Anthropic IPO date: Nasdaq listing expected in November at $1 tn valuation

Anthropic is expected to complete its initial public offering (IPO) in November 2026. Its shares could begin trading on Nasdaq during the week of November 16. On November 10, the company filed an updated registration statement with the US Securities and Exchange Commission (SEC). It proposed an IPO price of $70–$78 per share and is seeking a company valuation of about $1 trillion. The offering will include 825 million Class A shares.

The final share price and trading date will depend on investor demand, market conditions and SEC approval. Anthropic plans to list on the Nasdaq Global Select Market under the stock symbol ANT.

• Anthropic has filed an updated IPO prospectus with the SEC. It plans to sell 825 million shares at $70–$78 each and could raise $64.35 billion.
• The company behind Claude AI is aiming for a valuation of about $1 trillion. This is lower than earlier discussions of $1.5–$2 trillion, as investors take a closer look at technology company valuations.
• Google, NVIDIA, AMD, Microsoft and other technology companies have agreed to buy $26 billion worth of Anthropic shares through a separate private sale connected to the IPO.

At the highest proposed price of $78 per share, the IPO could raise about $64.35 billion before fees paid to underwriters and any extra shares they buy. It could become one of the largest stock market offerings ever, possibly larger than SpaceX's record IPO.

The proposed price range is not final. The final price will depend on investor demand, market conditions and the completion of the regulatory process. The company has not officially confirmed the exact date when its shares will begin trading.

Anthropic IPO price and valuation

The updated registration statement gives more details about the planned share sale.

Anthropic plans to issue about 801.35 million new shares. Existing shareholders will sell another 23.65 million shares.

The banks managing the IPO will also have the option to buy up to 123.75 million extra shares.

Anthropic IPO terms as of November 10, 2026

Indicator	IPO details
Company	Anthropic, PBC
Proposed stock ticker	ANT
Stock exchange	Nasdaq Global Select Market
Indicative IPO price	$70–$78
Shares offered	825 mn
New shares issued by Anthropic	801.35 mn
Existing shareholder shares	23.65 mn
Additional underwriter option	123.75 mn
Maximum initial offering value	$64.35 bn
Concurrent private placement	$26 bn
Potential total IPO and placement proceeds	Up to $90.35 bn

The company has not announced the final IPO price or the date trading will start. Earlier reports suggested that Anthropic might list during the week of November 16, before the Thanksgiving holiday.

Based on the number of shares expected to exist after the IPO and the related private share sale, the proposed price range suggests that Anthropic could be worth between about $917 billion and $1.02 trillion.

The company's value could be higher if the calculation also includes other types of shares and equity rights that could become shares later.

Anthropic valuation falls from earlier $2 tn expectations

The planned IPO comes after major changes in technology stock prices and growing concerns among investors about the cost of building and running AI systems.

Earlier discussions reportedly considered a company value of between $1.5 trillion and $2 trillion. More recent talks suggested that investors were considering a lower value of about $1.1–$1.3 trillion.

The updated IPO terms suggest that expectations have fallen further, especially when the value is calculated using the company's existing common shares.

This change follows a sharp fall in technology stocks in early November. Investors became more worried about high AI company valuations, the cost of borrowing money and new limits on building data centers.

Anthropic's planned stock market listing will be an important test of whether large professional investors want to invest in major AI companies. These companies are growing their revenue quickly but also face very large infrastructure costs.

Anthropic revenue reaches $33.24 bn in nine months

Anthropic's IPO prospectus shows that its revenue is growing quickly. This growth comes from rising demand for Claude AI models and AI services for businesses.

Revenue reached about $16.96 billion in the third quarter of 2026, up from $11.56 billion in the previous quarter. This was an increase of about 47% in just three months.

In the first nine months of 2026, the company made about $33.24 billion in revenue. This was around 13 times its revenue during the same period in 2025.

Anthropic financial performance in 2026

Financial indicator	Reported figure
Q2 revenue	$11.56 bn
Q3 revenue	$16.96 bn
Q3 sequential revenue growth	47%
Nine-month revenue	$33.24 bn
Q3 operating result	−$567 mn
Customers spending over $100,000 annually	Over 11,900
Net revenue retention	900%
Compute and infrastructure commitments	$901 bn

These numbers show that more businesses are using Anthropic's services. However, its quarterly revenue growth rate has slowed compared with earlier periods.

The company also reported an operating loss of $567 million in the third quarter. In the second quarter, it had reported operating income of $974 million.

The second-quarter result included a large credit related to computing costs. This means the difference between the two quarters does not give a clear picture of the company's normal ability to make a profit.

Google and NVIDIA lead $26 bn Anthropic investment

Along with the public share sale, Anthropic has arranged a separate private investment worth $26 billion. Several major technology companies will take part. They will buy Class N common shares at the same price as the IPO.

Technology company	Planned investment
Google	$10 bn
NVIDIA	$10 bn
AMD	$2.5 bn
Broadcom	$1 bn
Micron Technology	$1 bn
Microsoft	$1 bn
TSMC Partners	$500 mn
Total	$26 bn

The private share sale is expected to close immediately after the IPO, if all required conditions are met.

These investments show how closely Anthropic works with major chipmakers and companies that provide cloud computing services. These companies are also important financial partners.

These companies provide the computing power, network equipment and technology needed to train and run more advanced AI models.

The deals also show how connected investment in AI has become. A company can supply technology to Anthropic, work with it as a business partner and also own shares in it.

Anthropic faces nearly $901 bn in infrastructure commitments

Anthropic needs to spend heavily on computing power to support its fast growth.

The company's updated registration statement lists about $900.9 billion in planned purchases and lease payments. Almost all of this money is linked to computing infrastructure.

About $451.6 billion of this amount is expected to be spent before the end of 2030. Most of the remaining payments are planned for the years between 2031 and 2045. These are important costs for people thinking about investing in Anthropic because the company may have to pay them even if it does not use all the computing capacity it has agreed to obtain.

Anthropic's ability to earn enough revenue and generate enough cash to pay for its computing infrastructure will be a major factor in its financial results after the IPO.

Anthropic IPO investors will have limited voting control

Anthropic plans to use a company control system that is different from the one used by many publicly traded technology companies. Class A shares sold to ordinary investors will each carry one vote. However, a special Class F share, held through an organization controlled by Anthropic's seven co-founders, will give it 50.1% of all shareholder voting power.

Anthropic's Long-Term Benefit Trust will also have the power to appoint most of the company's board members through its Class T share.

This system is designed to protect Anthropic's long-term plans for how the company is run. However, it will greatly limit the power of ordinary public shareholders to influence company decisions.

People who buy Class A shares will be able to benefit financially if Anthropic grows in value. But they will not receive voting power that matches their financial investment when it comes to controlling the company's management or future plans.

When will Anthropic stock begin trading?

Anthropic has applied to list its shares on the Nasdaq Global Select Market under the stock symbol ANT.

The company could complete its IPO during November 2026, but the exact date when trading will start has not been confirmed. The final share price will be set after talks with large professional investors and an assessment of market demand.

The SEC must approve the registration statement before Anthropic can sell its shares.

For investors, the main questions are how much Anthropic will be worth when it lists, whether its revenue can keep growing, whether its AI services can become profitable and how it will pay for its very large computing commitments.

The planned stock market listing will also show whether public investors are willing to support one of the largest share sales in history while the AI investment market remains uncertain.