Anthropic stock & IPO, answered

Not yet. Anthropic is still a private company. It published its S-1 on October 26, 2026 and has applied to list on Nasdaq under the ticker ANT, but no shares trade until the IPO is priced. Reported timing: Roadshow from the week of November 9; trading before Thanksgiving (November 26), which Anthropic has not confirmed.

Not directly. Until the shares start trading, exposure through an ordinary brokerage account is indirect: listed backers such as Amazon (AMZN) and Alphabet (GOOGL), which own sizeable stakes. Accredited or professional investors can sometimes buy pre-IPO shares on secondary platforms. Our how to buy guide covers both routes.

Anthropic has not announced a date. It filed confidentially on June 1, 2026 and published its S-1 on October 26, 2026, which leaves the price and date blank. The next step is an amended S-1 with third-quarter results and a price range. SEC rules put the earliest roadshow start at November 10, 15 days after the public filing. Reported timing: Roadshow from the week of November 9; trading before Thanksgiving (November 26), which Anthropic has not confirmed.

ANT. The S-1 says Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. It goes live on the first day of trading.

Possibly, but expect small amounts. Anthropic is reported to be weighing setting aside 15% to 20% of the shares for individual investors, more than in most large IPOs, and the S-1 includes retail offerings outside the US, among them one in some countries of the European Economic Area under a separate European prospectus. Individuals get shares only through brokers that receive an allocation, which have not been announced. Once trading starts, anyone with a broker that offers Nasdaq can buy at the market price.

Anthropic was valued at $965B post-money after its $65B Series H closed on May 28, 2026, making it the most valuable private AI company in the world. In March 2025, its Series E valued it at $61.5 billion.

Anthropic has no market cap because it is private: a market capitalization only exists once shares trade on an exchange. The nearest equivalent is its latest post-money valuation of $965B post-money. That is a negotiated round price, not a live market value, so treat it as the closest proxy rather than a true market cap.

Anthropic's annualized revenue run-rate was about $65B at its latest reading (End Jul 2026), up from about $9B (End 2025 (est.)). Run-rate annualizes a recent month rather than adding up a year, so it can run ahead of recognized revenue. The S-1 reports recognized revenue of $4.59 billion for 2025 and $16.29 billion for the first half of 2026.

By selling access to its Claude models. Developers and software companies pay per token through the API and the big cloud platforms, individuals and teams pay monthly subscriptions, and large organizations sign enterprise agreements. Business customers bring in the large majority of revenue, and Claude Code, its coding agent, is its fastest-growing product.

Only just, and only on an operating basis. The S-1 shows an operating loss of $8.06 billion in 2025, then a first operating profit of $974 million in the second quarter of 2026. On its adjusted measure, which leaves out stock-based compensation and one-off items, the first half of 2026 made $1.62 billion. The net losses are far larger, $41.97 billion in 2025 and $80.75 billion in the first half of 2026, but mostly non-cash: they come from revaluing convertible notes as Anthropic's valuation rose.

Its founders and employees, strategic backers led by Amazon and Alphabet, and a long list of investment funds. The S-1 lists the largest holders but leaves most percentages blank until the price is set. Control is separate from ownership: after the IPO a single share held by the seven co-founders carries 50.1% of the votes, an independent Long-Term Benefit Trust elects a majority of the board, and neither Amazon nor Google has a board seat.

Amazon and Alphabet are the largest strategic backers, followed by Microsoft, Nvidia and AMD. The Series H was led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, and earlier rounds were led by firms including GIC, Coatue, ICONIQ, Fidelity, Lightspeed and Spark Capital.

No current figure is public yet. Court documents in 2025 put Google's stake at about 14%. The S-1 sets ceilings: shares issued to Google under its 2026 agreement stop at 14.99% of Anthropic's capital, and Amazon's convertible notes stop converting at 12% of fully diluted capital, unless each waives its cap. Both hold mostly non-voting shares.

Amazon (AMZN) and Alphabet (GOOGL) are the closest, because they own the largest stakes and supply much of Anthropic's computing power. Microsoft, Nvidia and AMD have smaller investments and sell Anthropic chips or cloud capacity. In every case Anthropic is a small part of a much larger company, so these are diluted bets on it.

Only in limited ways. Shares occasionally change hands on secondary marketplaces and through special-purpose vehicles, usually restricted to accredited or professional investors, with high minimums and fees. Private companies usually limit who can buy their shares, so be wary of any offer that promises easy access.

Seven former OpenAI researchers founded it in 2021: Dario Amodei, the chief executive, Daniela Amodei, the president, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Chris Olah. It is based in San Francisco.

Claude is Anthropic's family of AI models and the assistant built on them. It comes in tiers (Haiku, Sonnet, Opus and Fable) and is used through the Claude apps, the Claude Code coding agent, and the API, which other companies build into their own products.

An independent body set up in 2023 whose trustees have no financial stake in Anthropic. It holds a special class of shares that lets it elect directors, and since April 2026 its appointees have been a majority of the board. Anthropic is a public benefit corporation, and the Trust is meant to keep that public benefit in view as the company grows.

On the latest figures, Anthropic is valued at $965B against OpenAI's $852B, and its run-rate revenue of $65B compares with about $40B for OpenAI. That puts Anthropic at about 15 times revenue versus about 21 times for OpenAI. OpenAI has far more consumer users through ChatGPT; Anthropic earns most of its money from businesses.

The cost of compute and the multi-year capacity it has committed to, price competition from OpenAI, Google and open-weight models, dependence on a few large API customers, a dispute with the Pentagon that has split the courts, and lawsuits over training data. The S-1 sets them out in Anthropic's own words over roughly 90 pages, from its compute commitments to the chance that its models act in harmful ways nobody directed.