Anthropic IPO: Date, Valuation, Revenue and What the Leaked Prospectus Shows

When is the Anthropic IPO? The latest reported date

There is no official Anthropic IPO date yet, and Anthropic has not announced one. The most detailed reporting, from Bloomberg in early October 2026, says Anthropic plans to start formal IPO marketing, known as the roadshow, the week of November 9 and to begin trading before Thanksgiving on November 26. Anthropic declined to comment, and the people who spoke to Bloomberg said the plan could still change.

That is a slip from the earlier plan. On September 5, Reuters reported that Anthropic expected to start marketing the IPO in mid-October at the earliest and to list days before the US midterm elections. Later reports moved the schedule to November, and Yahoo Finance reported that advisers wanted investors to see third-quarter 2026 results before the deal.

The next step is this week. Anthropic has invited a select group of institutional investors to its San Francisco headquarters on Wednesday, October 14, to question executives, according to Bloomberg. Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup are among the banks working on the deal.

Is Anthropic public? Not yet, and the S-1 is the tell

Anthropic is still a private company, so there is no Anthropic stock to buy on Nasdaq or the NYSE today. The exchange, ticker symbol, share count and Anthropic IPO price range have not been announced. Anthropic's own June 1 statement said the number of shares and the price had not been set.

The document to watch is the public S-1. Anthropic filed its draft confidentially, which lets the SEC review it before anyone else sees it. As of October 11, nothing had appeared on the SEC's EDGAR database, 132 days after the confidential submission, FinanceFeeds reported. The SEC requires the registration statement to be public at least 15 days before a roadshow starts, so a November 9 roadshow implies a public filing by about October 23. If the S-1 doesn't appear by late October, expect the November timeline to slip again.

Until then, US investors have no direct way in. Some platforms sell tokenized or pre-IPO exposure, and Anthropic has pushed back on those products, as we covered in Anthropic's implied valuation hits $1.4 trillion. Once listed, Anthropic shares would trade through ordinary US brokerages like any other public stock.

Anthropic valuation: from $965 billion to a possible $2 trillion

Anthropic's last private price is the only official number. On May 28, 2026, it closed a $65 billion Series H at a $965 billion post-money valuation, TechCrunch reported, in what is likely its final private round before going public.

The Anthropic IPO valuation now being discussed is roughly double that. Bloomberg reported that investors see fair value between $1.8 trillion and $2 trillion, and Fortune framed the leaked prospectus as a $2 trillion IPO. Neither figure comes from Anthropic. The final number depends on the price range in the public S-1 and on demand during the roadshow.

The simple math shows how much growth is priced in. At $2 trillion, Anthropic would be valued at about 31 times its reported $65 billion revenue run rate from July, and about 43 times the roughly $46 billion you get by annualizing its second-quarter revenue. In May, the $965 billion round valued it at about 20 times the $47 billion run rate it reported then. The IPO talk assumes growth stays close to this year's pace.

Anthropic revenue: what the leaked prospectus shows

Anthropic revenue has grown faster than almost any company of its size. Anthropic told investors its annualized run rate reached $65 billion at the end of July 2026, CNBC reported. That compares with about $9 billion at the end of 2025, $14 billion in February, more than $30 billion in April and more than $47 billion in May.

A run rate is a snapshot of current revenue multiplied out over a year, not money already booked. The booked numbers come from a draft of the IPO prospectus that Reuters and Fortune reported on in late September. Anthropic has not made it public and declined to comment. Here is what the draft reportedly shows:

Fortune also reported that the draft points to Anthropic being profitable on an operating basis for a second straight quarter, a sharp turn from 2025. If the public S-1 confirms it, that is the most important line in the filing. Much of the growth comes from developers and companies paying for Claude and Claude Code. Our Claude Code pricing breakdown shows what those customers pay.

• 2025 revenue of about $4.6 billion, roughly 12 times 2024.
• First-quarter 2026 revenue of $4.73 billion and second-quarter revenue of $11.5 billion.
• A 2025 operating loss of $8.06 billion, up from $2.98 billion in 2024.
• A 2025 net loss of about $42 billion, of which about $34 billion was a non-cash accounting charge tied to financing that could convert into shares.
• 2025 compute and infrastructure spending of $7.33 billion, three times 2024.
• At least $518 billion in future cloud, compute and data center commitments.
• Two customers that together made up about a quarter of 2025 revenue.

The bear case: concentration, commitments and a jumpy market

Not everyone buys the $2 trillion story. Research firm New Constructs called it potentially the year's "most ridiculous IPO" and put Anthropic's value at about $150 billion, CNBC and Yahoo Finance reported on October 7.

The prospectus gives skeptics material. Two customers drove about a quarter of 2025 revenue, and Reuters reported that many large clients aren't locked into long-term contracts. The $518 billion in compute commitments is many times current revenue, and most of it is reportedly owed whether or not Anthropic uses the capacity.

Timing matters too. On October 8, Nvidia, Oracle and CoreWeave fell after a report that OpenAI's revenue was lower than earlier figures, CNBC reported. An Anthropic IPO priced near $2 trillion would land in a market already asking whether AI spending can pay off, the question at the center of our AI bubble analysis. Regulation is a live risk as well: a 19-day export ban on Claude Fable 5 showed how fast Washington can step in.

Anthropic IPO timeline: what to watch next

• October 14: Anthropic's investor day in San Francisco. Watch for leaks on the price range and offering size.
• Around October 23: the public S-1 on SEC EDGAR, which has to be out 15 days before a November 9 roadshow.
• Third-quarter 2026 numbers in the S-1, which will show whether the operating profits held.
• The exchange, ticker and Anthropic IPO price range, set in an amended S-1 before the roadshow.
• Week of November 9: the roadshow begins, per Bloomberg.
• Before November 26: the first day of trading, if the schedule holds.
• OpenAI's own IPO plans, since investors will compare the two companies on every metric.

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