The Anthropic IPO: where things stand
Anthropic published its S-1 on October 26, 2026, after five months of confidential review. It has applied to list Class A shares on the Nasdaq Global Select Market as ANT, with Goldman Sachs and Morgan Stanley leading 22 banks. The filing leaves the price range, the number of shares and the date blank. Those arrive in an amended S-1, which will also have to add third-quarter results. Reports point to a roadshow from the week of November 9 and a first trade before Thanksgiving on November 26, which Anthropic has not confirmed.
Revenue up 14 times in a year, and the first operating profit
The income statement Anthropic filed with the SEC, in brief. The losses on the bottom line are mostly a non-cash charge on convertible notes; the operating lines show the business itself.
| USD billions | H1 2026 | H1 2025 | 2025 | 2024 |
|---|---|---|---|---|
| Revenue | 16.29 | 1.16 | 4.59 | 0.39 |
| Compute and infrastructure | 8.95 | 2.33 | 7.33 | 2.52 |
| Operating result (GAAP) | -0.69 | -2.14 | -8.06 | -2.98 |
| Adjusted operating result (non-GAAP) | 1.62 | -1.85 | -4.85 | -2.79 |
| Net result | -80.75 | -12.97 | -41.97 | -8.31 |
Adjusted operating result is Anthropic's own non-GAAP measure: it leaves out stock-based compensation, non-cash charitable contributions and the $1.5 billion Bartz settlement in 2025.
Revenue by quarter
Quarterly revenue from the S-1. *The third quarter of 2026 is not yet filed: it is the figure Bloomberg reported Anthropic gave prospective investors in October, and the amended S-1 will file the official number.
Timeline at a glance
- September 2025
Series F
Anthropic raises $13B at a $183B valuation, three times its valuation six months earlier.
- February 2026
Series G
$30B at a $380B valuation, led by GIC and Coatue.
- February 2026
Employee tender offer
Current and former staff can sell some shares to investors; most choose to hold ahead of an IPO.
- April 2026
Google commitment
Alphabet commits up to $40B; $10B immediate at a $350B valuation.
- May 28, 2026
Series H closes
$65B raised at a $965B post-money valuation, the last private round before the IPO.
- June 1, 2026
Confidential S-1 filed
Anthropic submits a draft S-1 to the SEC in private. Five revised drafts follow between July and early October.
- June 2026
Banks chosen
Morgan Stanley and Goldman Sachs are reported to lead the offering.
- September 2026
Listing moves to November
The target trading debut is reported to slip from October to November, so the offering can include third-quarter results.
- September 17, 2026
Ten-for-one split
Anthropic splits its common stock ten-for-one ahead of the listing.
- October 26, 2026
Public S-1
The prospectus goes public: financial results, risk factors, share classes and the ticker ANT. Price, share count and date are left blank.
- Expected November 2026
Amended S-1
Adds the price range, the share count and results to September 30. Needed before the shares can be priced.
- Expected November 2026
Roadshow
Management and the banks pitch the shares to investors. Reported to start as early as the week of November 9.
- Expected November 2026
Pricing and first trade
The price is set the evening before trading starts on Nasdaq. Reported target: before Thanksgiving on November 26.
When could Anthropic start trading?
Anthropic has not given a date. But the filing, two SEC rules and the calendar narrow the window a lot, and the reported plan fits inside it.
The 15-day rule sets the earliest start. A company that filed confidentially has to publish its S-1, with every earlier draft, at least 15 days before it starts marketing the shares. Counting from October 26, the roadshow can begin on November 10 at the earliest. That matches Bloomberg's report that the roadshow could start in the week of November 9.
The financial statements have to be refreshed first. The S-1's statements run to June 30, 2026, and under SEC rules a company of Anthropic's filing status cannot go effective with statements that are 135 days old or more. For June 30, that line falls on November 12, before any realistic pricing date. So an amended S-1 with figures to September 30 has to come first. The filing already leaves blanks for them, and Bloomberg reported in October that Anthropic had told prospective investors third-quarter revenue came to $16.8 billion. The Wall Street Journal reported in September that the debut was pushed into November for exactly this reason.
Then the roadshow and the price. The price range normally appears in an amendment as the roadshow starts, and the roadshow for a large IPO usually runs one to two weeks. The price is fixed the evening before the first trade. A roadshow starting around November 10 points to pricing in the second half of November, and reports have put the first trade as early as the week of November 16.
Thanksgiving is the practical deadline. US markets are closed on November 26 and shut early the day after, and few large offerings price in that week. If the deal misses the window before it, the next realistic slot is early December, before the year-end slowdown. A slip beyond that would mean refreshing the numbers again: the September 30 statements would go stale in mid-February 2027.
| Step | Earliest or reported | What decides it |
|---|---|---|
| Amended S-1 with Q3 results and price range | Early November | Closing the third-quarter books and SEC review of the amendment |
| Roadshow starts | November 10 at the earliest; reported for the week of November 9 | The 15-day rule, counted from the public filing on October 26 |
| Pricing | Second half of November | Investor demand during the roadshow; the S-1 must be declared effective |
| First trade on Nasdaq | The day after pricing; reported target before November 26 | Thanksgiving week is usually avoided |
| Fallback window | Early December | If the schedule slips past Thanksgiving week |
What could still move the date
- SEC comments on the amended filing, which can take another round of revisions.
- Market conditions. A sharp fall in technology shares during the roadshow is the most common reason large offerings are postponed.
- Scrutiny in Washington. The FTC demanded testimony from Anthropic executives in its AI safety probe on the day the S-1 went public, and Senator Elizabeth Warren has asked the company to explain the risks it disclosed. Neither is a legal barrier to listing, but both add attention to the roadshow.
- Demand at the price. Reports of investors pushing for a lower valuation than the $2 trillion that has been discussed could change the size or timing rather than stop the deal.
What else the S-1 shows
Beyond the income statement, these are the disclosures from the S-1 filed on October 26, 2026 that matter most for the shares. Balance-sheet figures are as of June 30, 2026; customer figures are as of September 30, 2026.
| Item | As filed |
|---|---|
| Cash and short-term investments | $131.7B at June 30, 2026, out of $141.1B raised since 2021 |
| Largest compute contracts | Minimums of at least $114.5B with Google, $110B with Amazon and $44.9B with Microsoft, about $161.2B of Broadcom equipment leases, and up to $120.5B with SpaceX's AI unit |
| Customers | More than 11,900 paying $100K+ a year, 1,900+ paying $1M+ and about 250 paying $10M+ (September 30, 2026) |
| Customer concentration | Top five about 25% of revenue in the first nine months of 2026; none above 10% (two were at 12% each in 2025) |
Revenue grew about 14 times in a year. First-half revenue rose from $1.16 billion in 2025 to $16.29 billion in 2026, and the second quarter alone brought in two and a half times as much as the whole of 2025. Bloomberg reported in October that Anthropic told prospective investors the third quarter came to $16.8 billion, which would put growth at about 45% on the quarter: still fast, but slower than the more-than-doubling of the quarter before.
The business turned profitable before the accounting did. The second quarter of 2026 was Anthropic's first with a GAAP operating profit, $974 million, and on its adjusted measure the first half made $1.62 billion. Fortune worked out about $3.45 billion of free cash flow for the half. The huge net losses are mostly a paper charge: convertible notes held mainly by Amazon are revalued as Anthropic's valuation rises, and that increase runs through the income statement without any cash leaving the company.
Compute is the cost that matters, and it is mostly locked in. Compute and infrastructure fell from 251% of revenue in early 2025 to 48% in the second quarter of 2026, because revenue grew faster than capacity. But the contracts behind it are very large and mostly non-cancellable: at least $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft, about $161 billion of Broadcom equipment leases and up to $120.5 billion with SpaceX's AI unit, among others. The S-1 leaves the grand total blank; outlets that added the contracts up arrived at anywhere from about $420 billion to more than $650 billion.
Three disclosures are worth reading twice. Model versions released in the previous six months made up more than 80% of third-quarter revenue, so Anthropic depends on keeping its models at the frontier. It estimates that 5% to 7% of revenue in the first nine months of 2026 came from customers later found to be breaking its usage policy or terms. And it sizes its opportunity at the more than $40 trillion a year of work done by knowledge workers, a top-down figure that says more about ambition than about future revenue.
For the full walk-through, with what the coverage makes of it and the scenarios for the listing date, read our S-1 explainer.
Who controls Anthropic after the IPO
Buying Anthropic shares will not buy much say over the company. The S-1 sets out five classes of stock, and public investors get the one with the least power.
Class A: what you can buy
One vote per share and full economic rights. Because the founders' Class F share always carries 50.1% of the vote, all Class A holders together have at most 49.9%.
Class F: the co-founders
A single share held by a company owned by the seven co-founders, voting as a group. It has no economic rights but carries 50.1% of the votes on ordinary shareholder matters, including electing the directors the Trust does not appoint.
Class T: the Trust
Held by the Long-Term Benefit Trust, whose five trustees have no financial stake. It elects a majority of the board and otherwise has no vote and no economic rights.
Class N: strategic investors
Same economics as Class A but no vote. Held mainly by partners such as Amazon and Google, and converts to Class A when sold to an unrelated buyer.
Class E: employees
To be issued to staff other than the co-founders, with votes on a few limited matters and no economic rights.
Controlled company
Because the Trust elects a majority of the board, Anthropic counts as a controlled company under Nasdaq rules. It plans to use that exemption only for its nominating and governance committee.
On top of the share classes, Anthropic has put 5% of its fully diluted shares into its own Public Benefit Fund, and its board may add up to 2% more each time the share price rises 50% above the last milestone, starting from the IPO price. That is a built-in source of dilution for shareholders if the stock does well.
When insiders can sell
Most IPOs bar existing holders from selling for 180 days and then release everything at once. Anthropic has chosen a staggered schedule instead, which spreads the selling out but means some new supply arrives every few weeks.
Employees and non-founder officers can sell up to 10% of their shares from the first day of trading, and a further 35% two trading days after the full-year 2026 results. The rest is free after the first-quarter 2027 results or 180 days, whichever comes first.
Other large holders are released in small steps: tranches of a few percent at 27, 48, 62 and 76 days after the listing, more after the 2026 results, and so on. Some are released within about six months; a second group, including holders of more than 0.5% of the company, is spread over a full year.
The seven co-founders are locked up the longest: up to a year, or until the third-quarter 2027 results, with up to 29% of their shares free after six months or the first-quarter 2027 results. They are also among the selling shareholders in the offering itself, and each has pledged to give 80% of their Anthropic equity to charity over time.
What the coverage adds
The S-1 settles the ticker, the exchange, the banks and the structure. These points come from press reports and analysis since the filing, so treat them as likely rather than settled.
Timing. Bloomberg reported in early October that the roadshow could start as soon as the week of November 9, with trading before Thanksgiving. Nothing reported since has moved that schedule.
Size and valuation. Reports have described a valuation target of around $2 trillion for the offering and proceeds of up to about $100 billion, which would make it the largest IPO on record. Others in October said some investors were arguing for closer to $1.5 trillion as growth slowed. The S-1 also gives Google an option to buy up to $10 billion of shares at the IPO price alongside the offering.
Retail access. Bloomberg reported on October 28 that Anthropic was weighing setting aside 15% to 20% of the shares for individual investors, with JPMorgan leading US retail sales and Citigroup the international retail offering. The S-1 confirms public offerings in Australia, Canada, Japan, Switzerland, the UK and some countries of the European Economic Area, including a European retail offering under a separate European prospectus. It does not name the EU countries.
How analysts read it. Coverage agrees on a business that is growing extremely fast and has started to make money on an operating basis, set against compute contracts that do not shrink if growth slows. Fortune called it a thriving business with a $498 billion asterisk, its count of the non-cancellable commitments. Others focused on the voting structure, the reliance on Amazon, Google and Microsoft as partners, investors and rivals at once, and the 900% net revenue retention the company reports.
Washington. On the day of the filing the FTC demanded testimony from Anthropic executives in its probe of AI safety risks, and on October 28 The Wall Street Journal reported that Senator Elizabeth Warren was demanding answers from the company about the existential risks it describes in the S-1.
What the amended S-1 has to fill in
The public filing leaves blanks where the deal terms go. These are the numbers to read first when the amendment lands.
Price range
The first valuation Anthropic itself puts on the shares, and the starting point for every estimate of the IPO's size.
Shares offered
How many new shares Anthropic sells, how many existing holders sell, and the banks' option for more. That split shows how much money goes to the company.
Third-quarter results
Unaudited figures to September 30, including whether the quarter stayed profitable as revenue growth slowed.
Total compute commitments
The filing describes each contract but leaves the aggregate and the amount due in the next twelve months blank.
Ownership percentages
Share counts and voting percentages for the largest holders, including how much of Anthropic Amazon owns once its notes convert.
The listing date
Set only at pricing. Until then the reported target is before Thanksgiving on November 26.
From confidential filing to first trade
A US IPO follows a fixed sequence. Anthropic is past the halfway point: the filing is public, and the price is what comes next.
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Confidential review (done)
Companies can send the SEC a draft registration statement in private. SEC staff send back comments, the company answers and revises, and the public sees nothing. Anthropic was in this stage from June 1 to October 2026 and filed five revised drafts.
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Public S-1 (done)
The company must publish its registration statement, with the earlier drafts, at least 15 days before it starts marketing the shares. Anthropic did so on October 26, 2026. This is the first time outsiders see audited numbers.
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Amendment with the price range
One or more amended S-1s fill in the blanks: the expected price range, the number of shares, how many are new and how many existing holders sell, and for Anthropic the third-quarter results.
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Roadshow
Management and the banks pitch the offering to investors, usually over one to two weeks. The banks collect orders and use the demand to set the final price.
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Pricing and allocation
The evening before trading, the company and banks fix the price and decide who gets shares. Most go to institutions; for Anthropic, a larger than usual slice for individual investors is reported to be under consideration.
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First trade and lock-ups
Shares start trading the next morning, and anyone with a broker that offers Nasdaq can buy them. Existing holders can only sell in stages under lock-up agreements, described below.
Can you buy Anthropic shares at the IPO?
At the IPO price itself, possibly, and more easily than in most large offerings. If the reported 15% to 20% retail slice goes ahead, individual investors will get shares through brokers that receive an allocation from the banks. In the US that runs through JPMorgan's network; abroad it runs through the international retail offerings the S-1 describes, including one in some countries of the European Economic Area under a separate European prospectus. Which brokers take part has not been announced, and demand will far exceed supply, so expect small allocations if any.
From the first trade, yes. Once the shares list on Nasdaq as ANT, anyone with a broker that offers US stocks can buy them at the market price, which on the first day can be well above or below the IPO price. Until then the only way to get exposure through a normal brokerage account is indirect, through listed backers such as Amazon and Alphabet.
Our how to buy guide covers both routes and will be updated with trading details once the shares are priced.
What to watch for
The next big catalyst is the amended S-1 with a price range. Until then, set alerts and follow our daily updates, where we log every filing and report as it lands. When the price is set, this page and our how to buy guide will update with live trading details.
OpenAI is on a similar path, with its own confidential S-1 on file. More on OpenAI's IPO timeline and how to invest is available at OpenAI Stock.