Anthropic, the company behind Claude, plans to start trading on the Nasdaq next week in one of the largest IPOs ever. This explainer covers the dates, the price range, what the company’s own numbers show, how its unusual ownership structure works, and how ordinary investors can ask for shares through a broker.
All figures are as of 14 November 2026, before the shares are priced. The final price and share count will be in the final prospectus. Nothing here is investment advice.
The key dates
According to Anthropic’s IPO site:
- 10 November: the roadshow started. That’s when the company and its banks pitch the shares to investors.
- 18 November (US Eastern time): the final share price is expected to be set.
- 19 November: the shares are expected to start trading on Nasdaq under the ticker ANT.
Anthropic says both dates are “subject to regulatory clearance”, so they can still move.
One thing to watch for: some finance sites show a placeholder quote such as “ANTH.PVT” for the private company. That isn’t the trading ticker. The listed shares will be ANT.
The price range and the size of the deal
News reports on Anthropic’s amended filing of 10 November give these terms:
| Item | Reported figure |
|---|---|
| Price range | $70 to $78 per share |
| Shares offered | 825 million Class A shares |
| Of which new shares from Anthropic | about 801.4 million |
| Of which sold by existing shareholders | about 23.6 million |
| Extra shares the banks can buy | up to 123.75 million |
| Shares outstanding after the IPO | about 13.09 billion |
At those prices, the deal raises roughly $58 billion to $64 billion before the extra shares. That’s our arithmetic from the reported figures.
The filing names Goldman Sachs, Morgan Stanley and Deutsche Bank as representatives of the underwriters, the banks that run the sale.
What is Anthropic worth?
That depends on which share count you use, which is why you’ll see different numbers in the news:
- About $916 billion to $1.02 trillion, using the roughly 13.09 billion shares outstanding after the IPO.
- Up to about $1.4 trillion on a fully diluted basis, which also counts options and other rights to future shares, as reported by CNBC.
For comparison, CNBC reports that Anthropic was valued at $965 billion in a private funding round in May.
The $26 billion side deal
Alongside the IPO, seven of Anthropic’s suppliers and partners plan to buy about $26 billion of non-voting Class N shares at the IPO price, according to reports on the filing. At the midpoint of the range, that’s reported as about $10 billion each from Google and Nvidia, $2.5 billion from AMD, about $1 billion each from Broadcom, Micron and Microsoft, and about $0.5 billion from TSMC. Reports say these shares aren’t covered by the usual post-IPO lock-up.
If you followed our explainer on Jensen Huang stepping down as Nvidia CEO, note that Nvidia is one of the largest buyers here.
What Anthropic’s own numbers show
These come from Anthropic’s IPO site and fact sheet, for the three months to 30 September 2026:
- Revenue: $17.0 billion, more than 12 times the same quarter a year earlier.
- Customers paying $100,000 or more a year: more than 11,900.
- Operating margin: minus 3%. On the company’s adjusted measure, which isn’t a standard accounting figure, it’s 15%.
- Net loss: $23.3 billion. Of that, $21.9 billion is a non-cash charge. As Anthropic’s valuation rose, the value of its convertible notes and similar instruments went up, and the accounting rules count that as a cost.
- Compute commitments: about $900 billion in total, with about $70.7 billion due in the 12 months after 30 September, according to the fact sheet.
So revenue is growing extremely fast, and the business is spending enormous sums on chips and data centers to keep up. Both facts matter if you’re trying to understand the company. Products like Claude Fable 5.2 are what that spending pays for.
Who controls the company
Buying ANT shares won’t give you much say in how Anthropic is run. There are three reasons:
- It’s a public benefit corporation (PBC). Anthropic’s legal purpose includes its stated mission, “the responsible development and maintenance of advanced AI for the long-term benefit of humanity,” not just profit.
- The Long-Term Benefit Trust elects most of the board. The fact sheet says the trust currently has four financially disinterested trustees and “generally has the authority to elect a majority of our Board.”
- The founders hold a special share. Reports on the filing say a single Class F share, held by an entity owned by the seven co-founders, carries 50.1% of the voting power on most matters. This makes Anthropic a “controlled company” under Nasdaq rules.
How to request IPO shares as an individual
Anthropic says you can request shares through a participating brokerage. Check its IPO site and your own broker’s IPO section to see whether your broker is taking part. CNBC reports that about 20% of the shares are aimed at retail investors, well above what’s normal for an IPO.
The general process:
- Have an active account with a participating broker. Opening and funding one can take days, so don’t leave it until 18 November.
- Find the IPO section in the broker’s app and look for Anthropic.
- Read the prospectus. Brokers usually require you to confirm that you have it before you can ask for shares.
- Submit an “indication of interest”. That’s a request for a number of shares up to a maximum price. It isn’t a guaranteed order.
- Wait for the allocation. Anthropic says your broker will confirm on the first day of trading whether you got any shares. With strong demand, many people will get fewer than they asked for, or none.
Your broker decides whether you’re eligible. Some apps require a minimum account size or trading history.
Common mistakes and how to avoid them
Expecting the IPO price on day one. The IPO price is what allocated investors pay. When ANT opens on Nasdaq, the first trade can be far above or below it. If you buy on the open market on 19 November, use a limit order so you set the most you’ll pay. A market order fills at whatever the price is at that moment.
Confusing the valuations. “$1 trillion” and “$1.4 trillion” headlines are usually counting different share totals, not disagreeing about the business.
Falling for “pre-IPO share” offers. Expect messages offering “guaranteed” Anthropic shares before the listing. The real routes are your broker’s IPO tool or buying once trading starts. Check any seller with your country’s regulator first.
Putting in more than you can afford to lose. New listings can swing a lot in their first weeks. Our guide to compound interest explains why steady long-term investing usually beats chasing one hot stock.
Missing the lock-up date. Insiders usually can’t sell for a set period after an IPO. The prospectus lists the exact terms. When that period ends, extra selling can move the price.
Wrap-up
Anthropic expects to price its IPO on 18 November and start trading as ANT on Nasdaq on 19 November, with a reported range of $70 to $78 a share. The company is growing revenue more than 12 times year on year, and it has committed close to $900 billion to compute. Control stays with a benefit trust and the founders, not public shareholders. If you want in, check your broker’s IPO tool early, read the prospectus, and remember that a request isn’t a guarantee.
Sources
- Anthropic IPO site: timeline, Q3 2026 highlights and FAQs
- Anthropic, PBC filings on SEC EDGAR (S-1 and amendments)
- Yahoo Finance: Anthropic sets IPO price range at $70 to $78
- Yahoo Finance: Everything you need to know ahead of Anthropic’s IPO
- Yahoo Finance: Anthropic to begin trading on Thursday, Nov. 19
- Investor.gov: Initial public offerings (IPOs)
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