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The maker of the Claude AI models, reported to be preparing a Nasdaq listing for November 2026.
Filed confidentiallyBlockbuster IPOAnthropic, the San Francisco company behind the Claude family of AI models, confidentially submitted a draft S-1 registration statement to the SEC on June 1, 2026. Bloomberg reported on October 1 that it aims to begin marketing the offering around the week of November 9, which would put the first day of trading before Thanksgiving, and that it hopes to raise at least as much as SpaceX did in June.
The company was last valued at $965 billion in its May 2026 Series H. Reports of the valuation it will seek in the IPO range from $1.5 trillion to more than $2 trillion. The share price, the price range and the ticker have not been set; this page adds them as they are announced, and quotes the stock once it trades.
Anthropic's draft prospectus is not yet public. The 2025 revenue, losses and commitments below are as reported by Reuters and the Financial Times, which have seen it.
| Status | Filed confidentially |
|---|---|
| Expected timing | Reported for mid-to-late November 2026 |
| Draft S-1 | Submitted confidentially to the SEC, June 1, 20265 |
| Exchange | Nasdaq (reported)4 |
| Lead underwriters | Morgan Stanley and Goldman Sachs (reported)6 |
| Timetable | Marketing from around the week of Nov 9; trading could begin before Thanksgiving (Nov 26) (reported)7 |
| Valuation sought | More than $2 trillion (reported, August)2 |
| Valuation sought | About $1.5 trillion, in line with secondary-market trading (reported, September)8 |
| Share structure | Planned super-voting shares would give the seven co-founders 50.1% of the vote; the Long-Term Benefit Trust would keep electing most of the board (reported)8 |
| Ticker, price range, shares offered | Not yet announced5 |
Anthropic shares do not trade on any public exchange yet, so there is no Anthropic stock price. A price per share is set only when the IPO prices; until then, any quoted figure comes from private secondary markets, which are thinly traded and open only to qualifying investors. The most recent private-market reference point is the Series H in May 28, 2026, which valued the company at $965B1.
This section will show the live share price, the IPO price and the change since listing as soon as the stock trades.
| Date | Round | Raised | Valuation (post-money) | Investors |
|---|---|---|---|---|
| May 28, 2021 | Series A | $0.12B | — | Not disclosed9 |
| May 23, 2023 | Series C | $0.45B | — | Google and others10 |
| Mar 3, 2025 | Series E | $3.5B | $61.5B | Led by Lightspeed Venture Partners11 |
| Sep 2, 2025 | Series F | $13B | $183B | Led by ICONIQ, Fidelity and Lightspeed12 |
| Feb 12, 2026 | Series G | $30B | $380B | Led by GIC and Coatue13 |
| May 28, 2026 | Series H | $65B | $965B | Led by Altimeter, Dragoneer, Greenoaks and Sequoia; includes $15B of earlier hyperscaler commitments1 |
Total disclosed in the rounds above: $112.1B. Strategic investments are often paid partly in cloud credit and in tranches, so headline commitments and cash received differ.
| Reported for | Annualized revenue run-rate | Change from previous |
|---|---|---|
| Jan 2025 | about $1B12 | — |
| Aug 2025 | more than $5B12 | 5.0× Jan 2025 |
| Oct 2025 | about $7B14 | 1.4× Aug 2025 |
| Dec 2025 | about $9B15 | 1.3× Oct 2025 |
| Feb 2026 | $14B13 | 1.6× Dec 2025 |
| Apr 2026 | more than $30B16 | 2.1× Feb 2026 |
| May 2026 | more than $47B1 | 1.6× Apr 2026 |
| Jul 2026 | more than $65B2 | 1.4× May 2026 |
A run-rate is the latest month's revenue multiplied by twelve. It is the figure private AI companies disclose; it is not audited annual revenue, which the S-1 will report for the first time.
| 2025 revenue (draft prospectus, as reported) | Nearly $4.6B, up about twelvefold3 |
|---|---|
| 2025 operating expenses (as reported) | Almost $13B3 |
| 2025 operating loss (as reported) | More than $8B3 |
| 2025 net loss (as reported) | About $42B, of which roughly $34B is a non-cash charge on financing that can convert into shares17 |
| Q2 2026 revenue (as reported) | $11.5B3 |
| Profitability (as reported) | On track for a second straight quarter of adjusted operating profit3 |
| Cloud and infrastructure commitments (as reported) | $518B over the coming years3 |
| Customer concentration (as reported) | Two customers made up nearly a quarter of 2025 revenue3 |
| Amazon | $8B invested by 2026, $5B more in April 2026 with up to $20B further; Anthropic committed more than $100B to AWS over ten years15 |
| Up to $40B announced April 2026: $10B now, up to $30B more tied to milestones18 | |
| Microsoft and Nvidia | Up to $5B and up to $10B; Anthropic committed to $30B of Azure compute19 |
| Compute capacity | Five gigawatts each from Amazon and from Google and Broadcom; GPU capacity on SpaceX's Colossus 1 and 21 |
| Revenue projection (reported, Nov 2025) | $70B in 202820 |
| Name | Released | What it is |
|---|---|---|
| Claude Fable 5.1 | Sep 2026 | The most capable model, for demanding reasoning and long-running agentic work. API price $10 / $50 per million input / output tokens.21 |
| Claude Mythos 5.1 | Sep 2026 | The same model as Fable 5.1 with fewer safeguards, open only to vetted U.S. organizations in Anthropic's cyber-defense and life-sciences verification programs.22 |
| Claude Opus 5.5 | Sep 22, 2026 | Performs at the level of Fable 5.1 on most work at 40% lower cost than Opus 5. $4 / $20 per million tokens.23 |
| Claude Sonnet 5.5 | Sep 28, 2026 | Balance of speed and intelligence. $2 / $10 per million tokens.21 |
| Claude Haiku 4.5 | Oct 15, 2025 | The fastest model. $1 / $5 per million tokens.21 |
| Name | Released | What it is |
|---|---|---|
| Claude | — | The chat assistant on the web (claude.ai), desktop and mobile, sold on the plans below.24 |
| Claude Code | — | Agentic coding tool; its run-rate revenue passed $500M by September 2025.12 |
| Name | Released | What it is |
|---|---|---|
| Claude API | — | The models for developers, direct and through Amazon Bedrock, Google Cloud and Microsoft Foundry. Batch requests are 50% off.21 |
| Name | Price | What it is |
|---|---|---|
| Free | $0.24 | |
| Pro | $20 a month, or $17 a month billed annually.24 | |
| Max | From $100 a month, at 5× or 20× Pro usage.24 | |
| Team | $25 per seat a month ($20 annually); Premium seats $125 ($100 annually).24 | |
| Enterprise | $20 per seat a month billed annually, plus usage at API rates.24 |
| Founded | 2021, San Francisco, by former OpenAI researchers including Dario and Daniela Amodei9 |
|---|---|
| Chief executive | Dario Amodei25 |
| Legal structure | Public benefit corporation; a Long-Term Benefit Trust elects directors25 |
| Employees | About 3,000 (May 2026)26 |
| Business customers | More than 300,000 (September 2025)12 |
Losses and spending. The draft prospectus reportedly shows an operating loss of more than $8 billion in 2025 and $518 billion of cloud and infrastructure commitments, far above current revenue.3
Customer concentration. Two customers reportedly accounted for nearly a quarter of 2025 revenue.3
The Pentagon dispute. In March 2026 the Defense Department designated Anthropic a supply-chain risk after it refused to allow its models to be used for autonomous weapons or mass surveillance. On September 25 a federal appeals court upheld the designation 2-1; Anthropic says it has cost it billions in lost business.27
Government relations. According to the filing as reported by Reuters, federal agencies were ordered in February to stop using Anthropic's models, and export controls were imposed on two of its models in June.28
Copyright. A $1.5 billion settlement with book authors received final approval in July 2026. Music publishers, and separately Sony Music and Warner, have sued over the use of their works.29
Founder control. The planned share structure would give the seven co-founders majority voting control, limiting the say of public shareholders.8
Anthropic: company profile and latest news →
Reviewed by Dylan, finance analyst. Figures last checked against the sources above on Oct 2, 2026. Private-company figures are as reported by the publications cited and are not audited.
This page is general information, not investment advice.