Anthropic will price its initial public offering on Wednesday, November 18, and shares begin trading on Nasdaq the next day under the ticker ANT. The amended S-1 filed on Tuesday puts 825 million shares at $70 to $78, which values the company at $1.3 trillion to $1.45 trillion fully diluted and would raise up to $64.4 billion.

The numbers under that valuation:

  • Revenue for the first nine months of 2026 of $33.2 billion, up 1,206% year over year. Full-year 2025 revenue was $4.6 billion.
  • An operating loss of $1.3 billion over the same nine months, against $5.2 billion a year earlier. The September quarter alone lost $536 million after a $5 billion charge for compute under short-term commitments and $2 billion in non-cash charges from the donation matching program, after the June quarter produced $974 million of operating income.
  • $895.4 billion of aggregate committed spend, mostly compute and infrastructure, with $447.5 billion due before the end of 2030 and $69.8 billion inside the next twelve months.

The roadshow page opened with third-quarter figures: $17.0 billion of revenue, more than 12 times the year-ago quarter, 11,900 customers spending at least $100,000 on a trailing basis, and a 15% adjusted operating margin.

Earlier projections put the valuation as high as $2 trillion before the autumn sell-off in AI stocks. Goldman Sachs and Morgan Stanley are the lead underwriters.

Related: Anthropic Files for IPO, OpenAI Price Cuts May Complicate Anthropic’s IPO, Anthropic Ships an Office Suite Inside Claude

Anthropic IPO: trading starts Nov 19 · IPO site · Source channel