Anthropic, the company behind the Claude AI assistant, is going public. On Oct. 26, 2026, it filed its S-1 registration statement with the U.S. Securities and Exchange Commission and said it plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. There’s no official trading date or share price yet, but The Wall Street Journal reported the company is targeting a debut in the week of Nov. 16, at a valuation of $1.5 trillion to $2 trillion.
That would make it one of the biggest IPOs ever. Here’s what the filing actually says, when ANT stock could start trading, and how regular investors may (or may not) be able to buy in.
Anthropic IPO at a Glance
- Ticker: ANT, on the Nasdaq Global Select Market
- Filing date: Oct. 26, 2026 (public S-1; the company filed confidentially in June)
- Price range and share count: not set yet; both are left blank in the filing
- Reported timing: the week of Nov. 16, according to the WSJ (not confirmed by Anthropic)
- Reported valuation target: $1.5 trillion to $2 trillion
- Lead underwriters: Goldman Sachs and Morgan Stanley, heading a group of 22 banks
When Does Anthropic Stock Start Trading?
Officially, nobody knows yet. Anthropic’s own announcement says “the number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined.” The usual next steps are an amended filing with a price range, a roadshow where the company pitches big investors, and then a pricing date the night before shares begin trading.
The week of Nov. 16 is the date most people are working from, based on the WSJ report. Prediction-market traders are less sure: on Polymarket, according to Yahoo Finance, traders gave about 27% odds of a listing by Nov. 20, 52.5% by Nov. 25 and 82% by the end of the year. Timelines can slip, and an offering can be postponed or canceled if markets turn rough.
How Much Could Anthropic Be Worth?
The filing itself doesn’t put a number on the company. The $1.5 trillion to $2 trillion range comes from press reports. For context, NPR notes that would put Anthropic in the same league as SpaceX, which was valued at around $1.8 trillion when it listed in June. Anthropic’s last private round in May valued it at $965 billion after the money came in.
What the S-1 Reveals About Anthropic’s Business
Revenue is growing incredibly fast
Anthropic reported $16.29 billion in revenue for the six months ended June 30, 2026, up from $1.16 billion a year earlier. For all of 2025, revenue was $4.59 billion. In the second quarter alone it brought in $11.6 billion and posted its first operating profit in the periods disclosed, about $974 million.
Most of that money comes from businesses. More than 11,900 customers paid Anthropic at least $100,000 over the trailing 12 months as of Sept. 30, and CNBC reports the company’s net revenue retention was around 900%, meaning existing customers are spending roughly nine times more than a year earlier. About 80% of first-half revenue was usage-based rather than flat subscriptions.
But the headline loss is huge
Anthropic reported a net loss of $80.7 billion for the first half of 2026. About $72 billion of that came from accounting charges tied to its convertible notes, which grew in value as the company’s own valuation rose. It isn’t cash out the door, but it’s the kind of number investors will want to understand before buying.
It’s committing to enormous computing bills
Running and training AI models takes a staggering amount of computing power. The filing lists long-term commitments including at least $110 billion with Amazon through 2036, $114.5 billion on Google’s chips through 2033, at least $44.9 billion with Microsoft, and up to $120.5 billion with SpaceX into 2029. Anthropic warns that if it can’t secure enough compute, it “risks falling behind the technological frontier.”
The founders keep control
Buying ANT shares won’t give you much say in how the company is run. Anthropic is a public benefit corporation, and a special Class F share held by a company owned by its seven co-founders will carry 50.1% of the voting power. A separate Long-Term Benefit Trust elects a majority of the board. Anthropic itself says this setup “has no direct public company precedent” and may make it harder to replace management.
More than 90 pages of risk factors
The prospectus is unusually blunt about risks: an ongoing dispute with the Pentagon over a “supply chain risk” label, possible misuse of its models, dependence on chipmaker TSMC in Taiwan, data center moratoriums in U.S. states, and tough competition from OpenAI and Google. If you’re curious how tech outages and cloud dependence can ripple out to everyday apps, see our explainer on the Google Cloud outage that hit major bank apps.
Can Regular Investors Buy Anthropic Stock?
Before the IPO: almost certainly not
Anthropic is still private, and its shares can only change hands with board approval. Be very careful with anyone offering “pre-IPO” Anthropic shares, tokens or special purpose vehicles. Saxo notes that Anthropic tells investors to assume such offers are invalid, and its transfer restrictions prohibit SPVs from acquiring its stock.
At the IPO price: maybe, through a broker
Retail access hasn’t been confirmed. According to NerdWallet, the prospectus says underwriters may set aside shares for their online brokerage customers, which hints at E*TRADE (owned by Morgan Stanley). When SpaceX listed, E*TRADE, Fidelity, Charles Schwab, Robinhood and SoFi offered IPO shares directly, so watch those platforms’ IPO sections.
The general process looks like this:
- Open or update an eligible brokerage account and complete any investor profile your broker requires.
- Read the prospectus once the price range is published.
- Submit a request, sometimes called an indication of interest, for the number of shares and the maximum price you’re willing to pay.
- Keep enough cash in the account to cover the purchase.
- Find out the night before or the morning of the IPO whether you got any shares.
Demand will likely be enormous, so many people will get only part of what they ask for, or nothing. Robinhood, for example, says its IPO Access uses random allocation, and the size of your request doesn’t change your odds.
After trading starts: yes, at the market price
Once ANT is listed, anyone with a regular brokerage account should be able to buy it like any other stock. You’ll pay whatever the market price is, which can be well above (or below) the IPO price on day one. Hot IPOs often swing sharply in their first weeks.
Things to Keep in Mind Before You Buy
- Insiders can sell early. Unlike the typical 180-day lock-up, Anthropic’s staggered schedule lets employees and early investors sell some shares from day one, with more lock-ups ending 27, 48, 62 and 76 days after the IPO, according to CNBC. That can add selling pressure.
- The ticker is shared in Canada. A small mining exploration company, Anteros Metals, already uses “ANT” on the Canadian Securities Exchange. Double-check you’re buying the Nasdaq listing.
- The AI trade is shaky right now. CNBC reports that some AI data center stocks lost over 30% of their value in October, and several AI-related IPOs were pulled or delayed.
- Rates matter too. Big growth stocks are sensitive to interest rates, and the Federal Reserve meets this week. Our guide to the Oct. 28 Fed meeting explains what’s at stake.
None of this is investment advice. If you’re thinking about putting real money into a single IPO, it’s worth deciding in advance how much you’re comfortable losing, especially with prices for gas, heating and everyday bills already squeezing budgets (see our tips on saving on gas this fall).
Frequently Asked Questions
What is Anthropic’s stock ticker?
Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT.
When is the Anthropic IPO date?
No official date has been announced. The Wall Street Journal reported the company is targeting the week of Nov. 16, 2026.
What will the Anthropic IPO price be?
The price range hasn’t been set. It should appear in an amended filing before the roadshow.
Can I buy Anthropic stock on Robinhood?
Robinhood hasn’t been confirmed as an IPO partner. If it’s invited to distribute shares, they’d show up in its IPO Access feature. Either way, you should be able to buy ANT on most brokerages once it starts trading.
Do Amazon and Google own part of Anthropic?
Yes. Amazon has invested $13 billion since 2023 and its stake is capped at 12%, according to the filing as reported by CNBC. Google has an option to buy up to $10 billion in shares at the IPO price. Owning Amazon or Alphabet stock gives you indirect exposure, but not ownership of Anthropic.
This article is for general information only and isn’t financial advice. Details may change as Anthropic updates its filing; we’ll update this post when the price range and date are announced.
Featured image: Nasdaq MarketSite by Luca Marfè at Italia all’ONU, via Wikimedia Commons, licensed CC BY 2.0.
