Anthropic files for a Nasdaq IPO under the ticker ANT

Anthropic, the AI company behind the Claude models, has filed a Form S-1 with the U.S. Securities and Exchange Commission to take its Class A common stock public on Nasdaq. The filing, accepted at 9:00:11 a.m. Eastern on Oct. 26, 2026, does not yet give a share count or price. The IPO could value the company at around $2 trillion.

Financial performance

The filing reports that 11,900 customers generate $100,000 or more in trailing-twelve-month revenue, 1,900 generate $1 million or more, and about 250 generate $10 million or more. Revenue per employee rose to more than $6.6 million from $1.4 million a year earlier, while compute and infrastructure expenses grew 300% over the three months to June 30.

Anthropic is a Delaware public-benefit corporation. A long-term benefit trust holding Class T common stock can elect a board majority. A single Class F share, to be issued to a Founder LLC owned by its seven co-founders, will carry 50.1% of voting power. Class A shares carry one vote each. Class N shares, held mainly by business partners, have no general voting rights, and Class E shares reserved for employees carry limited ones.

Underwriters and offering structure

The filing names underwriters including Goldman Sachs & Co. LLC, Morgan Stanley, 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. It also says Anthropic will not receive proceeds from shares sold by selling stockholders. The securities cannot be sold until the registration statement takes effect, and the stock is expected to debut in mid-November.

Some current and prospective investors are valuing Anthropic at about $1.5 trillion, down from roughly $2 trillion a week ago, according to reports. The Financial Times reports investors expect a valuation of $1.5 trillion to $1.75 trillion. In premarket trading, chip stocks such as Nvidia and Broadcom edged higher, while a crypto contract for ANTH spiked to about $1,980 before settling near $1,875.

Anthropic was founded in 2021 by a team of researchers. It launched Claude models commercially in early 2023, and the prospectus describes Claude's uptake as "the fastest enterprise adoption of any technology in history." Claude Code entered research preview in February 2025 and Claude Cowork in January 2026, and the company began merging Claude Cowork with Claude.ai in September 2026. It says Claude Opus 5.5 cut customer costs per task by about 40% compared with Claude Opus 5. Anthropic competes with OpenAI, which confidentially filed for an IPO in June. Its CEO, Dario Amodei, has called for slower releases of new capabilities to address AI risks.