Anthropic IPO: how to buy Anthropic (ANT) stock

What is Anthropic?

Anthropic is an American artificial intelligence company based in San Francisco. It was incorporated in January 2021 by seven co-founders, several of whom had previously worked at OpenAI: Dario Amodei (CEO), Daniela Amodei (President and Chair of the board), Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah.

Its main product is Claude, a family of AI models that companies and individuals use for writing, analysis and, above all, software development. Claude reaches customers in three main ways:

• Claude Platform: developers pay to use Claude’s models in their own apps and workflows, priced by usage.
• Claude Code: a coding agent that plans, writes, tests and debugs code alongside software developers.
• Claude apps: the Claude chat app and Claude Cowork, an agent that carries out multi-step office work, sold through monthly subscriptions such as Claude Pro and Max.

Claude is also sold through the three largest cloud platforms: Amazon Web Services (AWS), Google Cloud and Microsoft Azure.

Anthropic is legally different from most companies that go public. It is a public benefit corporation (PBC) under Delaware law, so its directors must balance shareholders’ financial interests with its stated purpose: the responsible development of advanced AI for the long-term benefit of humanity. A separate body, the Long-Term Benefit Trust, elects the majority of the board. We explain what this means for shareholders in the risks section below.

Anthropic key company facts

Anthropic company statistics

Until now, outside estimates of Anthropic’s finances came from leaks and investor presentations. The S-1 gives the first audited figures for 2023 to 2025 and unaudited figures for the first half of 2026, so the numbers below come from the prospectus unless stated otherwise.

Anthropic revenue

A few points stand out in the prospectus:

• Growth: revenue grew about 12 times in 2025 and about 14 times in the first half of 2026 compared with a year earlier.
• Revenue mix: in the first half of 2026, usage-based (consumption) revenue was $13.1 billion, or 80% of the total, and subscriptions were $3.2 billion, or 20%.
• Customers: as of 30 September 2026, more than 11,900 customers spent at least $100,000 a year, more than 1,900 spent at least $1 million and about 250 spent at least $10 million.
• Net revenue retention: about 900%, which means existing business customers spent around nine times more than a year before.
• Cash: Anthropic had $131.7 billion in cash, cash equivalents and short-term investments on 30 June 2026, after raising $141.1 billion in total since it was founded.

Anthropic losses

Why is the net loss so much bigger than the operating loss? Most of the gap is an accounting charge. Anthropic raised part of its money through convertible notes, and as its valuation rose, the value of those notes rose too. That change cost $72.4 billion in the first half of 2026 and $34.3 billion in 2025, without cash leaving the company.

The operating figures tell a different story:

• Operating loss: it narrowed from $2.14 billion in the first half of 2025 to $693 million a year later, as revenue grew faster than costs.
• Adjusted operating income: $1.62 billion in the first half of 2026, a 10% margin. This is a non-GAAP measure (it excludes items such as stock-based pay), so it is not comparable to the audited figures.
• Compute costs: compute and infrastructure, the largest expense, reached $8.95 billion in the first half of 2026. In the second quarter, revenue grew 1,368% year on year while these costs grew 300%.
• One-off cost: 2025 included a $1.5 billion legal settlement (the Bartz case).

Anthropic’s competitors

Anthropic competes with some of the largest technology companies in the world, several of which are also its partners or shareholders. The main rivals include:

• OpenAI: the maker of ChatGPT and Anthropic’s most direct competitor, both in consumer apps and in selling AI models to companies. It is still private.
• Google (Gemini): Google develops its own Gemini models while also being an Anthropic investor and selling Claude through Google Cloud.
• xAI (Grok): Elon Musk’s AI company, now part of SpaceX, which has been listed since June 2026. You can read more in our Starlink IPO article.
• Meta: develops the Llama models and uses AI across Facebook, Instagram and WhatsApp.
• Microsoft: a major OpenAI partner that also sells Claude through Azure and Microsoft 365.
• Mistral AI and DeepSeek: smaller players from France and China that release models at lower prices, some of them open-weight (free to download and run).

Anthropic’s strength today is in business customers and coding. The S-1 itself warns that competitors may have more money and their own chips and data centres, and that customers could switch if rivals offer similar quality at a lower price.

Anthropic’s top investors

Before the IPO, Anthropic raised money from large tech companies, venture capital firms and sovereign funds. The best-known backers include:

• The seven co-founders: through the Founder LLC they will control 50.1% of the votes after the IPO. Each co-founder has pledged to give 80% of their personal equity to philanthropic causes.
• Amazon: Anthropic’s main cloud and training partner through AWS. Part of its investment was made through convertible notes that will turn into shares at the IPO.
• Google (Alphabet): an investor since 2023. Court filings in 2025 put its stake at about 14%, capped at 15%, with no voting rights or board seat.
• Microsoft and NVIDIA: both committed to invest in Anthropic in November 2025, alongside new compute agreements.
• Venture and growth investors: including Spark Capital, ICONIQ and Singapore’s GIC.
• Anthropic Public Benefit Fund: a subsidiary that received shares equal to 5% of the company in 2026, to fund work on AI safety and the wider spread of its benefits.

Amazon and Google are also among Anthropic’s largest customers and compute suppliers, and both sell Claude on their cloud platforms. The S-1 lists this overlap as a risk, because it can create conflicts of interest.

When is the Anthropic IPO?

There is no official date yet. The share price, the number of shares on offer and the valuation will only be set after the roadshow, the series of meetings between the company, its banks and investors. These are the key steps so far:

• May 2026: Anthropic raised $65 billion in its Series H round, at a post-money valuation of $965 billion.
• 1 June 2026: it confidentially submitted a draft S-1 to the SEC (Securities and Exchange Commission), the US market regulator.
• 17 September 2026: it carried out a 10-for-1 split of its Class A and Class N shares.
• 26 October 2026: it made the S-1 public, with the ticker ANT on the Nasdaq Global Select Market. Goldman Sachs and Morgan Stanley lead a group of 22 banks.
• Next steps: the price range, the roadshow, the final pricing and the first day of trading. Press reports point to a debut in Thanksgiving week, in late November, at a valuation of $1.5 to 2 trillion. Anthropic has not confirmed either figure.

What are the main risks?

Before buying ANT shares, keep in mind that:

• Your vote counts for little: the co-founders’ Founder LLC will hold 50.1% of the voting power and the Long-Term Benefit Trust elects the majority of the board. Class A shareholders get one vote per share, but cannot change who controls the company.
• Profit is not the only goal: as a public benefit corporation, the board must weigh Anthropic’s mission alongside shareholder returns, and the S-1 warns this may hurt the share price.
• Built-in dilution: each time the share price rises 50% above the previous milestone (starting from the IPO price), the board may issue up to 2% more shares to the Anthropic Public Benefit Fund.
• Huge compute commitments: Anthropic has signed multi-year deals for computing capacity with AWS, Google, Microsoft and others. One of them, with SpaceX, will cost about $3.1 billion a month once all the capacity is delivered.
• Dependence on rivals: its main compute suppliers also build their own AI models and could limit or reprice the capacity they provide.
• Past growth may not last: the S-1 says its historical growth rates are not an indication of future results.

How to buy Anthropic (ANT) shares

Can you buy Anthropic shares in the IPO itself? According to the S-1, the offering also includes public offerings in the UK, Switzerland, Canada, Australia, Japan and certain countries of the European Economic Area. However, it is not yet known which retail brokers will receive shares, and Anthropic does not plan to list on any exchange outside the US.

For most investors, the practical route will be to buy ANT on the Nasdaq once it starts trading. Interactive Brokers and eToro are two top-rated brokers that give access to Nasdaq-listed shares with low fees. Take a look at both these brokerage options below:

Founded in 1978, listed on NASDAQ (ticker: IBKR) and a member of the S&P 500 since August 2025, Interactive Brokers serves more than 5.5 million client accounts and gives you access to 170 markets in 40 countries, with the ability to trade virtually any asset class: stocks, ETFs, bonds, forex, funds, commodities, options, futures and CFDs. Currency conversion costs only 0.002% (minimum $2), which helps if you fund your account in euro or pounds to buy US shares such as ANT.

Here’s how to buy Anthropic (ANT) shares through Interactive Brokers once they are listed:

1. Open a trading account with Interactive Brokers (the process is fully digital and there’s no minimum deposit).
2. Deposit funds into your account.
3. Search for the stock by company name or by its ticker, ANT.
4. Choose the order type you wish to use (market, limit, stop, etc.). Prices often swing widely on the first days after an IPO, so a limit order lets you set the maximum price you are willing to pay.
5. Once you’ve bought your desired number of shares, monitor your position and rebalance as needed.

If you’d like to learn more about the platform, check out our full-length Interactive Brokers review.

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Founded in 2007, eToro now has more than 40 million registered users and 4.28 million funded accounts, and went public on NASDAQ (ticker: ETOR) in 2025. The platform is widely known for its social and copy-trading features, and lets users invest in stocks, ETFs and crypto, and trade CFDs on commodities, forex and indices.

Here’s how you can buy Anthropic (ANT) shares through eToro once they are listed:

1. Open an account with eToro (55% of retail CFD accounts lose money.).
2. Go to the “Markets” section and select “Stocks.”
3. Search for Anthropic or the ticker ANT.
4. Select “Trade.”
5. Choose how much you want to invest (eToro supports fractional shares, so you can invest a fixed amount rather than buying a whole share).
6. Ensure leverage is set to X1 if you want to buy the actual stock rather than a CFD.
7. Optionally set take-profit or stop-loss levels to automate future actions.
8. Click “Open Trade” to place the order.

Note that buying US stocks on eToro carries a $1 commission per trade (ETFs remain commission-free, other fees apply), and depositing in a currency other than USD costs a 0.75% conversion fee. The minimum first deposit is $50.

If you’d like to learn more about the platform, check out our in-depth eToro review.

Bottom line on investing in the Anthropic IPO

Anthropic went from $41 million in revenue in 2023 to $16.3 billion in the first half of 2026, and more than 1,900 customers now pay it over $1 million a year. Few companies have reached that scale so quickly, which explains why its IPO is one of the most awaited of the decade.

The S-1 also shows the other side. The company still loses money on a GAAP basis, it has committed to spending heavily on compute for years to come and outside shareholders will have little say over how it is run. The price, the number of shares and the valuation are still unknown, so the most important numbers for a buyer will only arrive with the roadshow.

Until ANT starts trading, the only way to get exposure to Anthropic on the stock market is indirect, through its listed investors such as Amazon and Alphabet, where Anthropic is a small part of much larger businesses. This article is for information only and is not investment advice. When investing, your capital is at risk.