# Anthropic (ANT) files for its IPO with revenue up 14 times to $16.3 billion in six months
> Anthropic, the company behind Claude, filed its S-1 on October 26, 2026, to list on the Nasdaq as ANT. The revenue and losses in the filing, who controls the company, when it could trade, and whether you can buy Claude stock yet.
By Maya Koeva ยท 2026-10-26
Anthropic, the company behind Claude, filed its S-1 with the SEC on Monday, October 26, 2026. It
plans to list its Class A shares on the Nasdaq Global Select Market under the ticker **ANT**. The
price range and the number of shares are still blank, so there is no Anthropic stock to buy yet,
and no IPO date.
In the month before the public filing, 37 of the finance accounts we track discussed the IPO in
53 posts. Ten of those accounts have a winning track record. None of the ten argued the reported
$2 trillion valuation was cheap, and the ones who weighed in on price questioned it.
## Anthropic IPO facts
| | |
|---|---|
| Company | Anthropic, PBC (a Delaware public benefit corporation) |
| Ticker | ANT |
| Exchange | Nasdaq Global Select Market |
| Public S-1 filed | Monday, October 26, 2026 |
| Confidential filing | June 2026 |
| Shares being sold | Class A common stock, by the company and by selling stockholders, including co-founders |
| Share count and price range | Not set yet |
| Lead underwriters | Goldman Sachs and Morgan Stanley |
| Use of the money | General corporate purposes, including compute and infrastructure, hiring, and tax withholding on employee stock |
Sources: [Anthropic's announcement](https://www.anthropic.com/news/s1-sec) and the
[S-1 on the SEC's site](https://www.sec.gov/Archives/edgar/data/0002130357/000162828026067168/anthropicpbc-sx1.htm).
The June confidential filing date is from
[Bloomberg](https://www.bloomberg.com/news/articles/2026-10-26/anthropic-ipo-s-1-filing-offers-first-look-at-claude-maker-s-finances).
## What the Anthropic S-1 shows
Revenue grew about 14 times in a year. The figures below are from the filing, in US dollars:
| Period | Revenue | Net loss |
|---|---:|---:|
| 2023 | $41 million | $1.5 billion |
| 2024 | $386 million | $8.3 billion |
| 2025 | $4.6 billion | $42.0 billion |
| First half of 2025 | $1.2 billion | $13.0 billion |
| First half of 2026 | $16.3 billion | $80.7 billion |
Quarterly revenue went from $376 million in the first three months of 2025 to $11.6 billion in
the second quarter of 2026, up 1,368% on the same quarter a year earlier.
Most of that loss is an accounting charge. Of the $80.7 billion lost in the first half of 2026,
$72.4 billion was non-cash: Anthropic carries the convertible notes and similar instruments it
sold to investors at fair value, and they grew more expensive on paper as its own value rose. The operating loss for the half was $693 million. On Anthropic's own
adjusted measure, which strips out stock pay and those charges, it made $1.6 billion of operating
income in the half, against a $1.8 billion adjusted loss a year earlier.
Other numbers worth knowing from the filing:
- **Customers:** more than 11,900 paid Anthropic $100,000 or more over the 12 months to September
30, 2026. More than 1,900 paid $1 million or more, and about 250 paid $10 million or more.
- **Concentration:** the top five customers were about 25% of revenue in the first nine months of
2026, and many of the largest are not on long-term contracts.
- **Cloud marketplaces:** 48% of first-half revenue came through the cloud providers' marketplaces,
run by Amazon, Google and Microsoft, which bill the customer and pass the money on.
- **Compute:** Anthropic relies on Amazon, Google and Microsoft for most of its computing power,
and on Broadcom for chips. The filing lists those dependencies as a risk.
The S-1 leaves third-quarter revenue blank. Anthropic told prospective investors it was about
$16.8 billion, up roughly 45% from the second quarter, according to
[Bloomberg](https://www.bloomberg.com/news/articles/2026-10-26/anthropic-ipo-s-1-filing-offers-first-look-at-claude-maker-s-finances).
That growth rate was slower than many had expected, and it is what took the valuation talk down.
## Who controls Anthropic after the IPO
Buying ANT will get you an ordinary vote per share, but the votes that decide the board sit
elsewhere. The filing sets up these classes of common stock:
| Class | Who holds it | Votes | Economic rights |
|---|---|---|---|
| Class A | Public buyers and existing holders | One per share | Yes |
| Class N | Strategic partners, including Amazon and Google | None, except where the law requires | Yes |
| Class F | One share, held by an LLC of the seven co-founders | 50.1% of all votes on general matters | None |
| Class T | The Long-Term Benefit Trust | Elects a majority of the board | None |
A fifth class, Class E, goes to employees. The co-founders' LLC controls a majority of the vote on
most shareholder matters with a single share that carries no economic rights, and an independent
trust of "financially disinterested" trustees picks most of the board. That makes Anthropic a
controlled company under Nasdaq rules, so it can skip some of the usual board independence
requirements. As a public benefit corporation, it also has to weigh its stated mission alongside
shareholder returns. The filing says this structure makes a takeover or proxy fight less likely.
The co-founders have each pledged 80% of their personal equity to philanthropy. The filing calls
the pledges voluntary and revocable.
## When could ANT start trading?
No date is set. The next step is an amended S-1 with a price range and a share count, followed by
a roadshow, pricing the night before trading, and the first trade.
[The Motley Fool](https://www.fool.com/investing/2026/10/23/anthropic-is-racing-to-price-its-ipo-before-the-th/),
citing earlier reporting, says Anthropic is aiming to price before the Thanksgiving slowdown, and
earlier reports pointed to the week of November 16. Anthropic has confirmed neither.
The valuation is open too. Before mid-October the expectation was about $2 trillion. After
Anthropic's investor day, [Reuters reported](https://finance.yahoo.com/markets/stocks/articles/anthropic-investors-now-see-1-122407498.html)
that some current and prospective investors were discussing about $1.5 trillion. For comparison,
SpaceX listed at about $1.8 trillion in June, and **[our SpaceX IPO page](/blog/spacex-ipo)**
shows how that stock has traded since.
## Can you buy Claude stock?
Not yet. Claude is Anthropic's product, so "Claude stock" will be ANT once it trades. Until then:
1. **There is no Anthropic or Claude ticker on any exchange today.** A search for ANT on your
broker will not return Anthropic until the first trading day.
2. **Institutions get most of the IPO allocation.** The S-1 does not describe a program that
sets shares aside for retail investors. Some brokers get small allocations for their own
customers, and whether yours does is a question for your broker.
3. **Tokens and "pre-IPO" products are not shares.** Crypto tokens that track Anthropic's private
valuation do not give you ownership, a vote, or a claim on the company.
4. **After the first trade, you buy ANT like any other Nasdaq stock.** Our guide to
[opening an account and placing a first trade](/learn/how-to-invest-in-stocks) covers the
steps, including fractional shares and limit orders, which matter on a first day of trading.
## The public stocks tied to Anthropic
Amazon and Alphabet, Google's parent, are two of Anthropic's biggest strategic investors and two
of its main compute suppliers. Both hold non-voting Class N shares, and the filing lets Google buy
more in a private placement at the IPO price. Their exact stakes appear as blanks in the S-1 for
now. Owning AMZN or GOOGL is a bet on Amazon or Alphabet first, with Anthropic one part of it:
its stake, and the cloud bills Anthropic pays.
Here is how the accounts we track called both stocks in the 30 days to October 25. Graded means
accounts with more than ten resolved calls, more than half of them right
([how a track record is graded](/learn/how-a-track-record-is-graded)).
| Stock | Price, 1 month to Oct 23 | All mentions, bullish : bearish | Graded, bullish : bearish | 7-day score, Oct 26 |
|---|---:|---:|---:|---:|
| Amazon (AMZN) | -0.7% | 145 : 48 | 32 : 4 | 72 |
| Alphabet (GOOGL) | -6.1% | 268 : 98 | 42 : 7 | 61 |
Both read bullish, and the graded accounts leaned harder that way than the crowd as a whole did.
Of the 609 calls, 39 mentioned Anthropic, so the read covers each company's whole business. **[Our AI infrastructure stocks ranking](/blog/ai-infrastructure-stocks)**
covers the chip and
data center names that sell to Anthropic.
## What the accounts we track said
Talk about an Anthropic IPO started in our feeds in the spring and picked up in May. Since the
end of September the accounts we track have argued about the valuation, around three moments:
- **September 29:** reports on the confidential prospectus showed hundreds of billions of dollars
of largely non-cancelable compute commitments. @jasonschips and @TheValueist both laid out the
obligations next to the revenue run rate.
- **October 12 to 16:** the investor day and the reported cut from $2 trillion to $1.5 trillion.
@ParadisLabs pointed out that Meta trades at about $1.9 trillion, which made $2 trillion "look
very silly". @ren_stocks argued a lower price changes nothing about how much compute Anthropic
has to buy, which is the read for chip and data center stocks.
- **October 19 to 20:** the Wall Street Journal saw a draft of the S-1. @KawzInvests, one of the
ten graded accounts, wrote that retail buyers should not need five
years of perfect execution to earn a return, and that the company should leave something on the
table at pricing.
The graded accounts took Anthropic's growth as given and argued over the price a buyer should
pay, weeks before the public filing. ANT's first weeks of trading will show who read it right.
When ANT lists, it gets a score in Quantral like any other stock, built from the calls of the
accounts we track and weighted by each account's track record. Until then, the calls about the
IPO show up on Amazon, Alphabet and the AI infrastructure names it buys from.
## Common questions
### When is the Anthropic IPO?
There is no date yet. Anthropic filed its public S-1 on October 26, 2026. Reports point to pricing
in mid-November, before Thanksgiving, but the company has not confirmed a date.
### What is Anthropic's stock ticker?
ANT, on the Nasdaq Global Select Market. It will not trade until the IPO prices.
### Can I buy Anthropic stock now?
No. Anthropic is still private. You can buy ANT on the first day it trades through any broker that
offers Nasdaq stocks. Before that, Amazon and Alphabet are the two biggest listed companies that own part of it.
### Is Claude a stock?
No. Claude is the AI model and app made by Anthropic. Anthropic's stock will trade as ANT.
### What is Anthropic's valuation?
The S-1 does not give one yet. Reuters reported in October that some investors were discussing
about $1.5 trillion for the IPO, down from about $2 trillion expected earlier.
### How much revenue does Anthropic make?
$16.3 billion in the first half of 2026, up from $1.2 billion a year earlier, according to the S-1.
Anthropic told investors its third-quarter revenue was about $16.8 billion.
### Is Anthropic profitable?
Not on a reported basis. It lost $80.7 billion in the first half of 2026, mostly from non-cash
charges on its convertible notes. Its operating loss for the half was $693 million, and on its own
adjusted measure it had $1.6 billion of operating income.
### Who owns Anthropic?
Its seven co-founders, employees, venture investors, and strategic partners led by Amazon and
Google. After the IPO, a co-founder LLC holds 50.1% of the vote on most matters and the Long-Term
Benefit Trust elects a majority of the board.
### Is the Anthropic IPO a good investment?
We do not give buy or sell advice. The S-1 shows revenue up about 14 times in a year, large losses on paper, heavy
compute commitments and a governance structure that limits what public shareholders can vote on.
The accounts we track spent October arguing about the price.
## Try it
Open Amazon or Alphabet in the app, on the web at [app.quantral.com](https://app.quantral.com), on
iOS or on Android, to see the score and every call behind it, with who made each one. Quantral
also works inside Claude and ChatGPT through our [MCP server](/mcp). Start with a 7-day free trial.
Prices are closing prices through October 23, 2026. Mention counts and splits cover the accounts
Quantral tracks, from September 26 to October 25 (ET); scores are the 7-day readings on the morning
of October 26. Financial figures are from Anthropic's S-1 of October 26, 2026; valuation and timing
reports are from the sources linked in the text.
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