Anthropic Files S-1 for IPO, Targets Nasdaq Ticker ANT
Anthropic, PBC filed its S-1 registration statement on October 26, 2026, confirming plans to list on Nasdaq under ticker ANT — with no price range or share count set yet.
Anthropic, PBC filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, publicly confirming plans for an initial public offering. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker "ANT." No share count or price range has been set, and the filing is not yet effective, so no shares can legally be sold until the SEC clears it.
Quick facts
- Filed: October 26, 2026 (Form S-1, SEC)
- Proposed ticker: ANT on the Nasdaq Global Select Market
- Shares / price range: Not yet determined
- Lead underwriters: Goldman Sachs & Co. LLC and Morgan Stanley, heading a syndicate of roughly 20 banks
- Last private valuation: $965 billion (Series H, May 28, 2026)
- H1 2026 revenue: $16.3 billion, up roughly 1,300% year over year
- Structure: Delaware public benefit corporation with five classes of stock
What Anthropic actually filed, and when
According to Anthropic's own announcement, the company "publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its Class A common stock." The cover page of the S-1 document on SEC EDGAR dates the filing to October 26, 2026, and lists Anthropic as a Delaware corporation headquartered at 548 Market Street, San Francisco, with Dario Amodei (CEO) and Daniela Amodei (President) signing as the registrant's agents for service.
An S-1 is the standard registration document a company must file before selling shares to the public in the United States. Filing it does not guarantee a listing happens on any particular date — the registration has to be reviewed and declared effective by the SEC first, and the company can still amend or withdraw it. Anthropic's filing is explicitly marked "Subject to Completion," the boilerplate language prospectuses carry while material terms are still blank.
Ticker, exchange, and who's underwriting it
Anthropic has applied to list on the Nasdaq Global Select Market, the exchange's top listing tier, under the symbol ANT. That detail is confirmed directly on the prospectus cover page, which reads: "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol 'ANT.'" The Global Select Market has the strictest quantitative listing standards of Nasdaq's three tiers, covering financial, liquidity, and corporate-governance thresholds, as laid out in Nasdaq's own 5300-series listing rules.
Per Anthropic's news post, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the named contacts for obtaining copies of the preliminary prospectus once it's published. The underwriting cover of the actual S-1 lists a much longer syndicate beneath those two lead banks, including J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho, MUFG, Societe Generale, TD Securities, BTIG, Cantor, Capital One Securities, and Macquarie Capital — roughly 20 banks in total, a syndicate size typical of a very large, high-profile offering.
Why there's no price, share count, or date yet
Every dollar figure that usually drives IPO headlines — the number of shares being sold, the price range, and the resulting valuation — is blank in this filing. The prospectus summary states plainly that "the initial public offering price per share will be between $___ and $___" with the figures left unfilled, and the same placeholder treatment applies to the number of Class A shares Anthropic itself is selling and the number being sold by existing "selling stockholders."
That's normal for a first S-1 filing. Those numbers typically get filled in through one or more amendments as the roadshow approaches, once underwriters have gauged investor demand. Anthropic's own release makes no mention of a target listing date, pricing, or valuation — any number currently circulating about exact IPO timing or a dollar valuation range is coming from outside reporting, not from Anthropic or the SEC filing itself, and should be read as unconfirmed until Anthropic amends the S-1 with real figures.
A five-class stock structure built around a benefit trust
The filing is also notable for how unusual Anthropic's capital structure is. The company describes itself as having "a novel capital and corporate governance structure," and the S-1's "Our Governance Structure and Its Goals" section lays out five separate classes of common stock:
| Class | Who holds it | Voting / rights |
|---|---|---|
| Class A | Public investors (the IPO shares) | One vote per share; not convertible |
| Class N | Strategic business partners | No voting rights; converts to Class A on sale to an unaffiliated third party |
| Class T | The Long-Term Benefit Trust (LTBT) | Elects/removes Class T directors, who form a majority of the board; no economic rights |
| Class F | A "Founder LLC" formed by Anthropic's seven co-founders | A single share carrying 50.1% of total voting power on matters put to stockholders generally; no economic rights |
| Class E | Employees (excluding co-founders) | Votes only on limited matters; no economic rights |
In plain terms: public Class A shareholders will own an economic stake and get a vote, but a majority of the board will be chosen by the Long-Term Benefit Trust — described in the filing as "an independent body of financially disinterested trustees with expertise in AI safety, national security, public policy, and social enterprise" — while the co-founders' Founder LLC separately holds majority voting power over most other stockholder matters through its single share of Class F stock. Anthropic is incorporated in Delaware as a public benefit corporation, which legally requires its board to balance shareholder returns against a stated public-benefit purpose: "the responsible development and maintenance of advanced AI for the long-term benefit of humanity." Delaware's public benefit corporation statute is a distinct, if increasingly common, corporate form; background on how the structure works generally is available on Wikipedia.
What the numbers in the S-1 show
Beyond the governance detail, the S-1 discloses financials that weren't previously public in this form. Anthropic's revenue has grown from $41 million in 2023 to $386 million in 2024 to $4.6 billion in 2025, and then to $16.3 billion for just the first six months of 2026 — a roughly 1,300% year-over-year growth rate for that half-year period, per the filing's own figures. Headcount grew from about 940 employees at the end of 2024 to roughly 5,300 as of September 30, 2026.
Net losses look large at first glance — $42.0 billion for full-year 2025 and $80.7 billion for the first half of 2026 — but the filing attributes the overwhelming majority of that to a single non-cash line item: "change in fair value of convertible notes, derivative liabilities, and SAFEs," which alone accounted for $72.4 billion of the first-half 2026 loss. That's an accounting consequence of Anthropic's valuation rising sharply between funding rounds — the more a private company's valuation jumps, the larger the paper loss recorded on convertible instruments issued at lower valuations. By contrast, Anthropic's operating loss — revenue minus day-to-day operating expenses, before that fair-value adjustment — actually narrowed to $693 million in the first half of 2026, from $2.1 billion in the same period of 2025, even as compute and infrastructure spending rose to $8.9 billion for the half. The filing also discloses a $1.5 billion charge in 2025 tied to a settlement referred to in the document as the "Bartz settlement."
From a $965 billion private round to a public listing
Anthropic's most recent private funding round, a $65 billion Series H, closed on May 28, 2026, at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Anthropic's own release on that round also noted the company's run-rate revenue had passed $47 billion by that point in May 2026, and detailed major compute commitments, including up to 5 gigawatts of new capacity from Amazon and 5 gigawatts of next-generation TPU capacity tied to Google and Broadcom.
Because the S-1 leaves the price range and share count blank, there is no official IPO valuation yet. Some financial media have reported expected pricing discussions in a $1.5–2 trillion range and speculated about a trading debut around mid-November 2026, but neither figure appears anywhere in Anthropic's own filing or news release, and Anthropic has not confirmed either number. Treat both as unconfirmed, secondhand reporting until Anthropic files a pricing amendment or a final prospectus with actual numbers.
What happens next in the IPO process
From here, the standard path for a U.S. IPO looks like this: the SEC staff reviews the S-1 and sends comment letters; Anthropic files amendments responding to those comments and, eventually, adding the actual share count and an estimated price range; the company and its underwriters then run an investor roadshow; and once the SEC declares the registration statement effective, Goldman Sachs, Morgan Stanley, and the rest of the underwriting syndicate price the deal and shares begin trading on Nasdaq under "ANT." Anthropic's EDGAR filer page is where subsequent amendments (and eventually a final prospectus) will be posted as they're filed.
None of those later steps have happened yet as of this filing. There is no confirmed pricing date, no confirmed trading debut date, and no confirmed valuation — only the fact that the process has formally started, with a named exchange, a named ticker, and two marquee banks running point.
Why this is one of the biggest tech finance stories right now
An Anthropic IPO would be among the largest technology listings in Nasdaq's history by any of the valuation figures currently being discussed, and it comes at a moment when Anthropic's consumer and developer products — Claude.ai, Claude Code, and the newer Claude Cowork — are competing directly against rivals' own agentic tools. (Anthropic's S-1 itself notes that Claude Cowork adoption, since its January 2026 research preview, has outpaced the early trajectory of Claude Code.) For readers tracking the competitive side of that fight rather than the finance side, Pandromeda's look at Claude for Chrome versus Perplexity's Comet browser covers how Anthropic's tools stack up against one rival's approach, while OpenAI's consumer features — like the pin-protected locked chats added to ChatGPT — illustrate the kind of product race Anthropic will keep fighting as a newly public company.
A completed IPO would also make Anthropic's financials, governance structure, and risk factors subject to ongoing public disclosure for the first time, rather than being visible only to private investors and employees. That alone is likely to keep generating coverage for weeks, independent of whatever price Anthropic and its underwriters eventually set.
What to watch next
The concrete things to watch for are: an amended S-1 with an actual share count and estimated price range; a confirmed roadshow or effective-date timeline from the SEC; and, eventually, a final prospectus with the real offering size and an opening trade on Nasdaq under "ANT." Until an amendment or a final prospectus lands with real numbers, any specific IPO valuation, exact date, or per-share price you see reported elsewhere is not something Anthropic or the SEC has confirmed.
Frequently asked questions
What is Anthropic's IPO ticker symbol?
Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker "ANT," according to the cover page of its S-1 filed with the SEC on October 26, 2026.
What is Anthropic's IPO share price or valuation?
Neither has been set. The S-1 leaves the price range and share count blank. Anthropic's last confirmed private valuation was $965 billion, from a $65 billion Series H round that closed May 28, 2026. Some press reports have floated a $1.5-2 trillion IPO valuation range, but Anthropic has not confirmed any valuation for the offering.
When will Anthropic go public?
There is no confirmed date. The S-1 must still be reviewed and declared effective by the SEC, followed by an investor roadshow and pricing, before trading can begin. Some outlets have reported a possible mid-November 2026 debut, but Anthropic has not confirmed a date.
Who are the underwriters for Anthropic's IPO?
Goldman Sachs & Co. LLC and Morgan Stanley are the lead underwriters and the named contacts for the preliminary prospectus. The S-1's underwriting section lists roughly 20 banks in the broader syndicate, including J.P. Morgan, Citigroup, and Barclays.
Is Anthropic a public benefit corporation?
Yes. Anthropic, PBC is incorporated in Delaware as a public benefit corporation, which requires its board to balance stockholder returns against a stated public-benefit purpose. The filing also describes a Long-Term Benefit Trust that controls a majority of board seats through a separate class of stock.
How much revenue does Anthropic report in the S-1?
Anthropic disclosed revenue of $41 million in 2023, $386 million in 2024, $4.6 billion in 2025, and $16.3 billion for just the first six months of 2026 -- about 1,300% year-over-year growth for that half-year period.
Sources
Theo Park runs the AI desk at Pandromeda. He follows model launches from the frontier labs and the open-weight community, tracks the assistants and developer tools built on them, and explains what each release changes on pricing, capability and safety. His reporting leans on primary sources: model cards, technical reports, API documentation and the companies' own announcements.
