Anthropic stock on Nasdaq: the public S-1 and the ANT ticker

On October 26, Anthropic filed a public Form S-1 with the SEC and announced that its Class A stock is set to list on the Nasdaq Global Select Market under the symbol “ANT”. The number of shares and the price range haven’t been set yet. According to AP, the debut is expected in November.

What’s new?

A week ago I wrote about the draft prospectus, which we only knew from WSJ and Reuters reports. Now we have the full document on the SEC website, and it includes a few things we didn’t have before:

1. The exchange and the symbol: Nasdaq, “ANT”.
2. Goldman Sachs and Morgan Stanley top the list of banks leading the offering, followed by 20 more, including J.P. Morgan, Citigroup and Barclays.
3. Customer data through September 30, 2026, i.e. from the third quarter.
4. Details of an unusual governance structure, which I cover below.

According to AP, the offering could raise as much as $100 billion, which would beat SpaceX’s June record ($86 billion), but these are reports, not figures from the prospectus.

Where does an $80.7B loss come from if the company nearly breaks even?

The prospectus confirms the numbers from the draft: in the first half of 2026, revenue was $16.286 billion (a year earlier: $1.163 billion), and the net loss was $80.748 billion.

The most interesting part is the table below it, though. The operating loss for the same half-year is only $693 million, compared with $2.1 billion a year earlier and $8.1 billion for all of 2025. Most of the rest of the net loss comes from the change in fair value of convertible notes and other financial instruments: $72.4 billion. As the prospectus explains, the higher Anthropic’s valuation, the more expensive the securities that can be converted into its stock become on the books.

Spending in the half-year looks like this:

1. compute and infrastructure: $8.9 billion,
2. sales, marketing and partnerships: $3.2 billion (a year earlier: $120 million),
3. employees: $3.2 billion, including $2.2 billion in stock.

Interestingly, the 2025 figures include a separate line, “Bartz settlement”, for $1.5 billion: the settlement of the copyright class action (Bartz v. Anthropic), approved by the court in July 2026.

Who pays for Claude?

Customer numbers from the prospectus (as of September 30, 2026, trailing 12-month revenue):

1. more than 11,900 customers paying at least $100K (a year earlier: more than 950),
2. more than 1,900 paying at least $1M,
3. about 250 paying at least $10M,
4. about 40 million other customers, each below $100K.

Net Revenue Retention is about 900% according to the prospectus, meaning existing customers spend on average nine times more than a year earlier. Claude Code plays a big role here: in the third quarter, Claude Enterprise users without Claude Code spent on average less than $75 a month, while the top 5% of users with Claude Code spent about 20 times more.

No single customer exceeded 10% of revenue, but the five largest accounted for about 25% of revenue in the first nine months of the year. Headcount grew from about 940 people at the end of 2024 to about 5,300.

Who will control ANT?

Not the Class A shareholders. The prospectus describes several classes of stock:

1. Class T belongs to the Long-Term Benefit Trust (LTBT), an independent trust that elects a majority of the board of directors.
2. Class F is a single share held by an entity of the seven co-founders, including Dario and Daniela Amodei, with 50.1% of the votes on matters put to a shareholder vote.
3. Class E, for employees, votes only on limited matters.
4. Class A (the one on the exchange) has one vote per share, while Class N, mainly for strategic partners, has no vote.

The prospectus states plainly that Class A shareholders will generally have no influence over voting outcomes or the election of the board. On top of that, 5% of the stock (fully diluted) will go to the Anthropic Public Benefit Fund, and for every 50% rise in the share price the fund can receive up to 2% more. The co-founders have pledged to give 80% of their stakes to charity.

What to watch out for?

First, the missing price. The $1.5–2 trillion valuation the media write about is still an expectation, not the terms of the offering.

Second, the risks described in the prospectus. Among them is the possibility that safety measures could delay launches. As an example, Anthropic cites Claude Mythos, which in April was made available only to selected organizations as part of Project Glasswing.

Third, the commitments. Anthropic has multibillion-dollar compute contracts running through 2045, and in the public version of the prospectus their total amount is still blank.

For us, Claude users, this is above all a sign that the company has money for the next models, but also that from now on the stock market will judge it quarter by quarter.

FAQ

How can I buy Anthropic stock?

You can’t yet. You’ll be able to buy Anthropic stock through a regular broker with Nasdaq access only after the debut, under the symbol ANT. Before that, the SEC has to declare the registration statement effective, and the company has to set the price.

When is Anthropic’s stock market debut?

There’s no official date. According to AP, the debut is expected in November 2026.

What ticker will Anthropic have?

ANT, on the Nasdaq Global Select Market.

Is Anthropic profitable?

According to the prospectus, no: in the first half of 2026, the net loss was $80.7 billion and the operating loss $693 million.