Anthropic’s proposed IPO
Get the guide before you decide what to do
Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. Subject to regulatory clearance, the share price is expected to be set on 18 November and first trading is expected on 19 November.[2][6]
Register and we’ll send the guide. It covers what is confirmed, what is still expected, and the questions worth asking. No commitment to invest and no promise of an allocation.
Expected first trading: 19 November 2026 (EST).
Subject to regulatory clearance. A filing is not a completed listing.[6]
- Plain-English reading of the published filings
- What is confirmed, and what is only expected
- The questions worth asking about valuation and risk
- Registering does not place an order or reserve shares
Investment values can fall and you could lose your capital. The proposed IPO may be delayed or may not proceed.
Information correct as at 12 November 2026.
What’s happening
Anthropic filed a Form S-1 with the US SEC on 26 October 2026 and said it intended to list Class A common stock on the Nasdaq Global Select Market under the ticker ANT.[1]
On 10 November it launched the roadshow and filed an amended registration statement, S-1/A Amendment No. 2. The proposed offering is 825 million Class A shares: 801,351,354 from Anthropic and 23,648,646 from selling stockholders. The estimated IPO price range is US$70 to US$78 a share. The registration statement has been filed but has not yet become effective. Shares cannot be sold and offers to buy cannot be accepted until it is.[2][3]
At that range, the offering implies about US$57.8 billion to US$64.4 billion in gross proceeds, including shares sold by existing stockholders. Anthropic will not receive the proceeds from those stockholders’ shares.[2][3]
Separately, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC Partners have agreed to buy US$26 billion of Class N common stock in a concurrent private placement at the IPO price, subject to completion and other conditions. Anthropic estimates net proceeds from its own shares plus that placement at about US$84.6 billion, assuming a US$74 midpoint and stated deductions.[2][3]
Press reports describe a fully diluted valuation of up to about US$1.4 trillion. That depends on how shares and related securities are counted. Using the filing’s count of shares expected to be outstanding after the offering and placement, the same range implies a lower, non-diluted figure of about US$0.92 trillion to US$1.02 trillion. Headline valuations are illustrations, not a settled price.[3][4][5]
Anthropic’s IPO FAQ, checked on 12 November 2026, says the roadshow started on 10 November (EST). Subject to regulatory clearance, final pricing is expected on 18 November (EST), with first public trading expected on 19 November (EST). These dates are expected, not guaranteed. A filing and a roadshow are not a completed listing.[6]
The company reports US$17.0 billion of revenue for the third quarter of 2026. Growth does not establish investment value. The filing also describes substantial losses, a complex voting structure, and large compute and infrastructure commitments.[3][6]
A clearer reading of the filing
What’s in the guide
The guide is being prepared around the following topics:
- What is confirmed in the S-1, and what remains expected, including price, timing and effectiveness
- How to read the offer terms: share count, price range, greenshoe, selling stockholders, and the $26 billion concurrent private placement
- How headline valuations are constructed, and why fully diluted and non-diluted figures differ
- A plain-English note on voting and governance, including the Class F share and the Long-Term Benefit Trust, without legal advice
- The financial and commitment figures worth sitting with, including growth, losses and infrastructure spend
- Risks called out in the filing: competition, compute, regulation, and that you could lose your capital
- A short list of questions worth asking before deciding what to do
This is general information, not personal advice, not a research report you can rely on to buy or sell, and not an official Anthropic document. It does not take account of your objectives, financial situation or needs. The prospectus is the primary document.
Your next step
Register for the guide
Leave your details and we’ll send the guide. Registering does not place an order, reserve shares or mean an investment is suitable for you.
The guide is being prepared. We’ll email it when it is ready.
A request for information only.
No commitment to invest. No promise of an allocation.
FAQs
Does registering get me shares in the IPO?
No. It is a request for the guide only. There is no allocation, reservation or offer of securities on this page.
Is the 19 November trading date confirmed?
It is the date Anthropic has said it expects, subject to regulatory clearance. As at 12 November 2026, the registration statement is not yet effective. The offering may be delayed or may not proceed.
Is this an official Anthropic page?
No. This is a campaign by Katniss Pty Ltd. It is not an official Anthropic communication. The prospectus is on the SEC website and at ipo.anthropic.com.
Is this personal advice?
No. It is general information only. It does not take account of your objectives, financial situation or needs.
Who is Katniss Pty Ltd?
A Queensland advisory firm. AFS Licence No. 527080. Authorised to provide general financial product advice to eligible clients only.
What will you do with my details?
Use them to send the guide and to contact you about this campaign, as set out in the privacy policy.
Risks to consider
AI businesses face competition, changing regulation and substantial infrastructure costs. Growth may not lead to sustainable profits. Any eventual share price could be volatile.
Investment values can fall and you could lose your capital. The proposed IPO may be delayed or may not proceed.
This page is general information, not personal advice, and not an offer of securities. It does not take account of your objectives, financial situation or needs. You should read the official prospectus and consider whether you need advice from a licensed adviser.
Sources
- [1] Anthropic, ‘Anthropic files S-1 with the SEC for proposed initial public offering’. 26 October 2026.
- [2] Anthropic, ‘Anthropic launches roadshow for proposed initial public offering’. 10 November 2026.
- [3] Anthropic, PBC, Amendment No. 2 to Form S-1, Registration No. 333-299633. filed 10 November 2026.
- [4] Reuters, via Street Insider, ‘Anthropic eyes $1.4 trillion IPO valuation in test of Wall Street’s AI fervor’. 10 November 2026.
- [5] CNBC, ‘Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say’. 10 November 2026.
- [6] Anthropic IPO site, ‘What is the timeline for the IPO?’ FAQ. checked 12 November 2026.