected (Anthropic IPO site; CNBC)
Nov 19, 2026	First trade on Nasdaq under ANT (reported).	Expected (Anthropic IPO site; CNBC)

What happened to the midterm date. Reuters reporting on September 4 tied the listing to the days just before the November 3, 2026 US midterm elections. That plan is gone: the current reporting puts the roadshow after the vote, starting the week of November 9, and the first trade in the week before Thanksgiving. Pricing after the election avoids election-week volatility, but it leaves a narrow window before the holiday slowdown, and another slip would push the deal toward December.

Anthropic Valuation: From $965 Billion to a Possible $2 Trillion

Anthropic's private valuation history is one of the steepest on record. The company was worth roughly US$623 million at its Series A in May 2021. Five years later its Series H landed at approximately US$965 billion. That is a re-rating of more than 1,500 times in five years, and it is the single most important context for why pricing this IPO is difficult.

Selected Anthropic valuation milestones.
Date	Round / event	Valuation
May 2021	Series A	~US$623 million
Early 2023	Series C era	~US$4.1 billion
Mar 2025	Growth round	~US$61.5 billion
Sep 2025	US$13 billion raise	~US$183 billion
Feb 2026	Series G — US$30 billion	~US$380 billion
May 2026	Series H — US$65 billion	~US$965 billion
Sep 2026	Secondary-market implied	~US$1.29 trillion
Late Nov 2026 (reported target)	IPO listing	About US$2 trillion reported; investor views US$1.8–2 trillion — unconfirmed

The bull case for the $2 trillion figure rests on forward revenue rather than trailing revenue. Reports suggest Anthropic's 2028 revenue projections sit in the range of US$190–200 billion. A $2 trillion listing against roughly $200 billion of 2028 revenue is about a 10x forward multiple on a number three years out — aggressive, but not unprecedented for a company compounding the way this one has. Against the current run rate, the same $2 trillion is closer to 30x, which is where the argument gets contested.

The bear case is simpler and rests on three things: gross margin, capital intensity, and comparables. Anthropic's gross margin has been reported around 40% with a stated ambition to reach the mid-to-high seventies by 2028 — margin expansion that has to survive relentless compute purchasing. Cash-flow breakeven has been pushed toward 2028. And the sceptics' favourite comparable is C3.ai, which popped on AI enthusiasm in December 2020 and then fell roughly 88% from its highs as losses persisted and sales cycles stretched. Whether that comparison is fair for a company with 8 of the Fortune 10 as customers is exactly the argument the roadshow will be about.

The Financials Underwriting the Number

Revenue growth is the reason this deal exists at this size. The reported run-rate progression is unusual enough to be worth laying out plainly, because it is the number every buy-side desk is modelling against.

Reported annualised run-rate revenue progression.
Period	Reported annualised run rate
End of 2024	~US$1 billion
End of 2025	~US$9 billion
February 2026	~US$14 billion
Early March 2026	~US$19 billion
Early April 2026	~US$30 billion
May 2026	~US$47 billion
July 2026	~US$65 billion+

2025 Results (Draft S-1)

Revenue of about US$4.6 billion, up about 1,088% from 2024. Operating loss US$8.06 billion; net loss about US$42 billion, of which roughly US$34 billion is a non-cash charge on convertible financing (Reuters, Sept 28, from the confidential draft). The 2026 first half is larger again: see Anthropic’s $80 billion loss explained.

Reported, not yet public

Q2 2026 Revenue

More than US$11.5 billion in the quarter, against roughly US$787 million in the same quarter a year earlier — with positive adjusted operating income reported for the first time at a major AI lab.

Preliminary

Q3 2026 Revenue

About US$16.8 billion in the quarter, up about 45% from Q2's US$11.6 billion, with adjusted gross margin reported near 85% and a second straight quarter of adjusted profitability (CNBC and Financial Times, Oct 15). Growth is still rapid but slower than Q2's roughly 147% jump, which is what moved valuation talk from US$2 trillion toward US$1.5 trillion.

Reported, unaudited

Claude Code

The coding agent reported passing US$2.5 billion in run-rate revenue in early 2026, and is widely credited as a primary driver of the enterprise acceleration.

Product line

Compute Spend

Around US$19 billion of compute spend was reported for 2026, with roughly US$80 billion of compute capacity committed in a single week around the September product launches.

Capital intensity

Underwriters

The October 26 S-1 lists Goldman Sachs and Morgan Stanley first on the cover, followed by J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets and UBS, plus 12 more banks: 22 in all. Wilson Sonsini is Anthropic's legal counsel and Freshfields acts for the underwriters.

Syndicate

Governance

A Long-Term Benefit Trust holds no equity but can appoint a majority of the board — an unusual structure public investors will be underwriting alongside the financials.

Structural

Strategic Backers

Amazon has invested roughly US$8 billion and Alphabet roughly US$3 billion or more. Both are minority holders; reporting indicates Google's stake is capped at 15%.

Cap table

One detail that cuts against the usual IPO narrative: Anthropic does not obviously need the money. The company has raised more than US$125 billion privately, covers operating costs from revenue, and holds more cash than most listed companies. Reporting suggests the listing is as much about liquidity for early investors and employees, a public valuation mark, and audited-financial credibility with enterprise and government buyers as it is about raising capital. That framing matters for how the deal gets priced, because a company that does not need the proceeds can walk away from a soft book.

Anthropic Ticker Symbol, Exchange and Listing Mechanics

Anthropic's October 26 S-1 says it has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. Search interest in "Anthropic stock symbol" and "Anthropic ticker" is enormous, and older search results can mislead for a specific technical reason: market-data providers create pre-listing placeholder pages for anticipated IPOs, and those pages need a string in the symbol field. Anything that appeared in that field before the S-1 was a placeholder, not an allocated ticker, and ANT only becomes tradable once the shares are priced and listed. Leveraged products that track Anthropic-related exposure have their own symbols, and none of them is Anthropic stock.

The exchange is a similar story. Bloomberg and Business Insider reported on September 13, 2026 that Anthropic has chosen Nasdaq, citing a person familiar with the matter, and Polymarket traders put Nasdaq at about 95%. Anthropic and Nasdaq declined to comment, so it is still unconfirmed. Both the exchange and the symbol become official in the public registration statement and the corresponding exchange listing notice — the same document that will finally contain the price range.

If you want to track this yourself rather than through aggregators, there are exactly two authoritative sources: the SEC's EDGAR full-text search for an Anthropic S-1 or S-1/A, and Anthropic's own investor communications. Anything published ahead of those two is derivative.

What to watch, in order:

1. The October 14 investor day. 2. A public S-1 or S-1/A appearing in EDGAR (filed October 26: done). 3. The US$15 billion revolving credit facility closing. 4. An amended filing carrying the indicative price range and share count (done Nov 10: $70–$78, 825M shares). 5. Roadshow launch (done Nov 10). 6. Pricing night — the first and only real Anthropic IPO price.

Anthropic Ticker Symbol, Exchange and Listing Mechanics: key points illustration, Anthropic IPO Delayed to November: Date, Price & How to Buy

Anthropic Ticker Symbol, Exchange and Listing Mechanics: Anthropic IPO Delayed to November: Date, Price & How to Buy

How to Buy Anthropic Stock — and the Pre-IPO Warning

Until Anthropic lists (expected November 19), its shares cannot be bought on the open market anywhere, including in Canada. The only legitimate route before then is an IPO allocation through a participating broker. That fact has created a market for products claiming to offer pre-IPO exposure, and this is the part of the story where retail investors are most exposed.

Anthropic has publicly disavowed unauthorised secondary sales. In May 2026 the company warned eight secondary-market platforms — including Forge, Hiive and Sydecar among those named in reporting — that they are unauthorised, and that any unapproved sale or transfer of its private shares, including through tokenised products or special purpose vehicles, is void and will not be recognised on its books.

Read that literally. "Will not be recognised on its books" means a buyer of such an instrument may hold a contract with a platform rather than an interest in Anthropic. Tokenised pre-IPO share products carry that risk on top of the ordinary risks of illiquid private-market exposure.

Strategic Crypto Reserve does not sell, broker, tokenise or facilitate access to pre-IPO shares in Anthropic or any other company. We publish research. Nothing on this page is investment advice, a recommendation, or an offer of any security.

The legitimate routes, and their limits

Wait for the listing

The straightforward route. Once shares trade on a public exchange, any standard brokerage with US market access — including most Canadian brokerages — can buy them. Expect volatility on day one.

Simplest

IPO allocation programmes

Some brokers offer retail access to IPO allocations at the offer price. Allocations on a deal this oversubscribed are likely to be small, conditional, and not guaranteed. Anthropic has also opened retail offers in Canada, the UK, Europe, Australia and Japan through local brokers: see the country-by-country list.

Conditional

Indirect via listed holders

Amazon and Alphabet both hold stakes and both trade publicly. The exposure is real but heavily diluted by the rest of each company's business — a fraction of a percent of your position, not a proxy.

Diluted

Pre-IPO SPVs and tokens

Opaque pricing, transfer restrictions, and — in Anthropic's case — an explicit company statement that unapproved transfers are void. Treat with extreme caution.

High risk

Risk Factors to Expect in the Anthropic S-1

The risk factors section of a prospectus is where the marketing stops. Based on reporting to date, including Reuters' September 28 review of the confidential draft, here is what the Anthropic S-1 is likely to disclose — and what a serious reader should look for first when it lands.

AI backlash as a named risk. CNBC reported in August 2026 that the filing will explicitly list public and political backlash against AI as a risk factor. That is notable because it is a reputational and regulatory risk rather than an operational one, and it is unusual to see it named that directly.

Competition. OpenAI and Google are the obvious named competitors. The open-weight model ecosystem is the less obvious one — pricing pressure from capable open models compresses margins at the commodity end of the market even when it does not touch frontier contracts.

Litigation. Reporting points to music copyright lawsuits and a favourable ruling relating to a Pentagon designation. Copyright exposure is the structural legal question for every frontier lab, and the disclosure language will be read closely.

Capital intensity and margin. The draft reportedly shows about US$518 billion of future cloud and compute commitments and US$7.33 billion of 2025 compute and infrastructure spending. Roughly US$19 billion of 2026 compute spend is reported against a ~40% gross margin, with the investment case requiring expansion toward the mid-seventies by 2028. Every dollar of that expansion is contested by the cost of the next model generation.

Customer concentration. Eight of the Fortune 10 and 500-plus enterprise customers at seven figures is a strong roster, but Reuters reports that nearly a quarter of 2025 revenue came from just two customers. The S-1's concentration table is worth reading before the growth chart.

Model behaviour. The draft reportedly warns that Anthropic's own models could show self-preserving behaviour and try to resist shutdown. It is unusual for a technology risk to be framed that way in an offering document.

Governance. The Long-Term Benefit Trust holds no equity yet can appoint a majority of the board. Public shareholders will be buying into a structure that deliberately limits shareholder primacy. Whether that is a feature or a discount is a genuine open question, and different investors will answer it differently.

Supply of mega-deals. Anthropic is not listing into an empty market. SpaceX priced in June 2026 at roughly US$1.77 trillion, ran up on a thin float, and then repriced sharply lower after its first earnings report forced investors to re-underwrite its AI capital spending. That precedent is fresh, and it is about capital-spending disclosure specifically — which makes it directly relevant here.

Risk Factors to Expect in the Anthropic S-1: key points illustration, Anthropic IPO Delayed to November: Date, Price & How to Buy

Risk Factors to Expect in the Anthropic S-1: Anthropic IPO Delayed to November: Date, Price & How to Buy

Anthropic vs OpenAI vs SpaceX: The 2026 IPO Queue

The three mega-listings of the 2026 cycle, as reported.
	SpaceX	Anthropic	OpenAI
Confidential filing	April 2026	June 1, 2026	Late May / June 8, 2026 (reported)
Public S-1	May 20, 2026	Filed October 26, 2026 (Nasdaq: ANT)	Not filed publicly
Listing	June 12, 2026 — completed	Reported for late Nov 2026, before Thanksgiving	Consensus has drifted to 2027
Valuation	Priced ~US$1.77 trillion; traded to ~US$2.5T then back toward ~US$1.4T	Reported up to ~US$2 trillion	Reported US$1 trillion+
Raise	Over US$75 billion	Up to US$100 billion (reported)	At least US$60 billion (reported)
Combined market demand	Potentially north of US$200 billion — against a total US IPO market that raised roughly US$45 billion in all of 2025.

The SpaceX outcome is the most instructive data point available. It priced at a record, traded up hard on a small float, and then gave back a large share of the gain once its first public earnings report made investors price in its AI capital spending rather than imagine it. Anthropic will list into a market that has now seen that movie once. Its prospectus will be read with the SpaceX repricing in mind, which is one reason the disclosure of compute commitments and margin trajectory is likely to matter more to the final price than the revenue chart everyone is currently quoting.

On OpenAI: the crowded-queue narrative from earlier in 2026 has thinned considerably. Reporting through mid-2026 pointed toward a 2027 listing, with CFO Sarah Friar having told employees the company will be public in 2027 if not sooner. Prediction-market pricing for a 2026 OpenAI listing fell to roughly 18% over the same period. If that holds, Anthropic lists without a direct frontier-lab comparable trading alongside it — which cuts both ways for pricing.

Why This Listing Matters If You Are Costing an AI Data Centre

Strategic Crypto Reserve covers the Anthropic IPO for one reason: the number underneath it is a compute number. Roughly US$19 billion of 2026 compute spend, an US$80 billion capacity commitment in a single week, and a margin trajectory that only works if inference gets cheaper — that is a data centre story wearing an equity story's clothes.

Every dollar of frontier-lab capital expenditure lands as racks, power contracts, cooling and interconnect somewhere. The public prospectus will be the most detailed disclosure yet published on how a frontier lab actually allocates that spend, and it will reset the reference numbers that everyone downstream — colocation operators, regional developers, independent builders — uses to justify a build. If you are modelling a site, the S-1 is worth reading as an infrastructure document, not only a financial one.

AI Build Configurator

Our licensed cost model for AI and HPC builds: seven configurations, nine Canadian jurisdictions, capital expenditure by line item, energy cost, revenue by commercial structure, and simple payback. Embeddable under licence.

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AI Data Center Economics

Build models, power costs and site selection for AI data centres in Canada — the underlying research the configurator is built on.

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300-Unit Cost Breakdown

A full line-item capital and operating breakdown for a 300-unit facility — the kind of ground-truth costing the frontier-lab headline numbers are made of.

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Anthropic AI & Web3

Our companion piece on how Anthropic's Claude models intersect with on-chain tooling, agents and digital collectibles.

Licensing the configurator. The AI Build Configurator is available as an embeddable, licensed widget for operators, brokers, engineering firms and regional development agencies who need a defensible build-cost model on their own site. Details and licensing terms are on the AI Build Configurator page.

Frequently Asked Questions: Anthropic IPO Date and Price

1. What is the Anthropic IPO date?

Anthropic launched its IPO roadshow on November 10, 2026. CNBC, citing people familiar with the details, reports that the shares are set to be priced on Wednesday, November 18 and to start trading on the Nasdaq Global Select Market under the ticker ANT on Thursday, November 19, 2026, a week before US Thanksgiving. Anthropic's own IPO website, filed with the SEC on November 10, now gives the same timeline, subject to regulatory clearance. The registration statement is not yet effective, so the timing can still move.

2. What is the Anthropic IPO price per share?

Anthropic's S-1/A Amendment No. 2, filed November 10, 2026, sets an estimated IPO price range of $70.00 to $78.00 per share of Class A common stock, with a $74 midpoint. The offering is 825,000,000 shares (801,351,354 sold by Anthropic and 23,648,646 by selling stockholders) plus a 30-day underwriter option on 123,750,000 more, so the base deal is about $57.8 billion to $64.4 billion. AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC have also agreed to buy $26.0 billion of Class N shares at the IPO price in a concurrent private placement. With 13.09 billion shares outstanding after the offering, the range implies a market value of about $916 billion to $1.02 trillion; CNBC puts the fully diluted value at up to $1.405 trillion at $78. The final price is fixed on pricing night, reported for November 18.

3. What valuation is Anthropic targeting at IPO?

Anthropic's last confirmed private valuation was approximately $965 billion post-money, set by a $65 billion Series H round announced in late May 2026. The Wall Street Journal reported on September 18 that Anthropic is targeting about $2 trillion while raising up to $100 billion. Bloomberg reported on October 1 that some prospective investors put fair value at roughly $1.8 trillion to $2 trillion, and other reports have cited a $1.8 trillion to $3 trillion range. None of those figures is confirmed by Anthropic, and the only number that will matter is the one in the final prospectus.

Why was the Anthropic IPO delayed to November?

According to The Wall Street Journal (September 18, 2026), Anthropic pushed the listing from October to November so it can show third-quarter financial results to investors first. Anthropic expects its annualized revenue run rate to top $110 billion by the end of 2026, and a later listing lets that growth appear in the prospectus.

What are the odds the Anthropic IPO happens in November?

On October 11, 2026, Polymarket traders priced a 4% chance of an Anthropic listing by November 15, 54% by November 30, 62% by December 15 and 72% by December 31. In the separate month market, November was 56% and December 21%. Nasdaq was the heavy favourite for the exchange at about 95%. Prediction markets are bets, not company guidance.

4. What is Anthropic's stock ticker symbol and which exchange will it list on?

Anthropic's public S-1, filed on October 26, 2026, says it has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. Bloomberg and Business Insider had first reported the choice of Nasdaq on September 13, 2026. ANT becomes tradable only once the IPO is priced and the shares are listed; symbols shown on market-data pages before the S-1 were placeholders.

5. Can I buy Anthropic stock before the IPO?

Not through an ordinary brokerage account. Anthropic remains private until it lists, and in May 2026 the company warned eight secondary-market platforms that unapproved transfers of its shares, including tokenised products and special purpose vehicles, are void and will not be recognised on its books. Indirect exposure exists through listed shareholders such as Amazon and Alphabet, both of which hold stakes. Strategic Crypto Reserve does not sell, broker or tokenise pre-IPO shares in any company, and nothing on this page is investment advice.