Anthropic IPO Explained: ANT Ticker, Revenue and Date

Anthropic, the company behind Claude, publicly filed its Form S-1 on October 26, 2026 for a proposed IPO of Class A shares on the Nasdaq Global Select Market under the ticker ANT. The filing is the first official look at its finances, but the share count, price range and valuation are still blank, and no shares can be sold until the registration becomes effective.

Quick summary

• Ticker: ANT on Nasdaq; Goldman Sachs and Morgan Stanley are named as lead underwriters.
• First-half 2026 revenue: $16.29 billion, versus $1.16 billion a year earlier (CNBC, from the S-1).
• Cost of revenue: $2.38 billion, implying about an 85 percent gross margin.
• Net loss for the half: $80.7 billion, which The AI Innovator says was mostly an accounting change to the fair value of certain securities.
• Date: not in the filing. IFR reports a roadshow from the week of November 9 and a debut around November 20, which is unconfirmed.

How much money does Anthropic make?

Revenue was $41 million in 2023, $386 million in 2024 and about $4.6 billion in 2025, according to reports on the filing. For the six months to June 30, 2026 it reached $16.29 billion. CNBC notes growth slowed in the third quarter: roughly 144 percent quarter on quarter in Q2, then about 47 percent in Q3. Morningstar's Michael Field said the prospectus does not explain management's expectations for that slowdown.

Why is the net loss so large?

The headline $80.7 billion net loss looks alarming. The AI Innovator reports it was driven largely by a change in the fair value of certain securities rather than day-to-day operating cash burn. Another report on the filing, from Tilo Mitra's chart breakdown, cites a $974 million operating profit in Q2 2026, described as the first ever. Read both numbers together before drawing a conclusion.

What is the compute problem?

The S-1 says substantially all of the cost of revenue is compute and infrastructure, and that Anthropic has historically operated in an environment where demand exceeded the compute available. IFR reports the prospectus details $637 billion of compute commitments. NeoTeo says workloads are routed across AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs. This is also why GPU supply stories matter beyond gaming, as in our PCB shortage piece.

Who controls Anthropic after the IPO?

Anthropic is a public benefit corporation. CNBC reports seven co-founders, including CEO Dario Amodei, hold a single Class F share carrying 50.1 percent of the voting power on shareholder matters. The filing itself says its structure has no direct public company precedent.

What valuation and date are expected?

Anthropic has not set one. Analyst estimates quoted by CNBC range from $1 trillion to $2 trillion, and The Hindu BusinessLine reports a target of $1.5 to 2 trillion, which is reported, not official. WSJ says updated paperwork with price details should follow roughly two weeks after the public filing. IFR reports the offering could be $75 to $100 billion. All of this can change.

Can you buy Anthropic shares from India?

Not yet: the registration is not effective and the shares are not trading. Once listed on Nasdaq, Indian investors would need an account with a broker offering US stocks, and should check current RBI and broker rules. This is not investment advice.

For how Claude stacks up on the model side, see our Gemini 4 Carbon vs Claude Opus 5.5 comparison.

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