Anthropic, the company behind the Claude AI models, is still private, so you can’t buy its shares directly today. That’s about to change. Anthropic has made its S-1 filing public and updated it on November 2 with third-quarter financials, saying it plans to list on the Nasdaq under the ticker “ANT.” It’s reportedly targeting a November listing, which would make it one of the largest public debuts in history.(1), (2), (9) Here’s what we know so far, how to get ready and what your options are in the meantime.
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| Date | Milestone | Status |
|---|---|---|
| May 2026 | $65 billion funding round at a $965 billion valuation(3) | Confirmed |
| June 1, 2026 | Confidential S-1 submitted to the SEC(5) | Confirmed |
| Oct 14, 2026 | Pre-IPO meeting with prospective investors(4) | Held |
| Oct 26, 2026 | S-1 made public, with a planned Nasdaq listing under “ANT”(1) | Confirmed |
| Nov 2, 2026 | Amended S-1 adds financial results through September 30(9) | Confirmed |
| Week of Nov 9, 2026 | Formal IPO marketing could begin(2) | Reported |
| Before Thanksgiving | Trading could begin(2) | Reported |
On June 1, 2026, Anthropic confirmed it had confidentially submitted a draft S-1 registration statement to the SEC, which gave the agency time to review its financials before they were made public.(5), (1) On October 26, the company made the filing public. It says Anthropic plans to list on the Nasdaq under the ticker “ANT,” with Goldman Sachs and Morgan Stanley as the lead underwriters.(1) On November 2, Anthropic filed an amended S-1 that added financial results through September 30. The initial filing only covered the first half of the year.(9) A public prospectus must be filed at least 15 days before the roadshow begins.
Bloomberg reported on October 1 that Anthropic delayed its plans and could start formal marketing the week of November 9, which would put the listing before Thanksgiving.(2) CNBC reports the company is now preparing to kick off its roadshow.(9) Anthropic hasn’t announced a listing date or share price.
Media reports suggest the IPO could value the company at around $2 trillion and raise as much as $100 billion. Anthropic hasn’t confirmed either figure.(2) Its last private valuation was $965 billion.(3)
The company says it plans to use the net proceeds for general corporate purposes, including capital expenditures, working capital and hiring. It also left room to acquire or invest in other businesses, though it has no agreements for any material deals.(1) Alphabet also holds an option to buy up to $10 billion of Class N common stock in a private placement at the IPO price.(1)
The Amodei siblings and Anthropic’s five other co-founders will be the sole members of Founder LLC, which will hold 50.1% of the voting power of outstanding shares.(1) Anthropic says its governance structure has “no direct public company precedent” and is likely to limit the chance of an unsolicited takeover bid or a proxy contest to remove directors.(1) That means public shareholders will have limited say over how the company is run.
The amended S-1 shows revenue of $33.24 billion in the nine months ended September 30, 2026, up roughly 1,200% from the same period a year earlier.(9) Third-quarter revenue was about $17 billion, up roughly 1,127% from a year earlier. Growth slowed from the previous quarter, though. Third-quarter revenue rose about 47% from the second quarter, down from 144% growth in the second quarter and 132% in the first.(9)
The original filing showed revenue of $16.29 billion in the six months ended June 30, 2026, up 1,304% from $1.16 billion a year earlier. Revenue for all of 2025 was $4.59 billion.(1) Consumption-based revenue made up $13.1 billion, or 80% of the first-half total, and subscriptions made up $3.2 billion, or 20%.(1)
Anthropic reported a net loss of $104 billion in the first nine months of 2026, compared with $25.1 billion a year earlier. The company says most of the total reflects changes in the fair value of its convertible notes and derivative liabilities. The net loss for the third quarter alone was $23.29 billion.(9) The first-half loss was $80.7 billion, up from $12.9 billion a year earlier, and Anthropic lost about $41.9 billion in 2025.(1) At the end of June, Anthropic had $6.2 billion in debt, mainly convertible notes issued to Amazon.(1)
Anthropic reportedly told prospective investors on October 14 that third-quarter revenue reached $16.8 billion, up from $11.6 billion in the second quarter. The company also said it was profitable on an adjusted basis in Q3.(4) The amended S-1 puts third-quarter revenue at roughly $17 billion, in line with that figure.(9)
In August, Anthropic told investors its annualized revenue run rate had climbed to $65 billion in July.(6) A run rate annualizes a recent period, so it isn’t the same as audited annual revenue.
As of September 30, Anthropic had more than 11,900 customers that spent $100,000 or more over the trailing 12 months, more than 1,900 that spent $1 million or more and roughly 250 that spent $10 million or more.(1) No single customer made up more than 10% of revenue in the first nine months of 2026, though five customers accounted for about a quarter of it.(1)
The filing also shows how much Anthropic has committed to spend on computing power. In the original filing, non-cancelable purchase commitments rose to $265.6 billion at June 30, up from $54.6 billion at the end of 2025, and future lease obligations reached $321.4 billion.(1) That includes about $3.1 billion a month to SpaceX for Nvidia GPU compute once all promised capacity is delivered, and at least $44.9 billion with Microsoft between November 2026 and May 2033.(1)
The amended filing puts Anthropic’s aggregate committed spend on purchase commitments and lease agreements at about $895.4 billion, substantially all of it related to compute and infrastructure. Compute and infrastructure expenses rose $14.4 billion in the first nine months of 2026, up 329% from a year earlier.(9) The company gets much of its capacity from Amazon, Google and SpaceX, and it also relies on neoclouds for some compute. CNBC notes that worries about rising interest rates and the pace of the AI buildout could weigh on the IPO.(9)
The US Department of Defense labeled Anthropic a supply chain risk in March 2026. A federal judge ruled the label unlawful in August, but on September 25 a federal appeals court upheld the designation in a 2-1 decision.(7) Anthropic said it is considering all options, including further review.
For most people, no. Anthropic’s shares aren’t listed, and secondary marketplaces generally limit pre-IPO trading to accredited investors. Anthropic has also warned that it doesn’t authorize several secondary platforms to sell its shares and that transfers through them may be void.(8)
Some funds hold private AI companies and may include an Anthropic stake, but they come with limited liquidity and their holdings can change. Read our guides to the ARK Venture Fund and the Fundrise Innovation Fund for how they work, and check a fund’s latest holdings before you invest.
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1
Fund your account early
Bank transfers can take a few days, so fund your account before trading opens.
2
Use a limit order
A limit order sets the most you’ll pay, which helps when prices swing in the first hours.
3
Expect volatility
New listings often swing sharply, and insiders are typically locked out of selling for around 180 days.
Until Anthropic lists, these AI and semiconductor stocks offer exposure to the same buildout driving demand for its models.
| Stock | Ticker | What it does |
|---|---|---|
| NVIDIA | NVDA | Designs the GPUs that power most large-scale AI training and inference. |
| Broadcom | AVGO | Supplies custom AI accelerators and networking chips used in data centers. |
| Micron Technology | MU | Makes the high-bandwidth memory chips used in AI servers. |
| Qualcomm | QCOM | Develops on-device AI chips for phones, PCs and edge devices. |
| Teradyne | TER | Produces test equipment used to validate AI and high-performance chips. |
Compare Anthropic’s path with its biggest rival in our guide to buying OpenAI stock. OpenAI also filed confidentially in June, but its executives have signaled they’re aiming for a 2027 debut.(9)
You can’t buy Anthropic stock yet, but the IPO is close. The company has made its S-1 public, updated it with third-quarter financials, plans to list on the Nasdaq as “ANT” and is reportedly aiming to start trading in November. Opening and funding a brokerage account now means you can act when the ticker goes live. Until then, AI and semiconductor stocks offer indirect exposure to the same trend.
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