The Anthropic IPO: What the Latest Filings Show Ahead of the ANT Debut on 19 November

The Anthropic IPO: What the Latest Filings Show Ahead of the ANT Debut on 19 November 

Anthropic has set a price range of $70 to $78 per share for 825 million Class A shares ahead of an expected Nasdaq debut on 19 November 2026 under the ticker ANT. Here is what the company does, what its filings show, and how investors can gain exposure to the AI economy. 

Published: 12 November 2026 

In 2021, researchers who left OpenAI over disagreements on governance and AI safety founded Anthropic. Five years later, the developer of the Claude AI models is preparing one of the largest listings in market history. 

Anthropic’s amended S-1, filed on 10 November, sets 825 million Class A shares at $70 to $78 each, to be listed on the Nasdaq Global Select Market as ANT. CNBC and Bloomberg report, citing people familiar with the matter, that pricing is planned for 18 November and first trades for 19 November. The filing does not set a date, and all terms remain subject to change. 

The range implies a fully diluted valuation of about $1.33 trillion at the midpoint and about $1.4 trillion at the top, or up to about $1.02 trillion on shares outstanding, according to Reuters. That compares with $965 billion in May 2026. The public offering would raise up to $64.4 billion, and a separate $26 billion private placement lifts the total to as much as $90.4 billion. Bloomberg reports that orders already exceed the shares on offer several times over. 

What Makes Anthropic Different: An Enterprise Business Built on Usage 

Anthropic is a Delaware public benefit corporation led by CEO Dario Amodei. Claude is sold mainly to businesses and developers, and most revenue is charged by usage rather than by seat. 

Quarterly revenue rose from zero at commercial launch in the first quarter of 2023 to $17.0 billion in the third quarter of 2026. Annual revenue grew from $41 million in 2023 to $386 million in 2024 and $4.6 billion in 2025. The first nine months of 2026 brought in $33.2 billion, against $2.5 billion a year earlier. 

Customers generating at least $100,000 of trailing twelve-month revenue rose from more than 950 to more than 11,900 between September 2025 and September 2026. Net revenue retention, a measure of how much existing customers expand their spending, was approximately 900% as of 30 September 2026. 

The Three Revenue Drivers Inside Anthropic 

Anthropic reports revenue as consumption-based or subscription-based, and a large share of both is sold through cloud marketplaces. 

1. Consumption-Based Revenue (about 79% of nine-month 2026 revenue)

Consumption revenue is metered in tokens and priced by model, mostly from API usage by developers and enterprises. It totalled $26.3 billion in the nine months to 30 September 2026. Customers with at least $100,000 of trailing revenue generated about 74% of total revenue. The S-1 notes that many top customers are not on long-term contracts and can reduce or stop spending at any time. 

2. Subscription Revenue (about 21%)

Subscription revenue totalled $6.9 billion in the nine months, up from $789 million in all of 2025. It comes mostly from Claude plans for individuals and businesses, including Claude Enterprise. Claude Code, the agentic coding product, sits across both categories and is not reported separately. 

3. Cloud Marketplace Distribution (about 44% of nine-month revenue by channel)

This is a sales channel that overlaps the two categories above. Approximately 44% of nine-month revenue came through cloud marketplaces, including those of Amazon Web Services, Google Cloud and Microsoft Azure. These providers also supply computing capacity, invest in Anthropic and develop competing AI models, and the S-1 states that their incentives may not be fully aligned with Anthropic’s. 

The Valuation Question 

Third-quarter revenue of $16.96 billion was up 1,127% from a year earlier and 47% from the second quarter. Operating income of $974 million in the second quarter became an operating loss of $567 million in the third. Anthropic attributes this mainly to $5.0 billion of higher-cost short-term compute and $2.0 billion of non-cash donation-matching charges. Its adjusted operating income was $2.46 billion in the third quarter at a 15% margin, against 19% in the second. The nine-month net loss of $104.0 billion includes a $94.3 billion non-cash fair-value charge on convertible notes, derivative liabilities and SAFEs. 

At the $74 midpoint, a fully diluted valuation of about $1.33 trillion equates to roughly 16 times run-rate revenue of about $81 billion as of 31 October, and roughly 20 times third-quarter revenue annualised to about $68 billion. Run-rate revenue is a company-defined measure, calculated from the trailing 28 days of consumption fees multiplied by 13. It is not GAAP revenue or a forecast, and the filing warns that growth in the metric may slow, possibly sharply. 

The range sits below the $1.5 trillion to $2 trillion discussed earlier. Reuters reported that it reflects cooling investor appetite for AI and questions over infrastructure commitments. As of 30 September, Anthropic held $146.6 billion of liquidity, and it expects net proceeds of about $84.6 billion at the midpoint from the offering and private placement combined. 

The Bull Case 

Those constructive on ANT point to growth, customer depth and balance sheet strength. Run-rate revenue rose from about $71 billion at the end of September to about $81 billion at the end of October. Net revenue retention of about 900% and the rise in $100,000-plus customers suggest existing customers are expanding usage. Concentration has eased: no single customer exceeded 10% of nine-month revenue, compared with two at 12% each in 2025, and about 79% of third-quarter revenue came from outside the top five. Adjusted operating income was $4.1 billion for the first nine months, and liquidity stands at $146.6 billion before IPO proceeds. Demand is strong, with orders reported at multiple times the shares on offer, and seven of Anthropic’s chip and cloud suppliers have agreed to buy $26 billion of stock at the IPO price. 

The Bear Case 

Those cautious on ANT point to commitments, margins and governance. The S-1 discloses approximately $895.4 billion of purchase and lease commitments, substantially all for compute and infrastructure. These include at least $114.5 billion with Google, at least $110 billion with Amazon, at least $44.9 billion with Microsoft and about $161.2 billion of largely non-cancelable Broadcom equipment leases. About $69.8 billion falls due within 12 months of 30 September. On simple arithmetic, the total is about seven times the $131.9 billion in cash and short-term investments. 

Cost pressure is already visible. Compute and infrastructure expense rose from $5.56 billion in the second quarter to $9.86 billion in the third, and the company expects short-term compute use to keep rising and compress margins. Sequential revenue growth slowed from about 144% to 47% over the same period. The top five customers made up about 25% of nine-month revenue, and Anthropic estimates that 5% to 7% came from customers later found in breach of its usage policy or commercial terms. 

Governance is unusual. A single Class F share held by an LLC of the seven co-founders carries 50.1% of the vote, and the Long-Term Benefit Trust elects directors who make up a majority of the board. The S-1 warns that decisions taken under this structure may conflict with the financial interests of Class A holders. The private placement has also prompted questions about circular financing, since several buyers sell Anthropic chips, memory or cloud capacity. 

University of Florida IPO researcher Jay Ritter has said SpaceX, OpenAI and Anthropic could all see sharp swings in both directions, adding that “owning these stocks is not for the faint of heart.” 

What to Expect Around the Listing 

Of the 825 million shares, Anthropic is selling about 801.4 million and existing holders about 23.65 million, including nearly 3.4 million each from the seven co-founders. Anthropic receives no proceeds from those sales. Goldman Sachs and Morgan Stanley lead the underwriting alongside 20 other banks, with an option on a further 123.75 million shares. Anthropic is targeting about 20% of the offering for retail investors, roughly double the typical 5% to 10%, through Schwab, Fidelity, Robinhood, SoFi and E*Trade. 

AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have agreed to buy $26 billion of non-voting Class N stock at the IPO price. These shares are not covered by the underwriters’ lock-up agreements. The lock-up for other holders is staggered: according to CNN’s reading of the prospectus, some non-founder insiders may sell 10% of their holdings on the first day, with about 23 further release dates over the first year. 

SpaceX is the closest comparable. It priced at $135, opened at $150 and closed its first day at $160.95, up 19.2%, after raising $75 billion at pricing. CNBC reports total proceeds of $85.7 billion. Anthropic’s public offering of up to $64.4 billion would be smaller, while the combined raise of up to $90.4 billion would exceed it. 

Nasdaq’s fast entry rule allows a new listing ranking within the top 40 current Nasdaq-100 members by market value to be added after 15 trading days. SpaceX joined on 7 July under this rule. If ANT lists on 19 November and qualifies, the 15-day mark falls around 10 December, subject to Nasdaq’s announcement. S&P Dow Jones Indices has not extended fast-track entry to the S&P 500. 

Ways to Gain Exposure to Anthropic and the AI Economy 

For investors interested in the Anthropic IPO or the broader AI sector, several instruments are available through Phillip Nova. 

ANT: Anthropic (Nasdaq) 

The most direct route. Anthropic intends to list Class A common stock on the Nasdaq Global Select Market under ANT, with pricing expected on 18 November. Phillip Nova clients can trade ANT from the first day of trading. 

Anthropic Share CFD (Contract for Difference) (ANT-24H) 

For traders looking for leveraged exposure or the ability to trade in both directions, Phillip Nova also offers US Share CFDs on Phillip MetaTrader 5 (MT5) once the underlying stock begins trading on Nasdaq. 

ETFs with Anthropic Exposure 

A small group of ETFs hold pre-IPO Anthropic positions, typically through private shares or special purpose vehicles. Weightings change with prices and trading. 

Tema Photonics & Optical ETF (LAZR) launched on 30 June 2026 and holds Anthropic through a special purpose vehicle that Tema says adds no extra fees. The rest of the portfolio focuses on photonics and optical companies. 

KraneShares Public-Private AI & Technology ETF (AGIX) combines listed AI companies with private-market positions. Top public holdings include Meta Platforms, Alphabet and Nvidia. 

iShares A.I. Innovation and Tech Active ETF (BAI) is an actively managed BlackRock fund with about $11.9 billion in assets. Its largest exposures are public semiconductor and AI infrastructure companies, including Micron, Nvidia, AMD and Broadcom, four of the seven private placement buyers. 

Other funds with smaller positions include the Alger Concentrated Equity ETF (CNEQ), Alger AI Enablers & Adopters ETF (ALAI) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). 

Individual Stocks 

The S-1 names several listed companies as compute suppliers, distribution partners and investors. Each has a much larger business beyond Anthropic. 

Choosing the Right Instrument 

Trade ANT with Phillip Nova from Day One 

Anthropic is expected to begin trading on Nasdaq under the ticker ANT on 19 November 2026. Phillip Nova clients can trade ANT stock, ANT CFD along with US-listed ETFs and stocks, through a single account once trading begins. 

Open an account or log in to the Phillip Nova platform to access live prices and market data ahead of the listing.  Trade US Stocks and ETFs from as low as 0.01%, with attractive conversion rates. Click here to open an account now!