Anthropic, the AI company that develops Claude, announced the launch of its IPO roadshow on November 10, 2026. Its products include the Claude chatbot, the AI coding tool Claude Code, and Claude Cowork.

IPO timeline

Anthropic publicly filed its S-1 on October 26, 2026, and launched its roadshow on November 10. It has applied to list on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley are the lead underwriters.

The offering covers 825,000,000 Class A shares, of which 801,351,354 are being issued by Anthropic and the rest sold by existing shareholders. The expected price range is $70 to $78 per share. Anthropic expects to give the underwriters a 30-day option to buy up to 123,750,000 more shares.

CNBC reports that Anthropic plans to price the shares on November 18 and begin trading on November 19. The company has not announced those dates. By CNBC's math, the offering could raise up to $64.35 billion at the top of the range and value Anthropic at up to $1.405 trillion on a fully diluted basis. CNBC also reports a separate $26 billion private placement bought by AI companies including Nvidia and Alphabet.

Business and revenue

According to its updated prospectus, Anthropic's revenue for the first nine months of 2026 was $33.2 billion, up 1,206% from a year earlier. Full-year 2025 revenue was $4.6 billion. As of the end of October 2026, its annualized revenue run rate was $81 billion.

Most of the growth came from enterprise customers, particularly adoption of Claude Code, its AI coding agent. Large customers grew from about 1,500 at the end of 2025 to more than 11,900. The prospectus also shows that roughly one-fifth of revenue came from two customers.

How big is the AI market?

Research firm Gartner expects global AI spending of $2.67 trillion in 2026, including $1.484 trillion on infrastructure and $461.6 billion on AI software. Gartner expects spending on generative AI models themselves to be just $28.3 billion.

A Menlo Ventures survey of enterprise decision-makers puts 2026 enterprise AI spending at $176.8 billion. Menlo Ventures is an Anthropic investor, which the report discloses. In the enterprise LLM API spending it tracks, Anthropic's share rose to 55%, while Google's fell to 9%.

Tokenized routes on crypto exchanges

Bitget's Anthropic subscription delivers a tokenized asset called rANT. The VIP round closed on November 11, 2026 at 08:00, with a 12% underwriting fee. The public round opened November 10, 2026 at 08:00 and closes at 08:00 on the day before the IPO, with a cap of $25,000 per user, a total cap of $200,000,000 and a 5% underwriting fee. Payment is in USDT or USDGO, with pro-rata allocation in each round. Bitget expects public-round delivery 2 to 3 hours before the market opens on IPO day. Only eligible users in permitted regions can join, and sub-accounts cannot. Bitget says holding rANT is not the same as directly holding Anthropic stock, and that the product is not authorized, approved or endorsed by Anthropic.

Kraken's ANTx is a tokenized security (xStocks) issued by Backed Assets (JE) Limited that offers price exposure only. Kraken says ANTx is not a pre-IPO product and carries no voting or shareholder rights. Buyers pay the institutional offer price plus a 5% spread, and other fees may apply. Requests at the initial offer price are due by November 18, 2026 at 17:00, and filled ANTx is expected to be credited on November 19. Allocation is not guaranteed, unallocated funds are returned, and some regions are excluded.

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