Anthropic Stock and IPO: What Investors Need to Know 

Anthropic, the company behind Claude, publicly filed for an initial public offering on October 26, 2026, and plans to list its Class A common stock on Nasdaq under the ticker ANT. The filing opens the company’s financials to investors for the first time, ahead of a listing that analysts expect to be one of the largest ever. This guide covers what the filing confirms, what the numbers show and how buying ANT after it starts trading differs from receiving an IPO allocation.

Anthropic stock and IPO key facts

• Company: Anthropic, PBC, the developer of Claude
• IPO filing: Public Form S-1 filed with the SEC on October 26, 2026, after a confidential draft submitted on June 1, 2026
• Exchange: Nasdaq Global Select Market
• Ticker: ANT (Class A common stock)
• IPO price range and share count: Not yet set
• First trading date: Not yet set
• Last private valuation: $965 billion (Series H, May 2026)

IPO details as of October 28, 2026.

What is Anthropic

Anthropic is an artificial intelligence company founded in 2021 that develops Claude, a family of AI models used for writing, coding, research and document analysis. Co-founders Dario Amodei and Daniela Amodei serve as CEO and President.

Anthropic is organized as a public benefit corporation, a structure that requires the board to balance shareholder interests, the interests of those affected by its conduct and its stated public benefit purpose. This is a governance choice, not a listing status, and it carries into the public company: the issuer named in the S-1 is Anthropic, PBC.

There is no separate “Claude stock”. Claude is Anthropic’s product brand, and the only equity tied to it is Anthropic stock itself.

How does Anthropic make money

Anthropic earns revenue by selling access to Claude through three channels:

• Consumer subscriptions: individuals pay a monthly fee for higher usage limits and additional features.
• Team and enterprise plans: organizations pay per seat and, depending on the plan, usage charges, with administration and security controls for deployments across a company.
• API usage: developers and businesses pay for the volume of text Claude processes, measured in tokens, to build Claude into their own products.

The API is the channel that scales with customer activity rather than headcount. Usage-based revenue makes customer expansion and retention important indicators of growth: revenue rises when existing customers run more work through Claude, and falls if they move workloads to competing models.

How much revenue does Anthropic generate

AAnthropic reported $16.286 billion in revenue for the six months ended June 30, 2026, up from $1.163 billion in the same period of 2025. Its operating loss narrowed to $693 million from $2.135 billion a year earlier. The table below also includes full-year 2025 figures for context.

Figures from Anthropic’s Form S-1; half-year figures are unaudited.

The $80.748 billion net loss is the number that made headlines, and it needs reading with the notes: $72.388 billion of it comes from fair-value changes on financing instruments such as convertible notes, an accounting charge that does not involve cash leaving the company. On the operating line, the first-half business was close to break-even on $16 billion of revenue, which is why the operating result and the cash flow line tell a very different story from the net loss.

What is Anthropic worth

Anthropic’s last private valuation was $965 billion, set when it raised $65 billion in Series H funding in May 2026. The S-1 does not state an offering valuation; that will be known only when the price range is set. According to the Associated Press, Anthropic’s IPO could value the company at $1.5 trillion to $2 trillion, potentially placing it among the largest listings on record. That range remains a reported estimate, rather than an officially announced IPO valuation.

Three figures get mixed up in IPO coverage, and they can differ by hundreds of billions of dollars:

• Private round valuation: the $965 billion figure, set by the terms of the Series H and possibly for a share class with different rights from public shares.
• IPO valuation: the figure implied by the final offering price and share count, which only investors who receive an allocation pay.
• Market capitalization: the figure set by the share price once ANT starts trading, and the only one that reflects what public investors actually pay.

When is the Anthropic IPO

Anthropic has not announced a first trading date. The public S-1 filed on October 26, 2026 makes the prospectus available to investors, but the SEC still has to declare it effective, and the company has to set a price range, run its roadshow and price the deal before shares trade. Bloomberg has reported that the roadshow could start as early as the week of November 9, with a debut targeted before Thanksgiving; Anthropic has not confirmed that timetable.

What is the Anthropic stock ticker

Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the proposed ticker ANT. There is no public share price yet; the only Anthropic prices in existence are private transaction prices from funding rounds and secondary sales, which are not available on public exchanges.

What should investors evaluate

The S-1 gives investors their first full look at Anthropic’s business. Five areas decide whether the stock makes sense at whatever price it lists:

• Revenue retention: net revenue retention was approximately 900% as of September 30, 2026, meaning qualifying business customers spent roughly nine times what they did a year earlier, excluding Claude Pro and Max subscribers. That rate reflects a small year-ago base and will come down as the comparison catches up with current scale.
• Compute commitments: at June 30, 2026, Anthropic disclosed $265.6 billion in purchase commitments and $321.4 billion in estimated payments for leases not yet commenced, with about $245 billion more in minimum payments under agreements signed since. These are take-or-pay obligations, so weigh them against expected demand and the $131.7 billion in cash, cash equivalents and short-term investments reported at the same date.
• Competition and pricing: Anthropic competes with OpenAI, Google and open-weight models for the same budgets, and price cuts can erase the margin that higher usage brings.
• Governance: a founder-controlled entity will hold 50.1% of the voting power on most shareholder matters, so Class A holders get the economics with limited influence.
• Valuation: reported expectations of $1.5 trillion to $2 trillion already assume years of rapid growth, and IPO stocks often swing well above or below the offer price in the first weeks.

How to buy Anthropic stock

Once ANT begins trading on Nasdaq, buying it works like any other listed stock: you need a brokerage account that supports US equities and offers the stock, and you buy at the market price on the day, which can sit well above or below the IPO price. The first trading day is usually the most volatile, so investors who want exposure at a steadier price often wait for the initial swings to settle.

Backpack supports trading in listed US stocks, and ANT will be considered for listing once it begins public trading. Backpack will announce officially when ANT becomes available.