Anthropic IPO: S-1 Filed, Ticker ANT, Lockup, Price & Date

Update (October 27, 2026): Anthropic filed its Form S-1 publicly on October 26, 2026, and we rewrote this page from the filing.

The table shows what the filing settles and what it leaves blank. You can read the filing yourself on SEC EDGAR.

Each row is labelled SEC-filed (S-1), company-stated, reported by a named outlet, or publicly checkable; our editorial policy explains the labels.

Not yet. Anthropic publicly filed its Form S-1 with the SEC on October 26, 2026, but its shares are not listed on any exchange and you cannot buy them through a brokerage account today. The filing is a step toward an IPO, and the price, share count and date are still blank.

A company going public moves through stages, and only the last one produces something you can buy. On June 1, 2026, Anthropic announced it had confidentially submitted a draft S-1, which let the SEC start its review in private. On October 26 it filed the S-1 publicly. An S-1 is the registration statement a company files before selling shares to the public. It holds the audited financial statements, the share structure, the risk factors and the plan for the money. You can now read Anthropic's on SEC EDGAR.

Still to come: an amended filing with the price range, the roadshow (the marketing tour where the banks pitch the shares to large investors), the pricing, and then the first trade. For a fuller walk through the mechanics, see what an IPO actually is.

Anthropic's proposed stock ticker symbol is ANT. Its S-1, filed October 26, 2026, says: "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol 'ANT.'" (SEC-filed, S-1). Class A is the type of share sold to the public in the IPO.

One word in that sentence matters: "applied." Nasdaq has not approved the listing yet. In its summary table, the S-1 calls ANT the "proposed trading symbol": reserved, not trading. If you type ANT into a brokerage app today, you will not find Anthropic shares to buy, because nothing has started trading. Until the first trade, ANT has no quote or price, and you cannot place an order for it.

Watch out for look-alikes. Some coverage before the filing guessed ANTH, and data vendors still show private-market codes like ANTH.PVT. ANTX is a different company altogether. None of these is Anthropic's ticker, and the next section explains what the vendor codes are.

No. Anthropic's proposed ticker is ANT (SEC-filed, S-1). Codes such as ANTH.PVT, ANTHR.FG, ANTHRO and ANTHZZX shown by financial-data platforms are third-party or private-company identifiers. They are not Anthropic's exchange ticker, and they do not mean Anthropic is publicly traded.

Data providers need somewhere to file a private company in a system built for public ones. So they assign it an internal reference, and because their pages are laid out for listed stocks, that reference lands in the slot where a ticker normally sits. The number beside it is an estimate, not a live quote.

Someone searches for the ticker, lands on a page showing a code and a number, and concludes they have found a tradeable stock. Given what is on the screen, that conclusion is reasonable. It is also wrong. One more trap: ANTX looks close, but it belongs to a different company, AN2 Therapeutics.

Anthropic does not have a public stock price yet. Its S-1, filed October 26, 2026, leaves the price range blank, and no Anthropic share trades on an exchange. Some financial websites display an estimated or private-market figure, but those are not prices set by trading on a public exchange.

Yahoo Finance provides the clearest example, which showed $589.01 against ANTH.PVT when this page was checked on September 4, 2026. That figure is a Forge Price, a modeled estimate built from funding rounds, private transactions and indications of interest. Yahoo says plainly that it "is not a quotation." It also matches, to the cent, the $589.0095 a share that Series H investors paid in May and June 2026, according to the S-1, so the figure appears to be the last funding-round price rather than a trade (our comparison).

So the number is not invented, and the site is not hiding anything. The figure comes from a private-market calculation that ordinary investors cannot access through a normal brokerage account, and Yahoo labels it as one. But it is not a stock price. A listed share price comes from buyers and sellers trading continuously on an exchange, and nothing like that exists for Anthropic today.

The providers did not agree with each other either. In early September, before the split, Nasdaq Private Market put Anthropic at roughly $730 a share (about $73 after dividing by 10), while Hiive showed figures above $1,300 (about $130). That is a spread of more than two to one, because each provider models different inputs with different methods.

Anthropic split its stock 10-for-1 on September 17, 2026 (SEC-filed, S-1), so each old common share became ten new ones. Preferred shares were not split; each now converts into ten common shares. All three figures above were checked before the split, so divide any pre-split figure by 10 before setting it next to an IPO price: $589 becomes about $58.90 (our arithmetic).

If you searched for the Anthropic stock price and found a number, that is almost certainly what you found.

No Anthropic IPO date has been set: the S-1 filed on October 26, 2026 leaves it blank, and Anthropic says the share count and price range "have not yet been determined." What the public filing does give you is a floor: under SEC staff procedures for confidential draft filers, the roadshow cannot start until at least 15 days after the public filing, which on our arithmetic means no earlier than about November 10, 2026.

An IPO roadshow usually lasts about one to two weeks before pricing (general practice), so trading generally follows the roadshow by days, not months. Trading starts, the S-1 says, on "the first trading day following" the date of the final prospectus, the finished offering document dated at pricing.

The reported timetable has moved several times. Reuters first reported, on September 5, that the listing would come days before the November 3 midterm elections, then on September 28 that the debut would likely come after them. Bloomberg reported on October 1 that marketing could begin the week of November 9, the week the 15-day floor falls in. The Wall Street Journal reported on October 26 that Anthropic is aiming for the week of November 16.

Yahoo Finance worked out on October 27 that the earliest Anthropic could start trading is Monday, November 16. Its steps: the roadshow can start Tuesday, November 10; the SEC is closed on November 11 for Veterans Day; and a company must ask the SEC at least two business days ahead to declare its filing "effective", the SEC sign-off that lets the shares be sold. That makes Friday, November 13 the earliest pricing night. It assumes a roadshow of only a few days, well under the usual one to two weeks, so a later date in November fits the rules just as well. Those are press reports and press arithmetic, not dates in the filing.

IPO timing depends on the SEC finishing its review, on markets holding steady, and on the company deciding demand is there. Companies have delayed listings by weeks over a bad market stretch and by months over a review question. Some never happen: companies withdraw, postpone or change route.

The sequence stays fixed even when the calendar moves. A confidential draft goes to the SEC, then a public filing appears, then an amended filing with a price range, then the roadshow, then pricing, then the first trade. The first two steps are complete. The next one to watch on EDGAR is the amendment, filed as an S-1/A, that fills in the price range.

For a sense of how the last stages play out, how the SpaceX debut actually traded walks through a comparable listing from pricing through the first close.

Anthropic's IPO price range is blank. On the cover of the S-1 filed October 26, 2026, the range reads "between $ and $", with the numbers left out, and Anthropic says the share count and price range "have not yet been determined." The range normally arrives first in an amended filing, usually about one to two weeks before the final price is set the night before trading (general practice).

That range is the number you would actually meet first, and it is often revised up or down before pricing night. According to the filing, the final price will be "determined by negotiations among us, the selling stockholders, and the representatives." In plain English: Anthropic, the existing holders selling shares, and the two lead banks agree it between them.

The $65 billion figure you have seen is not the IPO raise. That was the Series H, a private funding round (rounds are lettered in order, so H came after A through G) that Anthropic announced on May 28, 2026. Anthropic's S-1 records the Series H shares sold "at a price of $589.0095 per share, for aggregate gross proceeds of $65.2 billion." Anthropic put the company's value at $965 billion post-money, meaning including the new cash; that figure is company-stated and is not in the S-1. An IPO is different. According to the S-1, Anthropic will sell new shares and existing stockholders will sell some of theirs, and Anthropic only receives money for the new shares. Neither count is filled in yet. The Wall Street Journal reported on October 26 that the IPO could raise $100 billion or more; that is reported, and the S-1 leaves the offering size blank.

Old per-share prices will not tell you the IPO price either. Anthropic split its stock 10-for-1 on September 17, 2026, so divide any earlier per-share figure by 10 before comparing. And until the amended filing gives a share count, no valuation figure in the press can be turned into a price per share.

Anthropic's lockup period runs up to 180 days (about six months) after the IPO for employees, officers, non-founder directors and some other holders, and up to 365 days (about a year) for the seven co-founders and certain holders of more than 0.5% of the company (SEC-filed, S-1). Each lockup ends sooner if a named earnings report comes out first. A lockup is a promise by people who already own shares not to sell them for a set time after the IPO, so the market is not flooded with stock on day one. How much of the company sits on each track is blank in the filing.

Holders fall into four groups. For each, the lockup ends on whichever comes first: a fixed day count, or a named earnings report. Day 0 is the date of the final prospectus, usually pricing day, and trading starts the next trading day. The earnings trigger is 6:00 AM Eastern Time on the second full trading day after Anthropic publishes its full results for a named quarter; quick "flash" or preliminary numbers do not count. Companies usually publish a quarter's results a few weeks after it ends; for example, January to March results typically arrive in April or May (general practice, not a filing fact).

Inside each lockup there are staged early releases. Group 1 can sell up to 10% of their locked shares from the first trading day. Group 2 gets steps from day 27. Group 3 follows the same early dates with steps about 30% as large, then a longer ladder through 2027. Nobody is named as being in group 2 or group 3; group 3 is "certain of our stockholders holding more than 0.5% of our fully diluted shares," meaning every share that would exist if all options and convertible securities became stock. The co-founders can sell up to 29% once day 180 or the January to March 2027 results arrive, whichever comes first. Anthropic itself agreed not to issue new shares until that same point, with exceptions. The table's last column adds the steps up (our arithmetic).

Every percentage is a cap: "up to" is how much holders may sell, not a forecast that they will. The lead banks can also change the schedule. In the filing's words, Goldman Sachs and Morgan Stanley, "in their joint discretion, may release the lock-up securities described above in whole or in part at any time." In certain circumstances, an early release like that triggers a matching release, in proportion (pro rata), for certain other holders.

Why it matters: when insiders become free to sell, the number of shares that can trade goes up. That is a change in supply, not a prediction of what the price will do.

Every share count is blank, so nobody can yet say how many shares each step frees. The filing also notes that some shares outside these agreements can be sold under the SEC's resale rules for restricted and employee shares (Rule 144 and Rule 701). The day counts become calendar dates once the final prospectus is dated. The full schedule is in the S-1's Underwriting section, with a summary under Shares Eligible for Future Sale. For the general mechanics, see when insider lockups expire, and for a lockup we turned into dates, the SpaceX IPO explainer.

You cannot buy Anthropic stock today because it is not listed yet. Once it lists under the proposed ticker ANT, buying it works like buying any other listed share through a brokerage account. Some brokerages run IPO programs that occasionally allocate shares at the offer price, but access is limited and never guaranteed.

There are two routes to ending up with shares on day one, and they are not equally available.

An allocation at the offer price is one route. This is the route institutions take. No retail platform is named in the filing, which says only that "the representatives may agree to allocate a number of shares of our Class A common stock to underwriters for sale to their online brokerage account holders." In plain English, some of the banks selling the IPO may pass a slice to their own online brokerage customers. Asking for shares is not the same as getting them, and the banks may reject orders "in whole or in part."

Reported, not in the S-1: Bloomberg reported on October 27, 2026 that Anthropic picked JPMorgan to lead US sales of shares to individual investors and has weighed setting aside about 15% to 20% of the IPO shares for retail. The same report says JPMorgan is coordinating outreach to wealthy and private-banking clients and to broker platforms, and that Citigroup is to coordinate the international retail offering, in Australia, Canada, Japan, the UK, Switzerland and some European Economic Area countries. Terms may change. A bank leading retail sales does not mean any particular app's customers will get shares at the offer price.

Buying on the open market once trading has started is the other route. Most people with a brokerage account can do this once their broker supports the new stock, subject to the broker's own rules, and it is how most individual investors end up holding a newly listed stock. You pay whatever the market is asking at that moment, which is often not the offer price. That gap is covered further down.

Existing stockholders will also sell shares in the IPO alongside the company, the filing confirms. Reuters, citing The Information, had reported this in advance, and it is now SEC-filed. The money from their shares goes to them, not to Anthropic.

StockCram is not affiliated with, endorsed by, or sponsored by any brokerage mentioned on this page.

You cannot buy Anthropic shares through a normal brokerage account before its IPO. Some accredited investors (people who meet SEC income or wealth tests) or institutions may be able to take part in board-approved private transactions, but Anthropic says transfers made without that approval are void and will not be recognized on its books.

Anthropic's published guidance warns about unauthorized sales of its stock. Its position is that transfer restrictions in its bylaws apply to both preferred and common stock, that any transfer without board approval is void rather than merely disputed, and that it does not permit special purpose vehicles (funds set up to pool money for one investment) to hold its shares. Where a transfer into such a vehicle lacked approval, the company's position is that the whole chain fails. It also publishes a short list of firms it says are not authorized to buy or sell its shares.

We are describing the mechanism here, not pointing you toward it. A buyer in that position is not a shareholder in a dispute; on the company's account they are not a shareholder at all. A marketplace can show you a listing on a company this restricted. Whether Anthropic will acknowledge the transfer is a separate matter.

For the wider picture, the wider 2026 AI IPO wave covers the whole group.

There is no Claude stock. Claude is a product, not a company. Anthropic makes it, and Anthropic's proposed ticker is ANT (SEC-filed, S-1), so no Claude ticker exists and there is no way to invest in Claude directly.

So searches for Claude stock, Claude ticker, or how to invest in Claude are all really searches for Anthropic, and the answer is the one on the rest of this page. Anthropic has filed to go public, and nothing trades on an exchange yet.

Several large listed companies have invested in Anthropic. According to the filing, Amazon and Google will each hold more than 5% of outstanding capital stock, after the preferred and note conversions, in Class N shares, which carry no vote; the exact percentages are blank. A share of Amazon or Google is a slice of that whole company: its cloud business, its advertising, its stores and everything else. An Anthropic stake is one item among many, so the share price mostly follows the rest of the business, and owning it does not make you an Anthropic shareholder.

If the mechanics of how ownership and share prices actually work are new to you, how share prices and valuation work starts from the beginning.

Anthropic's S-1, filed October 26, 2026, settles most of the structural questions and leaves the price-setting numbers blank. It gives the proposed ticker ANT on Nasdaq, says the IPO money is for "general corporate purposes", confirms that existing stockholders will sell shares too, and records a 10-for-1 stock split on September 17, 2026. The price range, share count and offering size are all blank.

Where the money goes. Anthropic says it will use its share of the money for "general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel." Part of it will pay the tax withheld on employee stock awards (RSUs, or restricted stock units) that pay out at the IPO. The filing adds: "we will have broad discretion in using these proceeds."

Who gets paid. Some shares in the IPO come from Anthropic and some from existing holders, called selling stockholders. On that point the filing is direct: "We will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders." Several co-founders are listed among the selling stockholders, with the amounts blank. The banks also get a greenshoe: an option to buy extra shares from Anthropic within 30 days to cover extra demand. Its size is blank too.

Google's option. Separately from the public offering, the S-1 says Anthropic granted Google an option to buy up to $10.0 billion of Class N shares (a non-voting class, explained two sections down) in a private placement at the same time, at the IPO price. Those shares would not be sold to the public.

No dividends. A dividend is a cash payment a company makes to its shareholders. "We have never declared or paid any cash dividends on our capital stock," the S-1 says, and Anthropic does not expect to pay any in the foreseeable future. With no dividend expected, a shareholder's return would come mainly from changes in the share price, which can fall as well as rise.

The 10-for-1 split. On September 17, 2026, every Class A and Class N share became ten. A stock split changes the number of shares, not the size of the company. Anthropic restated all the filing's per-share figures for the split, so divide any pre-split figure by 10 before setting it next to an IPO price (our arithmetic).

No named retail broker. No retail brokerage app or IPO-access program appears in it.

The share structure and the trust-appointed board are covered two sections down. The table shows what moved from reported to filed on October 26. For the banks' role, see the banks running the offering.

Anthropic reported a net loss of $80.7 billion for the six months to June 30, 2026, while its operating loss, the result of running the business, was $693 million (SEC-filed, S-1, unaudited). Most of the gap is a $72.4 billion accounting charge, mainly for the rising value of convertible notes held by Amazon, which grew because Anthropic's own valuation rose.

A convertible note is a loan that turns into shares instead of being paid back in cash. At June 30, 2026, Anthropic's only such notes were Amazon's, with about $6.2 billion of principal outstanding. At the IPO they convert into Class N shares at the lower of the IPO price and a set price: $2.0928 a share under the 2023 agreement and $5.0478 under the 2024 agreement. Any part that would push Amazon above its ownership cap converts later, quarter by quarter. Accounting rules make Anthropic carry those notes at fair value, meaning what they would be worth if settled today, and re-estimate it every quarter. As Anthropic's valuation climbed, the shares Amazon will receive became worth far more than $6.2 billion. On June 30 the S-1 carried the notes at about $108.6 billion. Series H investors paid about $58.90 a share on the split-adjusted basis (our arithmetic). That gap drives the charge, but the charge is not simply the gap multiplied out. The S-1 says the notes' fair value comes from a probability-weighted model that weighs the possible outcomes for Amazon, using assumptions such as volatility and the time to a listing. The six-month charge is how much that estimate rose over the half-year.

Every rise in that value is booked as an expense. Anthropic says the six-month charge was "primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation from 2025 to 2026." So the better Anthropic's valuation did, the bigger this loss got.

Other expense of $8.8 billion came mainly from the "initial fair value recognition and change in fair value of the assets and liabilities recognized under the note purchase agreements." Interest income of $1.1 billion pushed the other way.

The cash picture looks different. Operating cash flow, the cash the business brought in from running itself, was positive $3.9 billion in the first half of 2026, against negative $1.5 billion a year earlier. Positive operating cash flow is not a profit. It counts cash in and out from running the business, so timing, such as customers paying in advance or bills not yet paid, can move it. It also leaves out spending on equipment and property, $482 million in the half-year (SEC-filed, S-1), and one positive half-year does not show the cash will keep coming. The cash-flow statement adds the fair-value charges back because no cash left the company for them. That does not make the charge meaningless. When the notes convert, Amazon gets more shares, so everyone else's slice of the company gets smaller. On its own, April to June 2026 was the only quarter in the S-1's quarterly table (which starts January 2025) with operating income: $974 million.

The 2023, 2024 and 2025 figures are audited, by Grant Thornton for 2023 and 2024 and by Ernst & Young for 2025. The six-month 2025 and 2026 figures are unaudited. These are also past results, and the S-1 itself says: "We do not expect our revenue will continue to grow at comparable rates." The figures are in the S-1's MD&A and financial statements. For how these lines fit together, see how to read an income statement.

After the IPO, Anthropic's seven co-founders will hold 50.1% of shareholder votes through a single Class F share, and its Long-Term Benefit Trust will elect four of the seven directors (SEC-filed, S-1). Public buyers get Class A shares, which carry one vote each and together hold the remaining 49.9% of the vote, because the Class F share always carries 50.1%.

A share class is a type of share with its own rights, and Anthropic will have five. The one Class F share sits in the Founder LLC, an entity owned by the seven co-founders: Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. Benjamin Mann, often called a co-founder, is not in the Founder LLC. That share carries 50.1% of the voting power however many Class A shares exist, so selling more Class A shares does not dilute it. The Founder LLC decides matters put to shareholders generally, including a merger or a sale of the company. A merger or sale also needs the board's approval, and the trust elects most of the board.

The Long-Term Benefit Trust, or LTBT, holds the one Class T share. The trust has five trustee seats; four are filled today. In the filing's words: "The policies of the LTBT prohibit a Trustee from directly purchasing or holding any of our securities." The trust elects the four Class T directors, a majority of the board, and one of those four seats is vacant at the start. It has no role in day-to-day management. Class A and Class F vote together to elect the other three directors.

The result, in the filing's own plain words: holders of Class A "generally will not be able to affect the outcome of any matter submitted to a vote of our stockholders or the election of our directors, regardless of how they vote," unless the co-founders cannot agree among themselves, in which case the Class F vote is generally cast in proportion to the Class A votes.

Two more terms. Anthropic is a public benefit corporation (PBC), a Delaware company type. Anthropic says that, as a PBC, it is "required to balance (i) the pecuniary interests of our stockholders, (ii) the best interests of those materially affected by our conduct, and (iii) the Company Purpose." Pecuniary means financial. Anthropic also says it "cannot guarantee" that a conflict would be resolved in favour of shareholders' money interests. And because the trust elects a board majority, Anthropic counts as a Nasdaq "controlled company", a company where one holder or group controls who sits on the board, which lets it skip some board-independence rules. It says it expects to use that exemption only for its nominating and governance committee, the board group that picks director candidates.

The founders' control has no end date. Unless the founders choose to give it up, it ends only if fewer than three "Continuing Founders" remain for 90 days in a row, which starts a 450-day wind-down (about 15 months), after which the Class F share is redeemed. A co-founder stops counting if, among other things, they hold less than 2% of the Class A shares they had at the IPO, so most of their stock could be sold without the vote changing hands. Replacements can be admitted for the first ten years (SEC-filed, S-1). The trust's role does not end on a timer. We describe it the way the filing presents it: a structure with trade-offs. The full rules, exceptions included, are in the S-1's Description of Capital Stock. For the general idea, see dual-class stock.

Anthropic's $965 billion valuation is a post-money figure from its Series H funding round, which the company announced on May 28, 2026 and which raised $65 billion. It reflects what a group of private investors agreed to pay for a slice of the company. It is not a market price.

Post-money means the value including the money just raised. If investors put in $65 billion and the agreed post-money valuation is $965 billion, then everything that existed before the money arrived was valued at $900 billion. That earlier figure is the pre-money valuation. The post-money number is broadly the pre-money number plus the cash that came in. That arithmetic assumes the whole raise bought newly issued shares; rounds this size often include tranches, employee share sales or option-pool changes, any of which make the clean subtraction approximate.

The Series H was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, alongside a long list of other institutions. It followed the Series G in February 2026, which raised $30 billion at a $380 billion post-money valuation. Talk of an IPO valuation of $1.5 trillion to $2 trillion has been reported (Financial Times, Bloomberg). Bloomberg's October 27 report on the retail offering repeated earlier Bloomberg reporting that investors' estimate of a fair value had shifted to about $1.4 trillion to $1.5 trillion, below the top of that earlier talk, with about $1.75 trillion possibly achievable. Even the low end would be about 45% above the $965 billion Series H valuation (our arithmetic). None of these figures can be turned into a price per share yet, because the share count is blank. No valuation appears in the S-1, and Anthropic has confirmed none.

The revenue line underneath those rounds is where company-stated and press-reported figures sit side by side. Anthropic said its run-rate revenue reached $14 billion at the time of the Series G in February, and that it had crossed $47 billion by the Series H in May. In August, Axios reported that the figure had passed $65 billion by the end of July, based on an update Anthropic shared with investors. That last number is reported rather than announced.

Run-rate revenue is a yearly figure built from a short recent window. Anthropic's S-1 defines it as consumption fees over the trailing 28 days multiplied by 13, plus monthly subscription fees multiplied by 12 (SEC-filed, S-1). It is an operating metric, not revenue earned over a year.

The S-1 now puts filed numbers to this. Reuters first reported 2025 figures from a draft prospectus on September 28, and the public S-1 confirms them. Anthropic's 2025 revenue was $4.6 billion, audited, against a net loss of $42.0 billion (SEC-filed, S-1). Of that loss, $34.3 billion was the change in fair value of convertible notes and related instruments, explained in the loss section above. The operating loss was $8.1 billion, and it includes a one-off $1.5 billion settlement of the Bartz copyright case. Compute and infrastructure cost $7.3 billion, about three times the 2024 figure and more than half of $12.6 billion in total operating expenses. Two unnamed customers each made up 12% of 2025 revenue. Cash and short-term investments rose from about $20.3 billion on December 31, 2025 to $131.7 billion on June 30, 2026, mostly from selling Series G and H preferred stock: the cash-flow statement shows $110.4 billion of net preferred proceeds in the first half of 2026.

The $4.6 billion and the $65 billion measure different things. The $4.6 billion is revenue actually earned across the whole of 2025. The $65 billion is a run-rate. A company growing this fast can report both honestly.

The same gap shows up inside 2026. Revenue for April to June 2026 was $11.6 billion (SEC-filed, S-1, unaudited). Times four, that is about $46 billion a year (our arithmetic). The run-rate reported for the end of July was above $65 billion. Both can hold at once, because the run-rate uses only the latest 28 days: roughly $5 billion of usage fees in 28 days, times 13, is about $65 billion (our arithmetic). Its run-rate "as of October 31, 2026" is blank in the S-1.

Comparisons between the AI labs deserve one more caveat. Anthropic and its rivals are reported to count cloud-partner revenue differently. Anthropic describes its side in the S-1: it sells through Amazon, Google and Microsoft's clouds, and "we establish direct contractual relationships with our customers while paying a fee to each CSP" (a CSP is a cloud service provider). About 48% of its January-to-June 2026 revenue came through those cloud marketplaces (SEC-filed, S-1). OpenAI is reported to book only its own share of partner sales. Headline run-rate figures across the two companies may therefore not be directly comparable.

A private round is one agreement between parties who chose each other; a market price moves daily with anyone who wants to trade. Companies have listed above their last private valuation and below it. We covered both sides of the wider valuation argument in whether AI valuations are a bubble.

The underlying concepts sit in how private valuations are set and market capitalization.

The IPO price is not necessarily the price most retail investors will pay, and for Anthropic the S-1 has not set one yet. Shares are sold at the offer price to allocated buyers first. Trading then opens at whatever the market sets, which is often higher. Buying after the open means paying the market price, not the offer price.

SpaceX makes the point concretely, because the numbers are recent and public. It priced at $135 a share. When trading opened the next morning the first public trade cleared at $150, and it closed the day at $160.95. Someone allocated shares paid $135. Someone who opened their brokerage app after trading started and bought paid $150 or more. Both of them would tell you they got into the SpaceX IPO.

One claim gets overstated everywhere, though: retail allocation is not zero. SpaceX originally targeted around 30 percent of its offering for retail buyers and cut it to the low 20 percent range before pricing, which CNBC reported on June 11, 2026 as institutional demand crowded retail out. That is a larger retail slice than most IPOs offer.

When more money wants in than there is stock to go around at the offer price, the gap opens, so the first public trade clears higher. None of that is guaranteed, though. Shares can and do open below their offer price, which is sometimes described as breaking issue, and then the arithmetic runs the other way. Uber is the usual example: it priced at $45 in May 2019, opened at $42 and closed its first day at $41.57 (historical example; past performance does not indicate future results).

One more day-one mechanic appears in Anthropic's S-1. Morgan Stanley, as stabilization agent (the bank named to do this), may buy shares in the market after the IPO to support the price, which can hold it above where it would otherwise trade or slow a fall. The filing says it is not required to do this and may stop at any time.

The calculator below runs both cases. It opens on the real SpaceX numbers, and you can put in any pair of prices you like. On how first days behave generally, see first-day volatility.

Nothing has been scheduled, because Anthropic has no listing date yet: its S-1, filed October 26, 2026, leaves the date blank. But two different events both get called a halt, and they mean close to opposite things.

A delayed open is not a halt. A newly listed stock does not begin trading at the opening bell. The exchange first runs a price-discovery auction, collecting buy and sell interest until it can strike an opening price. On a large listing that can take hours. SpaceX listed on June 12, 2026 and did not open until midday, and the first public trade cleared near $150 against a $135 IPO price. Nothing had failed. That was the auction doing its job.

A volatility halt is a halt. Once trading starts, a new listing is subject to the same Limit Up-Limit Down rules as every other listed stock: if the price moves outside a band set around its recent average price inside a short window, trading pauses automatically for five minutes so the order book can settle. On a volatile debut both up-halts and down-halts are possible, and more than one can happen. Neither kind of event is a judgement on the company; both are ordinary on a large debut.

Anthropic has applied to list on the Nasdaq Global Select Market under the proposed ticker ANT (SEC-filed, S-1). Opening auctions and halts are not described in the S-1; those come from exchange rules, not from the filing. On Nasdaq, a new listing opens through the exchange's IPO opening auction, the same process SpaceX went through. Limit Up-Limit Down applies across US listed venues, so the five-minute pause holds there too.

Supporters point to Anthropic's filed revenue growth, its enterprise customer base, and how few pure-play frontier AI companies trade publicly. Skeptics point to GAAP net losses in every period the S-1 presents, years of compute commitments, concentrated competition, and a voting structure that limits what public shareholders can decide. GAAP is the standard US accounting rulebook.

Bulls argue roughly this. Revenue grew from $386 million in 2024 to $4.6 billion in 2025, and reached $16.3 billion in the first six months of 2026 alone (SEC-filed, S-1; the last figure is unaudited). April to June 2026 brought $974 million of operating income, and operating cash flow was positive $3.9 billion for the half-year. Anthropic reports net revenue retention of about 900% at September 30, 2026 (SEC-filed, S-1): on Anthropic's measure, customers who were already paying a year earlier paid about nine times as much in July to September 2026 as in July to September 2025 (Pro and Max subscribers excluded). By the filing's count, more than 11,900 customers each paid $100,000 or more over the 12 months to September 30, 2026. And there are very few ways to own a frontier AI lab through a public market.

Bears read the same document differently. Anthropic reported an operating loss in every full year and both six-month periods, and a net loss in every period, including every quarter shown; the one exception on the operating line is April to June 2026 ($974 million operating income). Its top five customers were about 25% of revenue in the nine months to September 30, 2026, though no single customer was above 10%. Its positive "adjusted" figures exclude costs the company chooses, which is not standardized accounting. In its own words: "We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all." Its compute commitments run for years, while much of its revenue is consumption-based and "not subject to long-term contractual commitments." Its cloud partners "simultaneously serve as our investors, customers, distribution partners, and competitors." And Class A holders will have little say over decisions.

The risk factors are unusually specific about the technology itself. Anthropic notes that concerns have been raised, "both within our organization and by other researchers, regulators, policymakers, and industry participants," that sufficiently advanced AI systems could "pose catastrophic or existential risks to humanity," and that models "have exhibited, and may in the future exhibit, unexpected strategic or self-preserving behaviors, including attempts to resist shutdown." Risk factors are written to protect a company legally and every prospectus has them, so their presence is not a prediction.

What the filing gives both sides is the same set of numbers. The price range, still blank, is where the market starts to put a value on them.

We read Anthropic's Form S-1 on SEC EDGAR (accession number 0001628280-26-067168) in full on October 27, 2026, the day after it was filed, and checked EDGAR again for an amendment on the morning of October 28. Every figure carries a label: SEC-filed (S-1) for numbers in the filing, company-stated for Anthropic's own announcements, and reported for news coverage, with the outlet and date named.

Anything we calculated is marked as our arithmetic. That covers dividing pre-split share prices by 10, the cumulative lockup percentages (the filed steps added up, then checked line by line against the filing on October 28), the pre-money valuation, the 45% gap between the reported valuation talk and the Series H valuation, the quarter-times-four revenue figure, and the run-rate worked example. Where a news report and the filing disagree, we go with the filing, and the update history below lists every correction.

This page explains a filing. It is educational, not a recommendation to buy or sell anything.

What changed on this page since it was published, newest first.

Update (October 28, 2026): We checked EDGAR again on the morning of October 28: no amended S-1 yet, so the price range, share count and date are still blank. We added Yahoo Finance's calculation that the earliest possible first trade is Monday, November 16, The Wall Street Journal's report that Anthropic is aiming for that week and could raise $100 billion or more, Bloomberg's reporting that investors' fair-value estimate is about $1.4 trillion to $1.5 trillion, and Bloomberg's detail on JPMorgan's and Citigroup's retail roles. All of those are reported, not filed. From the S-1 we added Google's option to buy up to $10.0 billion of Class N shares alongside the IPO. A same-day review against the filing tightened three quotes: the Class A voting limit applies unless the co-founders disagree among themselves, the PBC balancing duty is the company's, and Class N converts on a sale or transfer to an unaffiliated third party. Later the same day, after an outside editorial review, we added a chart of where the $80.7 billion loss came from, made clear that positive operating cash flow is not a profit, described how the S-1 says the note charge is estimated, added links into the relevant S-1 sections and a note on how we researched this page, and cut repeated summary boxes.

Update (October 27, 2026): Anthropic publicly filed its Form S-1 on October 26, 2026, and we read it in full. We rewrote the status table and the ticker, date, price, how-to-buy, halt and FAQ answers from the filing. The proposed ticker is ANT on the Nasdaq Global Select Market, Goldman Sachs and Morgan Stanley lead the offering, and the price range, share count and date are blank. We added sections on the lockup, the $80.7 billion loss and voting control, and folded the use of proceeds, selling stockholders, dividends and the 10-for-1 split into the S-1 section. Corrections to earlier entries: the S-1 calls Amazon's instruments "convertible promissory notes", not convertible bonds; it reports other expense of $8.8 billion, mainly from fair-value items under the note purchase agreements; and its six-month figures are unaudited. Third-quarter 2026 revenue is blank in the S-1, and it gives no total for compute commitments. The press figures for both in the October 18 and October 25 entries below are therefore unconfirmed by the filing. We also removed a reported $518 billion commitments figure from the valuation section. Private-market per-share prices we checked on September 4 predate the September 17 split. A same-day review against the filing then corrected our wording on operating losses (April to June 2026 had operating income), the Amazon note conversion terms, the run-rate definition, who sits on the 180-day lockup track and how the founders' control can end, and added Bloomberg's report on the retail offering.

Update (October 25, 2026): Media reports this week said Anthropic planned to file its S-1 publicly as soon as Friday, October 23, ahead of a listing expected by the end of November. Those reports are unconfirmed, and we could not find a confirmed public filing. The Wall Street Journal, relayed by Reuters, reported from a draft prospectus that Anthropic lost $80.7 billion in the first half of 2026, about $72 billion of it a non-cash charge tied to convertible bonds, on roughly $16.3 billion of revenue. It also reported that Anthropic could spend up to $750 billion on computing capacity. All of this is press-reported from a draft, and none of it is SEC-filed.

Update (October 18, 2026): Reports this week still point to a mid-November debut, and Renaissance Capital's weekly IPO preview described an Anthropic public filing as something that might come, not something already on EDGAR. CNBC reported on October 15 that Anthropic's third-quarter revenue was said to hit $16.8 billion. Valuation talk has also moved around, with one outlet reporting a possible $1.5 trillion IPO valuation as growth slows. All of this is press-reported. Anthropic has announced no date, ticker, price or valuation, and nothing here is SEC-filed.

Update (October 11, 2026): The public S-1 has still not appeared on EDGAR. The reported timeline has shifted twice since early September: the Wall Street Journal reported on September 18 that Anthropic was targeting a November 2026 listing, and Reuters reported on September 28 that the debut would likely come after the November 3 midterm elections rather than before them. Bloomberg reported on October 1 that marketing could begin the week of November 9. Investor discussions around a potential $2 trillion IPO valuation have been reported by the Financial Times and other outlets, though Anthropic has not confirmed this figure. None of this is company-announced or publicly filed.

Update (October 4, 2026): A draft of Anthropic's IPO prospectus has reached Reuters, which published financial details from it on September 28, the first time any of those numbers have been made public. Those are the first full-year figures ever attached to this company, and they are set out below. That is a leak, not a public filing. We checked the SEC's EDGAR database again on September 29, 2026 and there is still no Anthropic filer record, no public S-1, and no entry in the SEC's ticker registry, which means you cannot yet read the document Reuters read. Reuters also reported that the draft runs to 261 pages and gives about 80 of them, over a third, to the risks of the technology itself, warning of a "catastrophic or existential risk to humanity" and of models that show "self-preserving behaviors" and "resist shutdown". Anthropic remains private and has announced no official ticker, exchange, IPO price or trading date. On September 5 Reuters reported that the prospectus was no longer expected within days but in late September, that marketing would begin in mid-October at the earliest, and that the listing would be completed days before the November 3 midterm elections. Reuters cautioned that the plans, including the timing, are subject to change. Nothing in that timeline is company-confirmed.