Anthropic Stock: IPO Date, Valuation and How to Invest

Anthropic is heading for the largest IPO the AI industry has ever seen. The company behind Claude was last valued at $965 billion, and investors are now aiming for up to $2 trillion for the listing. Only one thing does not exist yet: an Anthropic stock that you could buy.

That is why searches for Anthropic stock end on empty quote pages showing “0.00”. This article clears that up. You get the confirmed state of the IPO, the realistic ways to take part in the company’s growth today, and an honest look at the valuation. In June I followed the SpaceX IPO from the first minute and saw how quickly euphoria turned into a loss. That experience is part of this article. The valuation itself is calculated and updated in our Anthropic stock forecast.

Anthropic stock in 30 seconds

• No stock can be traded yet. Anthropic is still a private company. It has applied to list on Nasdaq under the ticker ANT, and the prospectus does not name an ISIN. Until the listing, the quote pages of the finance portals are placeholders.
• Public prospectus since 26 October. The roadshow can start on 10 November at the earliest, and reports point to a first listing in mid-November. The price range and an official date are still missing.
• Valuation $965 billion. That was the company’s value in the last funding round in May 2026. For the IPO, investors are aiming for up to $2 trillion.
• Indirect exposure is possible today. Alphabet holds about 14 percent of Anthropic, and Amazon holds a stake in the mid to high teens.

What is Anthropic?

Anthropic is a US artificial intelligence company based in San Francisco that develops the Claude family of language models and was valued at $965 billion in May 2026.

The company was founded in 2021 by former OpenAI executives, among them the siblings Dario and Daniela Amodei. The trigger was a dispute about how to handle the risks of powerful AI systems. Since then Anthropic has positioned itself as the safety-focused alternative in the race for the strongest artificial intelligence.

You probably know the product: Claude. The assistant competes directly with ChatGPT, but it has established itself above all with business customers. Programmers, law firms and large corporations use the models through interfaces in their own applications. This business with companies is the reason for the rapid revenue growth that we come to further below.

For investors one thing matters most: Anthropic is no longer a small challenger. The company has overtaken OpenAI in valuation and raises capital on a scale usually reserved for states. In the funding round of May 2026, $65 billion came in at once.

Is there an Anthropic stock yet?

No. There is no Anthropic stock, because the company is not listed. Its shares are held only by founders, employees and large investors.

Even so, almost every finance portal already has a quote page. On TradingView there is an entry for Anthropic on Nasdaq marked as an upcoming IPO. All of these pages show a price of 0.00, because there is simply nothing to quote.

These placeholders are not errors, they are preparation. The portals create the data records so that everything is in place on the first trading day. For you they are still worthless. Anyone who clicks “buy” there ends up in an empty order screen at their broker.

Since 26 October the ticker is clear. According to the prospectus, Anthropic has applied to list under ANT. The symbol ANTP that went around in forums and that Investing.com listed is therefore out of date. The prospectus does not name an ISIN. If someone offers you listed Anthropic shares today, be very careful: nothing is listed yet.

Anthropic IPO: where things stand

The process is under way, and it is moving fast. On 1 June 2026 Anthropic confirmed that it had submitted a confidential draft registration statement to the US Securities and Exchange Commission (SEC). That is the official start of the process, as stated in Anthropic’s announcement.

A confidential S-1 is the non-public draft of the IPO prospectus that a company submits to the SEC to prepare its listing without disclosing figures yet.

The advantage for the company is obvious: the regulator reviews, and competitors read nothing. Only when the prospectus becomes public will you see audited revenue and losses, and later the number of shares. That step came on 26 October 2026: Anthropic published the S-1 in the EDGAR register and announced the filing. It had been expected as early as early September, after the Labor Day holiday. The fields for the price range and the share count are still blank.

The SEC itself sets the latest date for the prospectus. A company that files confidentially must, under an SEC rule, make it public at least 15 days before the roadshow, or before the requested effective date if there is no roadshow. Anthropic filed on Monday, 26 October, one trading day after the date that a roadshow from 9 November would have needed. The formal roadshow can therefore start on Tuesday, 10 November, at the earliest. The core figures that Reuters had reported from confidential drafts at the end of September and on 20 October are in the prospectus as reported. They follow in the valuation section below.

These milestones are confirmed so far:

Milestone	Date
Funding round of $65 billion, valuation $965 billion	May 2026
Confidential S-1 submitted to the SEC	1 June 2026
Goldman Sachs, Morgan Stanley and JPMorgan hired as lead banks	June 2026
Banks arrange first investor meetings	15 July 2026
AMD invests up to $5 billion	22 July 2026
First listing moved to November	18 Sept 2026
Reuters quotes the draft prospectus	28 Sept 2026
Investor day, third-quarter revenue $16.8 billion	14 Oct 2026
Reuters: first-half loss in a newer draft	20 Oct 2026
Public S-1, ticker ANT applied for on Nasdaq	26 Oct 2026

The investor day has taken place. On 14 October Anthropic hosted selected institutional investors at its headquarters in San Francisco, according to Bloomberg, and according to Reuters it named $16.8 billion of third-quarter revenue there. First talks with investors have been running since July, as CNBC reported. The formal roadshow, the marketing on the basis of the public prospectus before the price is set, can start on 10 November at the earliest after the prospectus of 26 October.

The reports now name November 2026 as the target month and Nasdaq as the exchange. October was planned at first. According to a Wall Street Journal report of 18 September, Anthropic postponed the start so that it can show its third-quarter figures first. According to Bloomberg, a first listing before Thanksgiving on 26 November is possible, and according to Investing.com, Fox Business reporter Liz Claman, citing sources, named 19 or 20 November. All of this rests on people familiar with the deal, and the prospectus names no date either. Treat November as a well-founded expectation, not a date. IPOs slip when markets turn.

One detail shows the scale. Its rival OpenAI, whose stock is not listed either, does not expect its own listing before 2027. That makes Anthropic the first of the two large AI labs to go public.

How much is Anthropic worth?

The picture is moving, and you should keep two figures apart. The last reliable valuation comes from the funding round of May 2026: $965 billion post-money. With that, Anthropic overtook OpenAI. For the IPO, however, investors are now aiming much higher, with up to $2 trillion being reported. On the secondary market, where existing shareholders pass on shares, the implied value is about $1.05 to $1.15 trillion. According to Bloomberg, institutional investors put the fair value at $1.8 to $2 trillion. Since the quarterly figures from the investor day, some investors have weighed only about $1.5 trillion, according to Reuters, because growth is slowing.

To judge whether that is expensive, you need revenue. This is where it gets interesting, because almost all finance portals work with a figure that is easily misunderstood: the run-rate.

The revenue run-rate is a projection: recent revenue scaled up to a year. According to the prospectus, Anthropic takes its usage-based revenue of the last 28 days times 13 and its monthly subscription revenue times twelve. It is not an audited annual revenue and says nothing about profits.

On this basis the development looks like this:

Point in time	Run-rate
End of 2025	about $9 billion
March 2026	just under $20 billion
April 2026	over $30 billion
May 2026	about $47 billion
End of July 2026	over $65 billion
End of 2026 (expected)	$100 to $120 billion

Anthropic revenue run-rate in billions of US dollars. Each bar is recent revenue scaled up to a year; the last bar is an investor expectation, not a reported figure. Data: Bloomberg report of 17 August 2026; graphic as of 6 October 2026 (Kagels Trading).

That is growth you rarely see. It explains why investors are talking about a trillion-dollar valuation at all. On top comes a signal that hardly ever appears in new issues of this size: in the second quarter of 2026, according to the prospectus, Anthropic made $11.56 billion of revenue and an operating profit of $974 million under US accounting rules, its first ever. Adjusted for stock-based compensation, it was $2.24 billion. For the third quarter Anthropic named $16.8 billion of revenue at the investor day, 45 percent more, and again an adjusted profit without an amount. None of this is a net profit.

Now the decisive calculation, and it comes out completely differently depending on the pairing. Against the May valuation of $965 billion and a run-rate of $47 billion, the price-to-sales ratio was about 21, ambitious but not crazy. Take the IPO target of $2 trillion and the run-rate of over $65 billion at the end of July, and it is about 31. Set the $2 trillion against the expected year-end run-rate of $100 to $120 billion, and you are back at 17 to 20. Same company, three ratios, depending on which figure you believe.

Valuation	Revenue basis	Price-to-sales ratio
$965 billion (May 2026)	$47 billion run-rate (May)	about 21
$2 trillion (IPO target)	over $65 billion run-rate (end of July)	about 31
$2 trillion (IPO target)	$100 to $120 billion (expected end of 2026)	about 17 to 20
SpaceX at its IPO (June 2026)	reported revenue for the full year 2025 ($18.7 billion)	about 95

The rows use different measures, so read them as orders of magnitude. The Anthropic rows set a valuation against a run-rate, recent revenue scaled up to a year, or an expectation. The SpaceX row uses the reported revenue of a whole year that had already ended.

As a practitioner, I compare this with the last mega IPO. SpaceX came to market in June at about 95 times its 2025 revenue. That rests on a different revenue measure, so it is not a direct comparison. On the same basis, third-quarter revenue times four, SpaceX was worth about 34 times at its weekly close of 23 October, and Anthropic at a hypothetical $2 trillion would be about 30 times. What looked moderate in the spring has become clearly more ambitious with the $2 trillion target. The valuation has run ahead of the bet on growth.

We keep this calculation up to date. How the reported valuations compare with the current run-rate, which scenarios follow from that and what the SpaceX start says about the first weeks is in our Anthropic stock forecast linked above, which works with valuation marks instead of price levels until the first listing.

Two caveats belong here. First, the run-rate is a snapshot, not an annual result. If a large customer drops away, the projection drops with it. Second, in the prospectus only the full-year figures to 2025 are audited. The second-quarter profit comes from unaudited quarterly figures, and over the first half as a whole there is still an operating loss of $693 million.

The look at the books is now official. According to the prospectus, revenue in 2025 rose to $4.59 billion, almost twelve times the year before. Reuters had reported the order of magnitude from the draft on 28 September. In the same year Anthropic made an operating loss of $8.06 billion. Most of the net loss of almost $42 billion is an accounting entry without any cash leaving the company: about $34 billion comes from the higher value of financing instruments that can later be converted into shares. In the first half of 2026 revenue was $16.29 billion, and $3.93 billion of cash flowed in from operations.

How can you invest before the IPO?

Ordinary investors cannot buy Anthropic on a stock exchange, because there is nothing listed yet.

Private transactions exist, but access is narrow. Existing shares change hands on specialised platforms and through funds. Depending on the offer and the country, eligibility rules apply, in the US often the status of an accredited investor, and Anthropic usually has to approve a transfer. Availability, fees and minimum amounts differ widely. The SEC’s investor alert on pre-IPO offerings explains that legitimate offers stand next to scams.

One route still works, and it is surprisingly direct. The two largest shareholders are themselves listed companies:

• Alphabet: holds about 14 percent of Anthropic, worth about $135 billion at the current valuation. The group has committed to invest up to a further $40 billion.
• Amazon: holds a stake in the mid to high teens, estimated at $135 to $160 billion. So far $13 billion has gone in, and a further $20 billion is tied to milestones.
• AMD: has held a stake of up to $5 billion since 22 July 2026 and in return supplies graphics chips for about two gigawatts of computing power from 2027.

If you hold Alphabet or Amazon, you already take part in Anthropic today. With the IPO these stakes would become visible at a market price for the first time. That can lift both stocks. Both companies are also among the largest weights in the Nasdaq 100, which our Nasdaq forecast follows.

You have to be honest about dilution. Alphabet is a group with a market value of over $2 trillion. Even an Anthropic stake of $135 billion moves its price only to a limited degree. You are not buying a pure Anthropic investment, but a group with a very valuable holding.

Finally, a warning that is unfortunately necessary. Unverified offers for supposed pre-IPO shares in Anthropic are circulating online. Check who is selling, what exactly you would own and whether the company has approved the transfer. An unsolicited offer through online ads or messages is a classic warning sign, and no Anthropic share trades on an exchange before the IPO.

Subscribing to Anthropic stock: how an IPO works

Subscribing to a stock means ordering it at the issue price before the first trading day. In large IPOs this is mostly reserved for institutional investors.

The process is similar for every large IPO, and you can follow it live with Anthropic. Three milestones are still to come, and the first, the public prospectus, is done:

• Public prospectus (since 26 October): the S-1 is visible, with audited full-year figures for the first time. Anthropic adds the price range and the share count with an amendment.
• Roadshow: management courts large investors for capital. Demand in this phase determines the price.
• Pricing: one to two days before the start, the issue price is fixed.
• First listing: the first trading day. From now on you buy the stock through your broker like any other stock.

Whether private investors can subscribe at all is only decided in the roadshow phase. It depends on the banks and on your broker, and the answer differs from country to country. At the SpaceX IPO some brokers offered retail subscriptions, but with heavy scaling back: many subscribers received far fewer shares than they ordered, and some received none.

My advice from practice: subscribing is not a sure thing. Anyone who gets an allocation often has only a few shares in the account. And anyone who gets nothing buys on the first trading day at a price that has nothing to do with the issue price any more.

Where can you buy Anthropic stock once it is listed?

Once the first listing is done, you need no special routes. You then buy the stock like any other US stock through your broker, at the current market price.

What you need is a brokerage account with access to the US market. On Nasdaq you trade in US dollars. If your account is in another currency, your broker converts it, and the currency conversion costs something. Which international broker we use ourselves, and what it charges for US stocks, is in our Interactive Brokers review.

Clarify two points beforehand. First, the order fees for US stocks, which differ widely between brokers. Second, whether your broker makes the stock tradable on the first trading day at all. At SpaceX there were delays of several hours at some brokers while the price was already moving. On the first day of an IPO, the opening trade on Nasdaq also often comes only hours after the regular open at 9:30 a.m. Eastern Time; our guide to stock exchange hours has the session times.

A practical tip: use limit orders, not market orders, for new issues. In the first trading hours prices swing by double-digit percentages. Otherwise a market order may be filled at a price you would never have accepted.

Opportunities and risks of Anthropic stock

Before you get involved in an IPO, both sides should be on the table. Let us start with the opportunities, then come the risks.

• Growth on a rare scale: from about $9 billion to over $65 billion of run-rate in seven months. This momentum carries a large part of the valuation.
• Strong business with companies: Claude is firmly established with companies and developers. Such customers switch less often than private users.
• Investors with deep pockets: Alphabet, Amazon and AMD stand ready with commitments in the billions. A funding shortage is not a near-term threat.
• Slightly lower valuation than SpaceX on the same basis: with third-quarter revenue times four, a hypothetical $2 trillion would be about 30 times revenue, against about 34 times for SpaceX at its weekly close of 23 October. Anthropic grows much faster, which makes that ratio easier to argue.
• First operating profit: for the second quarter of 2026 the prospectus shows $11.56 billion of revenue and a first operating profit of $974 million, unusual for a company at this stage of growth. It is not a net profit, and the 2026 figures are unaudited. For the third quarter Anthropic reported another adjusted profit at its investor day, according to Reuters, on $16.8 billion of revenue.

Against this stand risks that you should not explain away. Most of them are set out in the prospectus itself, in its long risk section.

• High losses: according to the prospectus, Anthropic made an audited operating loss of $8.06 billion in 2025. In the first half of 2026 the net loss was $80.7 billion, $72.4 billion of it an accounting entry with no cash outflow. The 2026 figures are unaudited.
• Dependence on a few customers: according to the prospectus, almost a quarter of revenue in 2025 came from just two customers with 12 percent each. In the first nine months of 2026 the five largest together made up about 25 percent. Many large customers have no long-term contracts and can cut their spending at any time.
• Concentration among the major shareholders: Alphabet and Amazon together hold roughly 30 percent and are at the same time major customers and infrastructure partners. This entanglement cuts both ways.
• Little say for shareholders: according to the prospectus, the seven co-founders get 50.1 percent of the voting power through a special class of stock, and an independent trust, the Long-Term Benefit Trust, elects the majority of the board. Anyone who buys the stock has one vote per share, but hardly any influence.
• Ongoing lawsuits: several cases are pending against Anthropic, among them on trademark rights. Investors have to price that in.
• Enormous capital needs: according to Reuters’ report from the draft, Anthropic plans $518 billion for cloud, data centres and infrastructure. The public prospectus still leaves the total blank, but names commitments that run until 2045. The AMD deal for two gigawatts of computing power also shows the scale of the investment required. These costs arise before the revenue does.
• Valuation risk on day one: if investors aim for up to $2 trillion as reported, a lot of the future is already paid for. That leaves little room for disappointment.

What the SpaceX IPO teaches about Anthropic

A look at the last mega IPO helps, and I followed it day by day. The SpaceX listing was instructive for every new issue that follows.

SpaceX listed on Nasdaq on 12 June 2026. The issue price was $135, the stock opened at $150 and closed the first day at $160.95, a gain of just over 19 percent. Four days later it marked its all-time high at $225.64. Then the market turned. In mid-July the price fell below the issue price, and the low was $104.83. It ended the week to 23 October at $147.49.

I take three lessons from this, and all three apply to Anthropic. They concern the first price, the free float and the valuation.

• The first price is not the fair value: SpaceX opened at $150, closed the first day at $160.95, marked its all-time high four days later and was below the issue price about five weeks after that. The first days say little about where the price settles.
• A small free float amplifies both directions: only about five percent of SpaceX shares were freely tradable. First, little supply drove the price up. The fall below the issue price came in mid-July, before the first lock-up release on 6 August; from then on, the releases added supply.
• The valuation catches up with everyone: at its IPO SpaceX was valued at about 95 times its reported 2025 revenue, which left no room for disappointment. That is a historical figure for SpaceX, not a comparison with Anthropic, but the mechanism stays the same.

The most important difference: Anthropic already has more revenue than SpaceX, $16.8 billion against $14.58 billion in the third quarter of 2026. That makes the valuation easier to argue, but it does not protect against the usual exaggeration in the first trading days.

The most common mistakes in an IPO

With large new issues I see the same patterns again and again. These five mistakes cost private investors money most often.

• Buying the open blindly: the first price comes from euphoria and scarce supply. SpaceX opened at $150 and was below its $135 issue price about five weeks later.
• Using the issue price as an anchor: this price is the result of a roadshow, not a fair value. It works neither as a buy signal nor as a floor.
• Not doing the valuation maths: anyone who hears $965 billion and does not put it in relation to revenue is buying a feeling, not a number.
• Ignoring position size: new issues swing extremely in the first weeks. A position that keeps you awake at night is too large. How to size a position is in our guide to risk management.
• Betting on the wrong ticker: Anthropic has applied for ANT. Anyone searching for ANTP or a supposed identifier today can easily end up with dubious offers.

The most expensive mistake is haste. An IPO is a one-off event, but the stock stays tradable afterwards. There is no reason to have to be there on the first day.

Conclusion: an interesting company, wait for the price range

Anthropic is the most convincing candidate among the AI IPOs. The growth is exceptional, the business with companies carries the revenue, and with a first quarter of operating profit the company has more to show than most new issues of this size. Anyone who wants to take part in this technology has the most solid route so far here.

Even so, I do not buy an IPO before I have seen audited figures. Since 26 October they are available: audited for 2025 with an operating loss of $8.06 billion, unaudited for 2026 with the first quarterly profit. What is still missing is the price. And the valuation target has run ahead of the company: in the spring, about 21 times the run-rate looked moderate; at the reported $2 trillion target it becomes an ambitious premium on the future. That margin of safety is missing for me.

My approach is therefore simple. I read the public prospectus, wait for the price range and watch the first trading days from a distance. At SpaceX patience paid off: four weeks after the first listing the stock was clearly cheaper than on the first day. As soon as Anthropic is listed, our Anthropic stock forecast switches to a chart analysis with price levels.

This article is market analysis and education, not investment advice.

Frequently asked questions about Anthropic stock

Is Anthropic on the stock market?

No, Anthropic is not listed yet. On 26 October 2026 the company filed its public prospectus with the SEC, after a confidential draft of 1 June. It has applied to list on Nasdaq under the ticker ANT. According to media reports, the first listing is expected in mid-November 2026. This date is not officially confirmed.

Can you buy Anthropic shares?

Not on a stock exchange, because there are no listed Anthropic shares. The quote pages of the finance portals are placeholders, and private transactions are usually limited to eligible investors and need the company’s approval. You have indirect exposure through Alphabet and Amazon, which together hold roughly 30 percent of Anthropic.

What is the ticker symbol for Anthropic stock?

Anthropic has applied for the ticker ANT. That is what the prospectus of 26 October 2026 says, with Class A shares to be traded on Nasdaq. The symbol ANTP that circulated in forums is out of date. The prospectus does not name an ISIN.

When is the Anthropic IPO?

There is no official date. According to reports of 18 September, the target month moved from October to November 2026. Anthropic filed the public prospectus on 26 October. Because it has to be public at least 15 days before the roadshow, the last phase before pricing, the roadshow can start on 10 November at the earliest. Reports point to a first listing in mid-November. Further delays are common in IPOs.

How much is Anthropic worth?

In the funding round of May 2026, Anthropic was valued at $965 billion. That puts the company ahead of OpenAI. For the IPO, investors are reportedly aiming for up to $2 trillion, which would make Anthropic the largest IPO in history. Since the quarterly figures some investors have weighed about $1.5 trillion, according to Reuters.

Which banks are handling the Anthropic IPO?

Goldman Sachs and Morgan Stanley lead the syndicate. They come first on the cover of the prospectus, followed by JPMorgan and 19 other banks. The lead banks manage the pricing and the approach to institutional investors.