Anthropic has put its books on the table. The AI group made its S-1 public on EDGAR today, setting out plans to list Class A shares on the Nasdaq Global Select Market under the ticker "ANT". What it has not said is what the shares will cost, how many there will be, or what the company is worth.
The filing says the registration statement has not yet become effective, so no shares can be sold. Goldman Sachs and Morgan Stanley lead a syndicate of 22 banks. Anthropic and selling stockholders are both offering shares, and the company gets nothing from the secondary sales.
What the filing shows
Revenue for the first half of 2026 was $16.29bn, against $1.16bn a year earlier. The net loss was $80.75bn, but $72.39bn of that is a non-cash charge on convertible notes. The operating loss was $693m.
Control stays with the founders. A single Class F share held by a founders' LLC carries 50.1% of the vote, and the Long-Term Benefit Trust elects a majority of the board through Class T stock.
The road to pricing
The S-1 sets no dates, so this timetable comes from press reports citing people familiar with the matter, and it could change.
The next step is an amended filing. The Wall Street Journal says Anthropic could file updated paperwork in roughly two weeks, after gauging investor feedback. That is where the price range and share count should appear. It would also be the natural place for third-quarter figures. Anthropic's 14 October investor day put Q3 revenue at about $16.8bn, according to Bloomberg and CNBC, but the number is not yet in the filing.
Roadshow marketing could start the week of 9 November, Bloomberg has reported. The SEC must then declare the registration effective before anything can be sold.
The WSJ says Anthropic is targeting a listing in the week of 16 November. Fox Business has pointed to 19 or 20 November.
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Valuation
The WSJ reports the IPO could raise $100bn or more and value the company at between $1.5tn and $2tn. Reuters says some current and prospective investors now value Anthropic at about $1.5tn, down from roughly $2tn a week ago, after the investor-day disclosures. None of those figures is in the filing.
For comparison, Anthropic's last private round in May raised $65bn at a $965bn valuation, according to Reuters and CNBC.
After the listing
Insiders will not be able to sell straight away as the filing sets a 180-day lock-up for directors, officers and substantially all holders, with staged early releases. Ten per cent is released on the first trading day.
UK investors are included in the offer, which extends to the UK, Australia, Canada, Japan, Switzerland and certain EEA states. There is no London listing.
Anthropic confidentially submitted a draft S-1 on 1 June. A 10-for-1 forward split of Class A and Class N shares took effect on 17 September.
