Anthropic publicly filed an S-1 registration statement with the SEC on October 26, 2026, setting up a Nasdaq listing of its Class A common stock under the ticker ANT that could arrive as soon as mid-November.
The filing follows a confidential draft registration statement the company submitted to the SEC on June 1, 2026. Anthropic, the maker of the Claude AI models, was founded in 2021 by former OpenAI executives.
A trillion-dollar debut under discussion
Valuation discussions around the offering center on a range of $1.5 to $2 trillion depending on market conditions, a range under discussion rather than a set valuation. Reports have also suggested the company could raise up to $100 billion in the IPO, which would rank it among the largest public listings on record.
The filing discloses rapid growth against a steep burn. Anthropic reported more than $16 billion in revenue for the first half of 2026, with quarterly figures projected in the mid-teens of billions by Q3. Anthropic also disclosed a substantial net loss for the half-year, per the S-1. The balance sheet shows more than $112 billion in cash and cash equivalents plus $19 billion in short-term investments as of June 30.
An unusual lockup for early holders
The offering breaks with recent IPO precedent on when shareholders can sell. Anthropic plans to allow limited secondary sales by existing holders during the offering itself, and to let some early investors and employees sell before the standard 180-day lockup expires. Remaining pre-IPO shares could face restrictions stretching into mid-2027 under certain circumstances, and the company is considering Rule 10b5-1 trading plans for employees.
SpaceX and Cerebras permitted no secondary sales in their IPOs, keeping existing holders out of the offerings entirely. Secondary proceeds go to the sellers rather than to Anthropic’s balance sheet, so the early-sale window mainly determines how much stock can hit the market soon after listing.
The filing also arrives weeks after OpenAI CEO Sam Altman reportedly called 2026 an ill-advised moment for an AI company to go public.
What comes next
Anthropic has not disclosed the size of the offering, the final pricing or a confirmed listing date. Reports point to mid-November 2026 as the earliest window for a Nasdaq debut.
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