Anthropic Publishes Its IPO Site With Q3 Revenue of $17.0B Ahead of a Nasdaq Debut as ANT
Our initial public offering: t.co/Ah4BkI2loD Legal disclaimer: Anthropic has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement (available at: t.co/Z44axxzf9b) and other documents Anthropic has filed with the SEC for more complete information about Anthropic and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at t.co/94ojsWZTKi. Alternatively, copies of the preliminary prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post is not an offer to sell, or a solicitation of an offer to buy, the securities in any jurisdiction where the offer or sale is not permitted.
Context
It is the first official look at the finances of a frontier AI lab heading to public markets, and it sets the terms for what may be the largest tech listing ever.
Anthropic filed a registration statement with the SEC and started its IPO roadshow on November 10, according to its IPO site. Shares are expected to be priced on November 18 and to begin trading on Nasdaq under the ticker ANT on November 19. Goldman Sachs and Morgan Stanley are named as the contacts for the prospectus.
Deep dive
Anthropic posted a link to its initial public offering site on the morning of November 12, with a legal disclaimer saying it has filed a registration statement, including a prospectus, with the SEC.
The site lists Q3 2026 financial highlights. Anthropic reports revenue of $17.0B for the quarter, more than 12 times the level a year earlier, and more than 11,900 customers paying at least $100K in trailing twelve month revenue as of September 30. It reports a 15% adjusted operating margin and a 3% negative operating margin, plus a net loss of $23.3B that it says includes a $21.9B noncash charge tied to a change in the fair value of convertible notes, derivative liabilities and SAFEs, caused by the rise in its valuation. It also claims a compute efficiency gain of more than 4 times since Q1 2025.
According to the site's FAQ, the roadshow began on November 10, the final share price is expected on November 18, and Class A shares are expected to begin trading on Nasdaq under the ticker ANT on November 19, subject to regulatory clearance. Retail investors can request shares through participating brokerages. The site also hosts a roadshow video, a founders' letter and customer stories from Legora, Eli Lilly, Rakuten and Salesforce.
Additional reporting, secondhand: an X news summary says the shares are marketed at $70 to $78 each and that the IPO plus a private placement could raise up to $90.4 billion at about a $1.4 trillion valuation. These figures come from summaries of reports, not from the Anthropic post.
What to expect next
The next milestones are the pricing on November 18 and the first trading day on November 19. Watch whether the final price lands inside, above or below the reported range, how large retail allocations turn out to be, and how the first day of trading goes. The full prospectus on EDGAR will be read closely for risk factors, compute commitments and governance terms, and the result will shape how investors value OpenAI and other labs that may follow.