Anthropic IPO: When will its stock hit Nasdaq?

Anthropic stock Nasdaq listing date: Anthropic, the company behind the Claude AI models, made its IPO papers (Form S-1) public on Monday, October 26. It plans to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. The company first sent a confidential draft to the SEC, which it announced on June 1.

When will ANT stock list?

There is no official date yet. November is the reported target, but it depends on the offering process and market conditions.

Several steps remain. Anthropic must revise the prospectus, and the SEC must declare the registration effective. Then the shares are priced and allocated, and only after that does trading begin.

Anthropic has said the registration is not yet effective. The SEC’s own investor guidance adds that its review checks disclosure only. It does not endorse the company or the stock.

The share price and the number of shares are also blank. They will come in a later amendment. Goldman Sachs, Morgan Stanley and J.P. Morgan lead a group of 22 underwriters.

Prediction market Polymarket gives an 83.5% chance that trading starts by November 30, and about 50% by November 20. These are traders’ bets, not company guidance.

On valuation, Anthropic’s $65 billion Series H round in May valued it at $965 billion. Polymarket traders see $1.5 trillion to $1.75 trillion as the most likely IPO range, at 58%. Some reports talk of up to $2 trillion. All of these are estimates, not offer terms.

Ordinary investors cannot buy ANT today, because no public market exists yet.

What the numbers show

Revenue in the first half of 2026 was $16.286 billion. In the same period of 2025 it was $1.163 billion, so growth is about 1,300%. Six-month revenue is also higher than the full-year 2025 figure of $4.585 billion. The half-year numbers are unaudited.

The headline net loss is $80.748 billion, but most of it is not cash spent running the business. About $72.4 billion is an accounting charge. Anthropic issued convertible notes and SAFEs (simple agreements for future equity) to early backers.

As the company’s valuation rose, these instruments became costlier liabilities on paper. That one line is roughly 90% of the net loss. Another $8.757 billion of other net expense relates mostly to note purchase agreements.

The operating loss, which shows what the business itself lost, is much smaller:

Spending in the first half was $16.979 billion. Compute and infrastructure took $8.945 billion, sales, marketing and partnerships took $3.168 billion, and personnel took $3.152 billion.

The quarters differ sharply. Q1 had an operating loss of $1.667 billion. Q2 had revenue of $11.555 billion and an operating profit of $974 million. Operating cash flow for the half was positive at $3.929 billion, partly because of timing in customer payments and vendor bills. Anthropic itself points to this timing effect, so it may not repeat.

What investors should check before buying

Public shareholders get Class A shares with one vote each. A single Class F share, held by a company owned by the seven co-founders, carries 50.1% of the votes. Dario Amodei and Daniela Amodei are among them. The Long-Term Benefit Trust holds a Class T share and elects most of the board.

Anthropic will be a “controlled company” under Nasdaq rules. It is also a public benefit corporation, so it must weigh its AI safety mission alongside shareholder returns. It has put 5% of its shares into a new Public Benefit Fund.

This is not investment advice. Please read the S-1 yourself before acting.