Anthropic IPO: how much the company behind Claude is worth and what its prospectus reveals
The Anthropic IPO offers 825 million shares at US$70 to US$78. Its prospectus shows US$33.2 billion in revenue in nine months and large accounting losses.
· 4 min read
The Anthropic IPO, for the company that develops the Claude assistant, has entered its final stage: on November 10, 2026, it launched its roadshow, the round of presentations to investors, offering 825 million shares at a price of between US$70 and US$78, according to the company's announcement. The shares would trade on Nasdaq under the ticker ANT.
All figures in this article come from the prospectus Anthropic filed with the U.S. Securities and Exchange Commission (SEC), in its updated version of November 10. This article is for information only and is not investment advice.
US$70-78
Price per share
indicative range
US$33.2B
Revenue in 2026
January to September
US$81B
Run-rate revenue
as of October 31, 2026
Source: Anthropic, S-1/A prospectus filed with the SEC (Nov 10, 2026)
View the data as a table
| Price per share | US$70-78 | indicative range |
| Revenue in 2026 | US$33.2B | January to September |
| Run-rate revenue | US$81B | as of October 31, 2026 |
How much the Anthropic IPO would raise
Of the 825 million shares, 801.4 million are sold by Anthropic and 23.6 million by existing shareholders (that money does not go to the company). In addition, the underwriters would have an option to buy another 123.75 million shares.
| Item | At US$70 | At US$78 |
|---|---|---|
| Total offering (825 million shares) | US$57.75B | US$64.35B |
| Proceeds to Anthropic (801.4 million) | US$56.10B | US$62.51B |
On top of that is a US$26 billion private placement of non-voting Class N shares, at the IPO price, committed by AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC. Some directors have also indicated interest in buying up to US$303 million in the offering.
The table's calculations are by InfoByData, before fees. The deal is led by Goldman Sachs and Morgan Stanley, alongside other banks.
How much the company behind Claude is worth
The prospectus does not state a valuation. A rough way to estimate it is to multiply the price by the total number of shares: the filing says about 15.5 billion shares are subject to sale restrictions (lock-up), a figure that includes conversions and employee shares. At the price range, that equals between US$1.09 trillion and US$1.21 trillion, by our calculation.
The final figure will depend on the final price, the share count used and the private placement. That is why estimates in the press vary.
What the prospectus reveals
Anthropic's revenue grew from US$41 million in 2023 to US$4.585 billion in 2025. In the first nine months of 2026 it reached US$33.242 billion, 13 times the same period of 2025.
Other figures from the filing:
- Run-rate revenue of about US$81 billion as of October 31, 2026, US$10 billion more than a month earlier. This is a company estimate that projects recent usage over a year, not revenue already earned.
- More than 11,900 customers generate more than US$100,000 in annual revenue each, up from more than 950 a year earlier.
- Net revenue retention of about 900%: on average, business customers spend nine times what they spent a year ago.
- About 5,300 employees, with more than US$6.6 million in revenue per employee over the last 12 months.
- US$95.6 billion in cash and US$36.3 billion in short-term investments as of September 30, 2026.
Profits and losses: what is behind the accounting loss
The net loss was US$104.039 billion from January to September 2026. The figure looks huge, but US$94.324 billion is a non-cash accounting adjustment: the higher value of convertible instruments as the company's valuation rose.
The operating loss, which better reflects the business, narrowed from US$5.224 billion to US$1.260 billion over the same period, because revenue grew faster than costs.
- 2025
- 2026
Source: Anthropic, S-1/A prospectus filed with the SEC
View the data as a table
| 2025 | 2026 | |
|---|---|---|
| Revenue | 2,545 | 33,242 |
| Compute and infrastructure spending | 4,381 | 18,808 |
| Operating loss | 5,224 | 1,260 |
The biggest expense is compute: the data centers and chips used to train and run the models, which totaled US$18.808 billion in nine months.
How Anthropic would be governed after the IPO
Anthropic is a public benefit corporation, a Delaware legal form that requires its board to balance shareholders' interests with a public purpose, in its case the responsible development of AI. An independent trust, the Long-Term Benefit Trust, would elect a majority of the board through a special Class T share.
In addition, a special Class F share, held by the seven co-founders, would carry 50.1% of the votes on other matters, including the election of the rest of the board, making the company a "controlled company" under Nasdaq rules. Buyers in the Anthropic IPO would receive Class A shares, with one vote per share.
The prospectus warns that the information "is not complete and may be changed," and that the shares cannot be sold until the SEC declares the registration effective.
To see where Claude stands against other assistants, read our comparison of AI virtual assistants, and for its use in programming, the AI tools for code generation. We have no commercial relationship with Anthropic.
What it means for you
- If you are interested in investing: the Anthropic IPO is a U.S. deal and a high-risk one. Read the full prospectus, especially the risk factors, and consult a licensed advisor before deciding. This article is not investment advice.
- If your company uses Claude or other models: the prospectus confirms the business depends on large compute investments and business customers. It is wise not to depend on a single AI provider.
- If you follow the tech industry: going public requires Anthropic to report results every quarter, which will provide public, comparable data on the economics of AI.
Sources
- Anthropic IPO
- Anthropic
- Claude
- initial public offering
- Nasdaq