Anthropic Heads to Nasdaq With Revenue Running at $81 Billion a Year

In October alone, Anthropic's annualized revenue rose by $10 billion, to roughly $81 billion. On Tuesday the maker of Claude told Wall Street what a piece of that business will cost: $70 to $78 a share, in an initial public offering of 825 million Class A shares to be listed on the Nasdaq under the ticker ANT. At the top of the range the sale would raise $64.35 billion and value the company at up to $1.405 trillion on a fully diluted basis, according to CNBC's reading of the amended filing. For anyone who uses Claude at work, it opens the first chance to own a piece of the company that builds it.

A Business That Grew 13-Fold in a Year

The amended prospectus, filed with the U.S. Securities and Exchange Commission on Tuesday, puts hard numbers on a growth curve the industry could only estimate until now. Anthropic booked $16.3 billion in revenue in the first half of 2026, against $1.2 billion in the same months of 2025. The third quarter alone brought in $17.0 billion, 47% more than the second, according to The Motley Fool's reading of the filing.

Most of that money comes from companies, which plug Claude into their own software, their customer service and, more and more, the work of writing code. At the October run rate, Anthropic brings in more than $1.5 billion a week. Every seven days, it now earns more than it did in the entire first half of 2025.

The bottom-line loss is larger than the revenue, and most of it is an accounting effect. Anthropic reported a $104 billion net loss for the nine months, mainly from changes in the fair value of convertible notes and derivative liabilities, CNBC reported: as the company grew more valuable on paper, so did the claims of the investors holding those instruments. The day-to-day business sits much closer to break-even. Anthropic posted its first operating profit in the second quarter, then an operating loss of $567 million in the third.

Who gets to buy in is where this offering gets unusual.

A Fifth of the Shares for Individual Investors

Anthropic is aiming to set aside about 20% of the shares for retail investors, according to people familiar with the details who spoke to CNBC. A typical IPO reserves 5% to 10% for individuals and sends the rest to pension funds, mutual funds and other institutions. The same people said orders already covered the offering across the whole price range.

“Everyone who owns our stock, whether an institution or an individual, becomes part of that effort. — Anthropic's co-founders, in the prospectus”

The effort they mean is spelled out a sentence earlier in their letter: to “help humankind chart a safe course through this technological evolution” and “bring forth an age of miracles.” Anthropic is organized as a public benefit corporation, a legal form that requires its board to weigh a stated mission, in this case the responsible development of advanced AI for the long-term benefit of humanity, alongside returns for shareholders.

Some of the largest buyers will not come through the IPO at all. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have agreed to buy $26 billion of a separate class of stock, Class N, in a private placement at the IPO price. Those shares will not be subject to the usual lock-up. Between them, the seven companies make much of the chips, memory and cloud computing that AI labs run on, and now they will also own a part of one.

The last open number is the price itself, and the calendar answers that within days.

From a 2021 Startup to a Ticker Called ANT

Dario Amodei co-founded Anthropic in 2021 after he and a small group of researchers left OpenAI. In May 2026 a funding round valued the company at $965 billion. It filed confidentially for an IPO in June and published its S-1 on Oct. 26 with the share count and the price left blank. Tuesday's amendment fills them in.

The range sits below where some investors had hoped. Until recently Anthropic had been looking toward a $2 trillion valuation, shareholders told CNBC, and a version of the filing sent to bankers a day earlier showed about 867 million shares at $70 to $80. Investors have grown more cautious about AI stocks as higher interest rates make borrowing for new data centers more expensive. Setting the range with that caution in mind leaves room for the price to rise if demand stays strong.

The schedule is tight. Anthropic plans to price the shares on Nov. 18 and start trading on Nov. 19, according to the people who spoke to CNBC, about five months after SpaceX raised a record $85.7 billion in its own listing. Goldman Sachs and Morgan Stanley are handling the prospectus, and the underwriters will have 30 days to buy up to 123.75 million additional shares.

Five years ago, Anthropic was a handful of researchers with an idea about building AI safely. If the schedule holds, on Nov. 19 anyone with a brokerage account will be able to buy a piece of what they built.