Anthropic IPO: Shares in the company behind the Claude chatbot are now available

Pre-market trading in Anthropic shares began on November 12 on the Freedom client trading platform. Its IPO was the most anticipated of 2026, following the listing of Elon Musk’s aerospace company, SpaceX. The company’s shares will be listed on the Nasdaq on November 19 under the ticker symbol ANT.

Anthropic’s IPO pricing is expected on November 18. The company has set a price range of $70–78 per share, planning to raise more than $60 billion on the open market and $26 billion through a private placement involving Google, Nvidia, and Microsoft. Under these terms, the AI giant’s market capitalization, taking into account the dilution of shares, is estimated at approximately $1.4 trillion.

But the final figures could turn out to be much higher: according to the Financial Times, due to overwhelming investor demand, the banks plan to price the offering above the upper limit. Analysts share this optimism: Morningstar estimates the company’s fair value at $1.7 trillion, and traders on over-the-counter markets are already entering into futures contracts at $98 per share, betting on a sharp rise in the stock price.

Anthropic CEO Dario Amodei founded the company in 2021 along with a group of researchers who had left its current main competitor, OpenAI, according to CNBC . Anthropic’s flagship product is the Claude family of large language models, which includes the Opus, Sonnet, and Haiku models, designed to handle tasks of varying complexity. Based on these models, the company is developing the AI assistants Claude Code for programming and Claude Cowork for automating workflows, analyzing information, and performing multi-step tasks.

Anthropic's business model is focused primarily on the corporate segment and involves monetization through subscriptions, software products, and providing access to models via APIs.

According to the prospectus, Anthropic’s revenue for the nine months ended September 30 reached $33.24 billion, surging by approximately 1,200% year-over-year. The net loss for the same period jumped by more than 314% to $104 billion. However, the lion’s share of these losses is purely on paper—it is caused by a revaluation of the fair value of convertible bonds and derivative liabilities, according to CNBC. The company has contracted computing capacity from partners totaling nearly $900 billion.

Anthropic reported that by the end of October, its annual revenue growth rate had risen to $81 billion, adding $10 billion in just one month. Goldman Sachs analysts predict that Anthropic's revenue will soar to approximately $685 billion by the end of the decade.

In its prospectus, Anthropic also acknowledged the risk that competitors might get ahead of it in model development, and that advanced AI systems without adequate safeguards “could pose catastrophic or existential risks to humanity.”

Amodei himself publicly called for a slowdown in the AI race in September due to security risks. However, just a few days before its IPO, on November 9, Anthropic unveiled new versions of its powerful models, Mythos and Fable, both of which run faster than their predecessors.The company emphasizes that the new models have undergone rigorous safety and ethics testing, and the developers have prepared new evaluation metrics and post-deployment monitoring tools specifically for this release.

“Our goal is to help humanity safely navigate this technological transformation, expand the horizons of knowledge, and usher in an era of wonders,” the company’s co-founders wrote in the prospectus. “Every one of our shareholders—whether a large fund or a private investor—becomes a partner in this mission. We hope you will share our commitment to seeing this journey through to the end.”

“Anthropic could become an exceptionally successful company, but at this valuation, a significant portion of that success is already priced in,” said investor and Truth Ventures founder Varun Datta ahead of the listing (as quoted by Reuters).

“Anthropic truly represents the first ‘pure-play’ bet on artificial intelligence in the public market,” said Matt Whitehead, head of late-stage investments at Wellington Management. “There are companies in the market that enable AI, but there haven’t been any companies built exclusively around AI until now” (quoted by Bloomberg).

Not everyone shares the optimism surrounding Anthropic’s listing. Jack Selby, managing partner at the venture capital firm Copper Sky and Peter Thiel’s family office, believes the company’s IPO could trigger a correction in the sector. A long-time critic of the AI rally, who has dubbed the current situation the biggest investment bubble, warns: stock prices will come under intense pressure once the lock-up period expires—a mandatory moratorium after which early investors and insiders will be allowed to sell their shares on the stock exchange, according to Bloomberg.

“If Anthropic’s IPO performs poorly, it will be the main catalyst for a widespread correction across the entire AI market,” Selby said. “If even the most highly anticipated AI company on the market disappoints with its valuation, just imagine where prices will plummet once the lock-up period ends and early investors and employees rush en masse to lock in their profits.”

Anthropic's IPO is being closely watched, in part to gauge OpenAI 's prospects: its main competitor in the chatbot market is currently wrapping up its fundraising ahead of a $30 billion listing, Reuters notes.

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Freedom clients will be able to access Anthropic shares before the main trading session begins. Trading will begin in an early pre-market session 2–3 hours before U.S. markets open (from 3:30 p.m. to 4:30 p.m. Astana time). To participate, click on the ANT.US ticker.

This article was AI-translated and verified by a human editor