Anthropic IPO: Everything to Know About the Company Behind Claude

By Stock Titan Editorial Team Published October 26, 2026, 10:48 AM EDT · Updated October 26, 2026, 11:17 AM EDT

Anthropic IPO date, ticker, price and valuation

The Form S-1 filed on October 26 is for Class A shares, with one vote each, on the Nasdaq Global Select Market. Goldman Sachs and Morgan Stanley head the 22 banks on its cover.

The price range, the number of shares and the amount raised are blank, and Anthropic’s announcement says they “have not yet been determined”. An amended filing will fill them in. Some existing holders will sell shares too, and that money goes to them, not to Anthropic.

The offering reaches beyond the US. The S-1 lists public offerings in Australia, Canada, certain European Economic Area states, Japan, Switzerland and the UK, with a European retail offering under a separate prospectus. It describes no directed share program, the set-aside of IPO shares for friends, customers or users that some companies run.

Before trading, Anthropic has to file that range and market the shares on a road show, the tour where banks pitch them. The SEC then has to declare the filing effective. It first sent the SEC a confidential draft on June 1, EDGAR shows.

Under the SEC staff’s draft filing accommodations, such a company files publicly at least 15 days before its road show. Counting from October 26 gives November 10, the earliest date the practice allows and no forecast. SpaceX filed its S-1 publicly on May 20 and its final prospectus, with the price, on June 12, according to EDGAR.

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Date	Event
Jan 2021	Incorporated as a Delaware public benefit corporation
Q1 2023	Claude launches commercially
Feb 2026	President says he directed agencies to stop using its technology
May 2026	Computing agreements with SpaceX begin
Jun 1, 2026	Confidential IPO draft sent to the SEC
Oct 26, 2026	Public S-1 filed for a Nasdaq listing as ANT
Nov 10, 2026	Earliest road show date under SEC staff practice

The S-1 gives no value for the company. Its last private sale was at $589.0095 a share, for Series H-1 preferred stock, a class sold to private investors, the S-1 says. Each converts into 10 Class A shares, about $58.90 each by our calculation. That private price is no guide to the IPO price. Preferred stock carries rights the public shares lack, and a company value also needs the total share count, which is blank. The price range will give the first public measure.

What does Anthropic sell, and how fast is it growing?

Developers reach the models through the Claude Platform, and people use apps such as Claude Code, a coding assistant, and Claude Cowork, the S-1 explains. The models run from the large Mythos and Opus down to the smaller Sonnet and Haiku.

Its newest models have already met a government limit. In June 2026 the Commerce Department put worldwide export restrictions on Fable 5 and Mythos 5, the S-1 says. Anthropic switched both off for every customer until the restrictions were lifted.

Most of the money is pay as you go. About 80% of first half revenue came from customers paying for what they use, measured in tokens, the small chunks of text a model reads and writes. Subscriptions made up the rest.

Revenue was $16.3 billion in the six months to June 30, against $1.16 billion a year earlier. The second quarter alone brought in $11.6 billion, more than all of 2025.

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Category	Value
Q1 2025	$0.4B
Q2 2025	$0.8B
Q3 2025	$1.4B
Q4 2025	$2.0B
Q1 2026	$4.7B
Q2 2026	$11.6B

The customer base is widening. Businesses paying $100,000 or more a year rose from more than 950 to more than 11,900 in the year to September 30.

The biggest spenders are growing too. More than 1,900 customers paid $1 million or more over that year, and about 250 paid $10 million or more.

A few large customers still matter. The top five made up about 25% of revenue in the first nine months of 2026, when no single customer passed 10%, the S-1 says.

Earlier periods were more concentrated. Two customers made up 12% each in 2025, and one made up 11% in the first half of 2026.

The company warns that its growth rate will likely decline over time. It had about 5,300 employees on September 30, and revenue over the previous 12 months of more than $6.6 million per employee, the S-1 says.

Is Anthropic profitable?

In the second quarter Anthropic made an operating profit of $974 million, the profit from running the business before financing items. It was the first of the six quarters the filing shows. Over the first half the operating result was a loss of $693 million.

The operating margin, the operating result as a share of sales, was minus 4% in the first half and 8% in the second quarter.

The company also reports an adjusted margin, its own measure outside standard accounting rules (non-GAAP), which leaves out stock pay, non-cash donations and the copyright settlement. It was 10% and 19% for the same periods. The S-1 shows no gross margin, because in 2025 Anthropic stopped reporting cost of revenue and gross profit as separate lines.

Stock pay for employees cost $1.2 billion in 2025 and $2.2 billion in the first half of 2026.

A bigger charge arrives with the IPO. Had the offering closed on June 30, Anthropic would have booked $2.9 billion of cumulative expense at once for stock units whose vesting condition is met when the S-1 takes effect, the S-1 says. Another $23.7 billion would follow over about 2.1 years.

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Step	Value
Operating loss	-$0.7B
Interest income	+$1.1B
Notes worth more	-$72.4B
Other expense and tax	-$8.8B
Net loss	-$80.7B

The big item, $72.4 billion, is the change in fair value of convertible notes and similar deals. A convertible note is a loan that later turns into shares, and as Anthropic’s value rose the notes were worth more, which the S-1 books as a cost. No cash leaves for it, but in our reading it is not free, since every other holder owns a smaller slice once the notes turn into shares.

Another $8.8 billion of other expense and tax came mainly from new note purchase agreements, the company says. Interest on its cash brought in $1.1 billion.

The cash numbers point the other way. Operations brought in $3.9 billion of cash in the first half, after using $1.5 billion a year earlier. The S-1 credits a smaller loss once non-cash items are set aside, and the timing of payments to suppliers and from customers.

How much money has Anthropic raised?

Series H-1 alone raised about $45.7 billion in May and June 2026, nearly twice what Series G-1 alone raised early in the year, the S-1 shows. Anthropic also raised money through other series sold alongside them, including shares bought by Google and Amazon.

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Category	Value
C 2023	$0.4B
D 2024	$1.2B
E-1 2025	$3.6B
F-1 2025	$13.0B
G-1 2026	$23.5B
H-1 2026	$45.7B

Much of that money still sits in the bank. Anthropic held $131.7 billion of cash and short-term investments on June 30, and the S-1 lists computing and hiring among the uses of the IPO money. Part of that money will also pay the tax withholding on employees’ stock units that settle at the IPO.

It can borrow too. In September 2026 it expanded its revolving credit facility, a standing line of credit secured by its assets, to $15 billion, running to September 4, 2031. Under the earlier, smaller facility it had drawn nothing as of June 30, the S-1 says.

Who owns and controls Anthropic?

The S-1’s ownership table lists each of the seven co-founders with about 232 million to 245 million Class A shares. They include chief executive Dario Amodei and president Daniela Amodei. Five of them are listed among the holders selling shares in the IPO, with the amounts still blank.

Amazon has put in $18.0 billion since 2023, by our sum of the figures in its quarterly report. Its notes turn into shares at the IPO only until Amazon would hold 12% of the company, unless it waives that limit.

Google bought about $20.0 billion of preferred stock in 2026 alone, the S-1 says, and may buy up to $10.0 billion more at the IPO price. Neither giant’s shares carry a vote.

Microsoft is an investor too. It reported a $3.2 billion gain on its Anthropic stake in its June quarter, its results release shows.

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1. Long-Term Benefit Trust: 1 Class T share to Board of directors: elects the majority of directors.
2. Founder LLC: 7 founders, 1 Class F share to Board of directors: casts 50.1% of votes for the other seats.
3. Class A holders including IPO buyers to Board of directors: shares other 49.9% with other voters.
4. Board of directors to Anthropic PBC: runs the company.

Control rests on two special shares. A Long-Term Benefit Trust, with five trustee seats of which one is vacant, holds a Class T share that elects most of the board. A company owned by the seven co-founders gets one Class F share worth 50.1% of the vote, including for the remaining seats.

Neither special share carries any claim on profits. Together, the S-1 says, the trust and the founders “will have the ability to elect all members of our board of directors”. The founders’ share ends on events, such as fewer than three founders remaining in their group for 90 days in a row, with no calendar date.

Anthropic is a public benefit corporation, a company whose directors must weigh a stated purpose alongside profit. It has never paid a dividend and does not expect to.

It has also given away part of itself. The S-1 says Anthropic contributed 5% of its fully diluted shares, a count that includes shares options and notes could create, to the Anthropic Public Benefit Fund, a subsidiary for its stated purpose. After the IPO its board may add up to 2% more each time the share price rises and stays 50% above the previous milestone, starting from the IPO price.

Daniela Amodei chairs the board, and Reed Hastings is Lead Independent Director. As a controlled company under Nasdaq rules it may skip some governance requirements, but the S-1 says it will use that exemption only for its nominating and corporate governance committee.

Dario Amodei’s pay for 2025 totalled $17,958,298 in the S-1’s compensation table, most of it stock and option awards valued when granted. Daniela Amodei’s totalled $16,408,998.

How much does Anthropic spend on computing, including SpaceX?

Those minimums run under contracts lasting into 2033 and 2036, the S-1 says, and Microsoft adds a third, so the three total $269.4 billion over their full terms. Anthropic held $131.7 billion of cash and short-term investments on June 30, and the S-1 leaves blank how much falls due each year.

The giants also sell Claude for Anthropic. Sales through the cloud marketplaces of Amazon, Google and Microsoft made up about 48% of first half revenue, so the same companies are owners, suppliers and sales channels. The largest single line, about $161.2 billion of rent on five year Broadcom equipment leases, is fixed too.

In our reading the bills and the sales do not move alike. “Many of our customer contracts allow customers to reduce usage or terminate with limited or no notice,” the S-1 says, though a growing number of large customers sign yearly or longer contracts with minimum spending.

SpaceX is another major computing supplier. Its final prospectus of June 12 says Anthropic signed in May for about 325,000 Nvidia GPUs, graphics chips widely used for AI, and “agreed to pay us $1.25 billion per month through May 2029”.

The S-1 shows more since. Between May and October Anthropic signed and amended several agreements with SpaceXAI, the unit once called xAI, worth up to $120.5 billion into 2029. Together they cost about $3.1 billion a month once all capacity arrives, expected in December.

That combined rate is about 2.5 times the June figure. It covers more agreements, so it measures a bigger relationship, and the S-1 does not say how many chips it buys.

Show the data

Category	Value
To SpaceX, full rate	$9.30B
SpaceX AI sales, Q3	$7.56B
Anthropic computing, Q2	$5.56B
To SpaceX, June rate	$3.75B

Three months at the full rate come to about $9.3 billion. That tops the $7.56 billion SpaceX’s AI segment, which it calls SI, took in during the third quarter, per its quarterly report. The comparison shows scale only, since it sets a future rate against a past quarter.

The SpaceX deal can end quickly. After first periods ending in January and March 2027, either side can cancel on 90 days’ notice, the S-1 says, unlike the Amazon, Google and Microsoft minimums. SpaceX is renting more chips of its own from an Apollo-managed entity, as StockTitan reported this morning.

Why has Washington moved against Anthropic?

In February 2026, the S-1 says, the President stated that he had directed federal agencies to stop using Anthropic’s technology. The Department of War moved to designate it a supply-chain risk to national security. The Secretary of War said that “no contractor, supplier, or partner that does business with the United States military may conduct any commercial activity” with it, the S-1 says.

A federal court in California largely ruled for Anthropic in August. On September 25 the federal appeals court in Washington, the D.C. Circuit, upheld one designation in a 2 to 1 decision. Anthropic has asked the full court to hear it again.

Government contracts brought in about 1% of revenue, the S-1 says, but it warns the effects can reach companies that work with the government too.

What are the main risks in Anthropic’s S-1?

In plain words, these are the main risks the S-1’s summary names:

• Its models could fall behind rivals’ models, or it could fail to secure enough computing to train and run them.
• It depends on its co-founders and key researchers, and on keeping its culture as it grows.
• Claude could be misused, or could act in ways nobody asked for, which could bring lawsuits and rules.
• A few customers and sales channels bring in a large share of revenue, and its growth rates so far are no guide to the future.
• It relies on a few cloud providers and suppliers, some of which also invest in it and buy from it.
• Its share structure may leave Class A holders unable to influence big decisions, and its public benefit duty may weigh against profit.

The detailed risk factors are blunter. If the computing it gets from others “is curtailed, repriced, or terminated”, the business could suffer, the S-1 says. It notes that some places are “considering or have approved moratoriums on new data center construction”.

On insurance, it says that after a catastrophic AI incident “no single insurer, and potentially the insurance industry in the aggregate, may have sufficient capacity” to cover it. It also reports concerns that advanced AI could “pose catastrophic or existential risks to humanity”, especially if misused or left to act with a high degree of autonomy.

Lawsuits are a cost it already knows. Its $1.5 billion copyright settlement, approved in July, is one the S-1 names.

What do Anthropic’s numbers mean for the stock?

Put together, the S-1 describes a business whose loss is mostly an accounting effect of its own rising value and whose operations generated cash in the first half of 2026. In our reading its real risk sits in the bills it has signed, which are fixed while much of its revenue depends on how much customers use.

Those bills go in large part to Amazon and Google, the same companies that own big stakes and resell Claude. Buyers of ANT shares will not decide who sits on the board. The price range, once filed, is the figure all of this will be set against.

Insiders can sell only in stages. Existing holders have agreed to lock-ups, periods in which they will not sell, that release shares step by step, the S-1 says. Most end by about 180 days or the first quarter 2027 results, while holders of more than 0.5% of the shares and the co-founders wait up to about a year.

The co-founders may sell up to 29% of their locked shares from the earlier of the first quarter 2027 results or day 180. Shares they sell in the IPO itself are not locked up, and the lead banks can release shares early.

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