Updated November 11, 2026. This article was written with the help of Claude, a model made by Anthropic. It presents public facts and is not investment advice.
Anthropic, the company behind Claude, is getting ready to go public. On November 10, 2026, it filed with the U.S. Securities and Exchange Commission (SEC) the second amendment to its prospectus, which sets a price range for the first time. It’s one of the largest IPOs in history.
What follows summarizes what the prospectus itself says, supplemented by the financial press where useful. To learn what Claude actually offers businesses, start with the guide Claude for small business.
The prospectus doesn’t set a first trading date. According to CNBC, citing anonymous sources, pricing would take place on November 18 and trading would start on November 19. Until Anthropic announces it, treat that date as tentative.
According to the amended prospectus of November 10:
Alongside the IPO, Anthropic is selling US$26 billion of non-voting shares, at the offering price, to strategic partners: Google and NVIDIA ($10 billion each), AMD, Broadcom, Micron, Microsoft and TSMC.
Notably, the prospectus says up to 20% of the Class A shares could be offered to individual investors, including through Charles Schwab, Fidelity, Robinhood, SoFi and E*TRADE. The offering also includes a public offering in Canada, but the prospectus names no Canadian brokerage platform.
The figures going around vary, and that’s normal: they don’t measure the same thing.
For comparison, in May 2026, Anthropic raised US$65 billion at a US$965 billion post-money valuation. At the midpoint of the range, the basic value is roughly the same as in the last private round.
The prospectus reveals extraordinary growth:
The net loss for the first nine months of 2026 reaches US$104 billion. But it mostly comes from a $94.3 billion non-cash accounting adjustment tied to the value of convertible securities. The operating loss is $1.26 billion. Anthropic had US$131.8 billion in cash and short-term investments as of September 30, 2026.
The other striking figure: about US$900 billion in commitments, almost entirely for compute and infrastructure, with Amazon, Google, Microsoft and other providers. Frontier AI is extremely expensive to run.
Legally, Anthropic isn’t like other companies:
In practice, share buyers will have little say over major decisions. The prospectus describes Anthropic as a “controlled company” under Nasdaq rules.
Risk factors take up about 94 pages of the prospectus. Several directly affect customers:
What this IPO changes for a business that uses Claude is a separate question, which I cover in the article on what the IPO means for Claude users.
The prospectus doesn’t set a date. According to CNBC, citing anonymous sources, pricing would happen on November 18, 2026, and trading would start on November 19 on Nasdaq, under the symbol ANT. Anthropic has yet to confirm this date.
They’re different measures. About $1 trillion corresponds to shares outstanding at the top of the range. About $1.4 trillion also includes employees’ options and stock units: that’s the fully diluted value.
The prospectus says the offering includes a public offering in Canada, but names no Canadian platform. Check with your broker. This is not investment advice: consult a registered advisor before making any decision.
It’s a Delaware corporate form that must consider a public-benefit purpose in addition to shareholders’ interests. For Anthropic, that purpose is the responsible development of advanced AI for the long-term benefit of humanity.
According to the prospectus, an independent trust elects a majority of the board, and the co-founders hold 50.1% of the votes. Shares offered to the public carry one vote each, and major partners like Amazon and Google hold non-voting shares.