The Anthropic IPO: where things stand
Anthropic confidentially submitted a draft S-1 to the SEC on June 1, 2026, days after closing its $65B Series H. It has not yet published the S-1, set a date, chosen a ticker or priced any shares. Reports put the listing on Nasdaq in November 2026, led by Morgan Stanley and Goldman Sachs, and in late September Reuters reported the main figures from a draft prospectus circulated to investors. Anthropic has confirmed none of that.
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, likely the last private round.
- June 1, 2026
Confidential S-1 filed
Anthropic announces it has submitted a confidential draft S-1 to the SEC.
- 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.
- TBD
Public S-1
First public disclosure of audited financials, risks and governance, at least 15 days before the roadshow.
- TBD
Roadshow & pricing
Marketing to institutional investors, then the price and share count are set.
- TBD
Trading begins
Shares list on a public exchange under a yet-unknown ticker.
From confidential filing to first trade
A US IPO follows a fixed sequence, and Anthropic is roughly halfway through it.
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Confidential review
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 has been in this stage since June 1, 2026.
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Public S-1
The company must publish its registration statement, with the earlier drafts, at least 15 days before it starts marketing the shares. This is the first time outsiders see audited numbers. Amendments usually follow, and a later one adds the expected price range.
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Roadshow
Management and the banks pitch the offering to large 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; how much reaches individual investors depends on the banks and brokers involved.
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First trade and lockup
Shares start trading the next morning, and anyone with a broker that offers the exchange can buy them. Existing holders are usually barred from selling for a lockup period, often 180 days, which can weigh on the price when it ends.
What we know about the offering
Anthropic has confirmed only that it filed. Everything else below comes from press reports, so treat it as likely rather than settled.
Timing and venue. Reports put the listing on Nasdaq, led by Morgan Stanley and Goldman Sachs. The target date has moved: first autumn, then October, and in September 2026 The Wall Street Journal reported that the debut had slipped to November.
Size and valuation. Reports in September 2026 described a target valuation of around $2 trillion, roughly double the Series H price, which would make it one of the largest listings ever. Nvidia was reported to be in talks to invest up to $10 billion in the offering itself.
Structure. Anthropic is reported to be considering letting existing shareholders sell some stock in the IPO, paired with longer than usual lockups for what they keep, and to want all employees to sell only through preset trading plans once listed. It has also proposed a share class giving its seven co-founders together 50.1% of the votes, on top of the Long-Term Benefit Trust's power to elect a majority of the board.
Risk disclosure. CNBC reported in August 2026 that the filing would list public backlash against AI and opposition to data centers as risk factors.
What the draft prospectus reportedly shows
Reuters reported on September 28, 2026 that it had seen Anthropic's draft prospectus, which was circulating among investors. It is not yet a public filing, so the figures below can still change, but they are the first look at audited-style numbers rather than run-rates.
| Item | Reported figure |
|---|---|
| Revenue, 2025 | $4.59B, up from $386M in 2024 |
| Revenue, 2026 | $4.73B in Q1 and $11.5B in Q2 |
| Operating loss, 2025 | $8.06B, up from $2.98B in 2024 |
| Net loss, 2025 | $41.97B, of which about $34B is a non-cash charge on convertible financing |
| Compute and infrastructure, 2025 | $7.33B, about 58% of $12.65B in operating expenses |
| Cash and short-term investments | $20.28B at December 31, 2025 |
| Future compute commitments | $518B in cloud, compute and infrastructure obligations, over roughly ten years |
| Largest customers | Two customers at about 12% of 2025 revenue each, without long-term lock-ins |
| Offering | Up to about $100B, at a valuation of around $2T |
The losses look worse than they are, and better than they are. Most of the 2025 net loss is an accounting charge: the value of financing instruments that convert into shares rose with Anthropic's valuation, and that increase runs through the income statement without any cash leaving the company. The operating loss, about $8 billion, is the better measure of how much the business cost to run.
Compute is the cost that matters. It made up well over half of operating expenses in 2025, and the $518 billion of future commitments is more than 25 times the cash Anthropic held at the end of that year. The commitments only work if revenue keeps growing at something like the pace of 2026, where the second quarter alone brought in more than double the whole of 2025.
Two disclosures stand out for anyone weighing the shares. Two customers each brought in about 12% of 2025 revenue and are not locked into long-term contracts, so either could cut back quickly. And about 80 of the prospectus's 261 pages are risk factors, including a warning that Anthropic's models could pose an existential risk to humanity.
What the public S-1 will tell us
The draft above already answers part of this. The public S-1 will confirm the figures and add the rest. These are the numbers and disclosures worth reading first.
Revenue, not run-rate
Until now Anthropic's size has been described as an annualized run-rate. The S-1 shows recognized revenue by quarter, which can differ from a run-rate taken at a peak month.
Margins and profit
Anthropic was reported in September 2026 to expect a second straight quarter of adjusted operating profit. The S-1 will show the GAAP result, including stock-based compensation, and gross margin after compute.
Compute commitments
Multi-year capacity deals with Amazon, Google, Microsoft, SpaceX, Nscale, Lambda and others add up to very large future payments. The S-1 lists contractual obligations, so the total becomes visible.
Customer concentration
Any customer above 10% of revenue has to be named. That will show how much depends on a few large API buyers such as the coding tools.
Governance and voting
The share classes, the Trust's Class T shares, any founder voting class and the board's make-up will be set out in full, including what public shareholders can and cannot vote on.
Use of proceeds
How much the company itself raises, how much existing holders sell, and what the money is for, most likely compute.
Can you buy Anthropic shares at the IPO?
At the IPO price itself, probably only in small amounts, if at all. Most shares in a large offering go to institutions, and individual investors get access only through brokers that receive an allocation, which varies by country.
From the first trade, yes. Once the shares list, anyone with a broker that offers the exchange 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 a ticker is set.
What to watch for
The next big catalyst is the public S-1. Until then, set alerts and follow our daily updates, where we log every filing and report as it lands. When a ticker and price are 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.