The short version
- Anthropic IPO: the Claude maker made its S-1 public at 13:00 UTC (9:00 a.m. in New York) on October 26 and will list Class A shares on Nasdaq as ANT, with a listing reported for November 19 or 20.
- The filing shows $16.3 billion of revenue in the first half of 2026, up from $1.2 billion a year earlier; Amazon is the biggest listed winner, carrying its stake at $190.4 billion against $18 billion put in.
- The crew is watching the price range, still blank in the S-1, and Polymarket, where traders give a 58.5% chance of an IPO valuation between $1.5 trillion and $1.75 trillion.
The Anthropic IPO is now on paper. The maker of Claude made its S-1 registration statement public with the SEC at 13:00 UTC (9:00 a.m. in New York) on Monday, October 26, opening its books for the first time ahead of a listing that Fox Business says could come on November 19 or 20.
Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The price range and the number of shares are still blank; they come in an amended filing before the roadshow. The last private price was $965 billion, set by the Series H round in May and June.
So who gains the most if the Anthropic IPO lands near the $1.5 trillion to $2 trillion that traders are betting on? Two listed companies stand far ahead of the rest.
Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.
Read more: anthropic.com/news/s1-sec
Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities
What Is in the Anthropic IPO Filing?
The Anthropic S-1 shows a company growing faster than almost anything listed. Revenue was $4.6 billion in 2025, up from $386 million in 2024. In the first half of 2026 alone it was $16.3 billion, against $1.2 billion a year earlier.
The loss looks scarier than it is. Anthropic lost $80.7 billion in the first six months of 2026, but $72.4 billion of that is an accounting charge: the convertible notes held by Amazon and others are marked up every time Anthropic’s valuation rises. The operating loss, the cost of actually running the business, shrank to $693 million. At June 30 the company held $112.4 billion in cash and another $19.3 billion in short-term investments.
Anthropic first submitted a draft S-1 in confidence on June 1, which let the SEC review it out of public view. Making it public now starts the clock: a company that filed in confidence has to publish its S-1 at least 15 days before the roadshow, the tour where bankers pitch the shares to funds. That fits a listing in the second half of November.
Goldman Sachs, Morgan Stanley and J.P. Morgan lead a list of 24 banks on the cover page.
Buyers of ANT get one vote per share, but little say. A single Class F share held by the seven co-founders carries 50.1% of the votes, so all Class A holders together top out at 49.9%. A separate Class T share lets Anthropic’s Long-Term Benefit Trust elect a majority of the board. That makes Anthropic a “controlled company” under Nasdaq rules. Amazon and Google hold Class N shares, which have no vote at all.
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Which Stocks Gain the Most From the Anthropic IPO?
Amazon and Alphabet, by a wide margin. Both bought in early, both carry big paper gains on the stake, and both sell Anthropic the computing power it runs on. The S-1 names four chip families Claude runs on: AWS Trainium, Google TPUs, Nvidia GPUs and AMD GPUs.
Amazon is the biggest single winner. Its June quarter 10-Q shows $18 billion put in: $8 billion of convertible notes from 2023 to 2025, then $5 billion each in the Series G and Series H rounds. At June 30 those holdings were carried at about $190.4 billion, $97.9 billion in notes and $92.5 billion in nonvoting preferred stock. Amazon booked a $50.5 billion gain on the preferred shares in that quarter alone. The S-1 confirms that the notes convert into nonvoting Class N shares at the IPO, up to an ownership cap Amazon can waive; anything above the cap converts quarter by quarter after the listing. The exact percentage is still blank in the filing.
The second reason is AWS. Anthropic agreed this year to spend more than $100 billion on AWS over 10 years, and Amazon still has $15 billion of a $20 billion financing facility it can lend against compute milestones. A public Anthropic with fresh cash is a customer that can pay.
Alphabet is next. Its 10-Q carries $124.3 billion of private shares, mostly in one company it doesn’t name, which has been widely reported as Anthropic. The S-1 caps Google at 14.99% of Anthropic, gives it a new $20 billion funding deal, and lets it buy up to $10 billion more of Anthropic stock at the IPO price in a private sale next to the offering. At the $965 billion private price, 14.99% would be worth about $145 billion.
Broadcom is the surprise in the filing. It builds the AI chips behind Google’s TPUs, leases Anthropic equipment, and has agreed to buy up to $42 billion of Anthropic convertible notes if Anthropic needs the money. AMD has a hardware deal for Helios rack systems from 2027 that Anthropic expects to cost more than $20 billion.
Nvidia and Microsoft joined in November 2025: Nvidia pledged up to $10 billion and Microsoft up to $5 billion, while Anthropic committed to buy $30 billion of Azure computing. Next to their own market caps the stakes are small; the compute contracts matter more. Salesforce Ventures and Zoom also hold early stakes. For them, a markup is a nice line in the earnings report, not a reason to rerate the stock.
What the IPO Means for Anthropic
Money and a price tag. At anything near the valuations traders expect, the raise would be one of the largest IPOs ever, and the cash goes mostly into compute; part of it also pays the tax on staff shares that vest at the listing. Co-founders are on the list of selling stockholders too. It also gives Anthropic stock to pay staff and buy companies with, and a daily stock price that every customer, rival and regulator can see.
The cost is scrutiny. Quarterly reports, a share price that swings with every model release, and investors who will ask why losses keep growing. The Fox Business report noted that the listing tests how much investors will pay for AI after months of worry about data center spending and the debt behind it. Chip stocks rose on the news on Monday.
It also puts Anthropic ahead of OpenAI in the race to list. Polymarket gives Anthropic a 95% chance of going public first.
How Crypto Traders Are Betting on the Anthropic IPO
The IPO has been one of the busiest non-crypto bets on Polymarket all year. At 13:15 UTC on Monday, after the filing, traders put a 76.9% chance on a November listing and 58.5% on an IPO valuation between $1.5 trillion and $1.75 trillion. On the market cap at the first day’s close, they gave a 41.5% chance it ends above $2 trillion. There is even a market on whether Anthropic is worth more than Bitcoin by December 31; it trades at 70%. Kalshi lists markets on the IPO date too.
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The other way in is a token. Anthropic PreStocks trade on Solana and through Jupiter, priced as a slice of the company’s valuation. The token traded at about $1,023 on Monday, up from about $900 in April, when it implied a valuation of about $851 billion. It is not an Anthropic share. It is backed by a special-purpose vehicle that holds an exposure to the company, gives no vote and no claim on the company itself, and can trade away from the IPO price.
Watch out for copycats. Within hours of the filing, Jupiter’s search listed several Solana tokens called “Anthropic” or “Anthropic PBC” with the ticker ANT. None of them has anything to do with the company; real ANT shares only exist once the Nasdaq listing happens.
What the Crew Is Watching
The price range, first. It lands in an amended filing a week or two before the roadshow, and it tells you whether the banks see $1.5 trillion or $2 trillion. Second, the blanks in the stockholder table: Amazon’s exact percentage, and whether Google uses its $10 billion option at the IPO price. Third, how the AI trade reacts. Amazon and Alphabet already moved on the paper gains in their June quarter; the November listing will show whether the market wants more of the same.
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