Anthropic IPO: date, S-1 numbers and how to buy shares in Europe

Anthropic, the company behind the Claude AI models, is getting ready to go public. On 26 October 2026 it announced that it had filed its registration statement with the SEC, the US markets regulator. With it, Anthropic made public the prospectus for the offering, known as the S-1. The shares will trade on the Nasdaq under the ticker ANT.

In this article we explain what Anthropic does, what the S-1 shows, who controls the company, when the IPO should happen and how investors in Europe can buy the shares.

Highlights:

• Exchange and ticker: Nasdaq, under the symbol ANT. The date and price are not set yet. Press reports point to a debut in late November.
• Revenue: $16.29 billion in the first half of 2026, about 14 times more than a year earlier.
• Loss: $80.7 billion in the same half, of which $72.4 billion is an accounting adjustment with no cash outflow.
• Control: the seven co-founders keep 50.1% of the votes and an independent trust elects most of the board.
• In Europe: the offering includes some EEA countries, but the S-1 does not say which ones. After the debut, you can buy ANT like any other US stock.

What is Anthropic?

Anthropic is a US artificial intelligence company based in San Francisco. It was founded in January 2021 by seven co-founders, several of them from OpenAI. Among them are the siblings Dario Amodei, the chief executive, and Daniela Amodei, president of the company and chair of the board.

Its main product is Claude, a family of AI models used by companies and individuals to write text, analyse documents and, above all, code. It reaches customers in three ways:

• Claude Platform: companies pay for the use of the models inside their own applications, based on consumption.
• Claude Code: an agent that plans, writes, tests and fixes code alongside developers.
• Claude apps: the chat app and Claude Cowork, which carries out multi-step office tasks, sold through monthly subscriptions such as Claude Pro and Max.

Claude is also sold through the three largest cloud platforms: Amazon Web Services (AWS), Google Cloud and Microsoft Azure.

Claude is a product and has no shares of its own. So if you are searching for a Claude IPO or how to invest in Claude, what you are really looking for is the Anthropic IPO.

One point sets Anthropic apart from almost every other company going public. It is a public benefit corporation (PBC) under Delaware law. Its directors must balance the financial interests of shareholders with the company's stated purpose: the responsible development of advanced AI for the long-term benefit of humanity. We explain below what this means for anyone buying the shares.

What the Anthropic S-1 shows

The Anthropic S-1 is the first document with the company's audited accounts, for 2023 to 2025, plus unaudited accounts for the first half of 2026. The key facts:

^{Source: Anthropic S-1 and Anthropic announcement, 26 October 2026.}

On the customer side, at 30 September 2026 Anthropic had more than 11,900 customers spending at least $100,000 a year, more than 1,900 above $1 million and about 250 above $10 million. Net revenue retention was close to 900%. In other words, business customers were spending about nine times more than a year earlier.

In the first half of 2026, consumption revenue, paid for the use of the models, came to $13.1 billion, or 80% of the total. Subscriptions brought in $3.2 billion, the remaining 20%.

Anthropic revenue and losses

^{Source: Anthropic S-1, October 2026.}

How does a company with $16 billion in revenue lose $80 billion in the same half-year? Most of the loss is an accounting effect. Anthropic raised part of its funding through notes that convert into shares. As the company's valuation rose, so did the value of those notes. That difference is booked as a cost: $72.4 billion in the first half of 2026 and $34.3 billion in 2025, with no cash leaving the company.

The operating figures tell a different story:

• Operating loss: fell from $2.14 billion in the first half of 2025 to $693 million a year later, because revenue grew faster than costs.
• Adjusted operating income: a profit of $1.62 billion in the first half of 2026, a 10% margin. This is a measure the company calculates itself. It leaves out costs such as stock-based compensation, so it is not comparable with the audited accounts.
• Computing power: the company's largest cost, at $8.95 billion in the first half of 2026. In the second quarter, revenue rose 1,368% year on year while these costs rose 300%.
• Cash: $131.7 billion in cash and short-term investments at 30 June 2026, after raising $141.1 billion since its founding.

Who controls Anthropic?

Like OpenAI, its most direct competitor, Anthropic is a public benefit corporation that ordinary shareholders do not control. At OpenAI, however, control sits with a non-profit, the OpenAI Foundation. At Anthropic, voting power is split between two entities set up for that purpose:

• Founder LLC: a company owned by the seven co-founders, which will receive a special share (Class F) carrying 50.1% of the votes. This share has no right to dividends or any economic value.
• Long-Term Benefit Trust: a trust with five trustees who have no financial interest in the company. It elects the majority of the board through another special share (Class T).

The shares you will be able to buy, the Class A shares, carry one vote each. However, with 50.1% of the votes held by the founders and most of the board chosen by the Long-Term Benefit Trust, public shareholders cannot change who runs the company. Anthropic describes itself as a "controlled company" under Nasdaq rules.

Among the largest investors are Amazon, its main cloud partner through AWS, and Google, which in 2025 owned about 14% of the company, with no voting rights or board seat. Microsoft and NVIDIA committed to invest in November 2025. The list also includes funds such as Spark Capital, ICONIQ and Singapore's GIC. The co-founders have pledged to give 80% of their shares to philanthropic causes.

When is the Anthropic IPO?

There is no official date yet. The price, the number of shares and the valuation will only be set after the roadshow, the round of meetings between the company, the banks and investors. The timeline so far:

• May 2026: a $65 billion funding round at a $965 billion valuation.
• 1 June 2026: confidential submission of a draft S-1 to the SEC.
• 17 September 2026: a 10-for-1 stock split.
• 26 October 2026: public filing of the S-1, with the ticker ANT on the Nasdaq.
• Next steps: price range, roadshow, final pricing and first day of trading. The US press points to a debut in Thanksgiving week, in late November, at a valuation of $1.5 trillion to $2 trillion. Anthropic has not confirmed any of these figures.

What to watch out for

Decades of IPO data compiled by Professor Jay Ritter of the University of Florida show a clear pattern. On average, IPO shares rise on their first day, but most of that gain goes to those who bought at the offer price. Over the following three years, they tend to lag the market. In Anthropic's case, there are some specific points to weigh:

• Your vote counts for little: the founders keep 50.1% of the votes and the Long-Term Benefit Trust chooses most of the board.
• Profit is not the only goal: as a public benefit corporation, the board weighs the company's mission alongside shareholder returns. The S-1 warns that this could affect the share price.
• Dilution written into the charter: each time the share price rises 50% above the previous milestone, starting from the IPO price, the board may issue up to 2% more shares to the Anthropic Public Benefit Fund. This fund has already received shares equal to 5% of the company.
• Huge computing commitments: Anthropic has signed multi-year capacity contracts with AWS, Google, Microsoft and others. The SpaceX contract alone will cost about $3.1 billion a month once all the capacity is delivered.
• Suppliers that are also competitors: Amazon, Google and Microsoft provide the computing capacity and also develop their own AI models. The S-1 admits that this capacity could be reduced or become more expensive.
• Past growth may not continue: the company writes in the prospectus that its historical growth rates are not indicative of future results.

Can European investors buy Anthropic shares?

Yes, but it helps to separate two moments: subscribing in the IPO and buying after the debut.

In the IPO: the S-1 says the offering includes public offers in the UK, Switzerland, Canada, Australia, Japan and certain countries of the European Economic Area, without naming them. Up to the filing, Anthropic had not announced a tranche reserved for retail investors. In the SpaceX IPO, Trade Republic let clients in seven countries (Germany, France, the Netherlands, Denmark, Norway, Spain and Sweden) subscribe at the offer price. In Germany, flatexDEGIRO also took subscriptions. It is not yet known whether any broker will do the same for Anthropic, or in which countries.

After the debut: for most investors, the route will be to buy ANT on the Nasdaq from the first day of trading, like any other US stock. The natural candidates are the brokers that offer US shares across Europe, such as XTB, Interactive Brokers, Trade Republic and DEGIRO. However, none of them has yet confirmed whether ANT will be available on the first day of trading. We will update this article as soon as there is confirmation. You can compare the options in our guide to the best trading platforms in Europe.

Before you buy, keep three points in mind:

• Limit order on day one: in the first sessions after an IPO, the price can swing sharply within minutes. A limit order makes sure you don't pay more than the price you set.
• Currency: ANT will trade in dollars. If your account is in euros, the broker charges a conversion fee when you buy and again when you sell. The value of your position will also depend on the EUR/USD rate.
• Shares, not CFDs: some brokers will offer Anthropic as a CFD, a leveraged derivative that does not make you a shareholder. We explain the difference in our article on CFDs vs ETFs.

Be wary of any offer of Anthropic shares "before the IPO" on little-known platforms or in tokenised form. Pre-IPO shares are reserved for professional investors. Anthropic has already warned that it does not recognise transfers made outside authorised channels.

If you want exposure to Anthropic without betting on a single company, there is an alternative: a global equity ETF. If Anthropic joins the main indices, the ETFs that track them will start buying it, as happened with SpaceX and the Nasdaq-100. Our guide to the best S&P 500 ETFs in Europe is a good place to start.

How are Anthropic shares taxed in Europe?

Tax depends on your country of residence, but a few rules apply to most European investors:

• Capital gains: taxed in your country of residence, under its own rates and rules. The US does not tax capital gains made by non-resident investors on shares.
• Dividends: the US withholds 30% at source, reduced to 15% in most countries with a tax treaty once you have filed the W-8BEN form with your broker.
• US estate tax: if the holder dies, US shares can be subject to US estate tax. For non-residents, the exemption is only $60,000 of US assets, unless a treaty with your country provides more.

Most brokers that operate across Europe do not withhold tax in your country, so you declare the gains in your own tax return. If your portfolio of US shares is large, speak to a local tax adviser.

So, is it worth it?

Anthropic went from $41 million in revenue in 2023 to $16.3 billion in the first half of 2026 alone, and it has more than 1,900 customers paying over $1 million a year. Few companies have reached this size so quickly. However, it still reports losses in its official accounts, it has committed to spending heavily on computing in the coming years and public shareholders will have little say in how it is run.

The most important number for anyone thinking of buying does not exist yet: the price. Only with the price range and the roadshow will it be possible to see how much the market is paying for this revenue. Until then, if you decide to invest, do it with a part of your portfolio you are prepared to put at risk and after reading the S-1, not just because the company is in the news.

Frequently asked questions

When is the Anthropic IPO?

There is no official date yet. The S-1 was filed publicly on 26 October 2026 and the press points to a Nasdaq debut in late November. The date depends on the SEC review and market conditions.

What is Anthropic's ticker?

The Class A shares will trade on the Nasdaq Global Select Market under the ticker ANT.

Is there a Claude IPO?

There is no separate IPO. Claude is developed by Anthropic, so the Claude IPO is the Anthropic IPO, under the ticker ANT.

How can I invest in Claude?

To invest in Claude, you need to buy Anthropic shares, which will only be possible after its Nasdaq debut. Until then, the only route on the stock market is indirect: buying shares in companies that hold a stake in Anthropic, such as Amazon or Alphabet, Google's parent. In that case you are mostly buying Amazon's or Google's business, and only a small part of the value comes from Anthropic.

Can I buy Anthropic stock now?

Not yet. Anthropic is still a private company. The shares will only be available on the stock market once the IPO price is set and trading begins.

What will the share price be?

It is not known yet. The price range is published in an amended S-1 before the roadshow. The final price is agreed between Anthropic and the banks the day before the first day of trading.

Can I take part in the IPO from Europe?

That information is not available yet. The offering includes some European countries, but the S-1 does not say which ones, or whether any broker will give retail investors access.

Is Anthropic profitable?

Not in its official accounts. In the first half of 2026 it had an operating loss of $693 million and a net loss of $80.7 billion, most of it from an accounting adjustment on its convertible notes. On the company's own adjusted measure, it had operating income of $1.62 billion.

Who owns Anthropic?

The seven co-founders, its employees, Amazon, Google, Microsoft, NVIDIA and investment funds such as Spark Capital and ICONIQ. After the IPO, the co-founders will hold 50.1% of the votes through Founder LLC. The Long-Term Benefit Trust elects the majority of the board.

_{Disclaimer: This article is for information and educational purposes only and does not constitute financial advice or an investment recommendation. The figures refer to the S-1 filed on 26 October 2026 and may change in later versions of the prospectus. Investing in individual shares involves the risk of losing the capital you invest. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.}