Anthropic IPO Date: Trading Targeted Before Nov. 26, at a $1.5T to $2T Valuation

Anthropic is targeting a Nasdaq debut before Thanksgiving on November 26, 2026, with year-end as the fallback, according to reporting on October 13, 2026. The company has not announced a date, and its public S-1 was not yet on EDGAR in mid-October.

The timeline has moved twice. Anthropic was expected to list in October; in September it pushed the debut to November so it could show investors a full third quarter of results. This page tracks every reported date in order, with the source for each, and will be updated as the public prospectus, roadshow and pricing land. For the round-by-round valuation history, see our Anthropic valuation and funding history.

Anthropic IPO date: what has been reported

Anthropic's IPO date is not set, but the reported plan is to start trading on Nasdaq before November 26, 2026, with year-end as the fallback, per Yahoo Finance on October 13, 2026. That report says formal marketing could begin November 9 and that Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading.

Sources: NPR (June 1, 2026), Yahoo Finance (October 4 and 13, 2026), Investing.com (September 18, 2026), Fortune (September 29, 2026). "Expected" rows are Value Add VC's reading of the SEC's 15-day rule, not a reported date.

Why did Anthropic move its IPO to November?

Anthropic pushed its debut past an expected October target to November, citing the Wall Street Journal, Investing.com reported on September 18, 2026. The later date lets the company present third-quarter results; the report said sources described the timing shift as decided before Dario Amodei's public statements on AI risk. At the time, the IPO could value Anthropic at about $2 trillion and raise up to $100 billion, and the company projected $110 billion in annualized revenue by year-end.

Those third-quarter results are now in. Anthropic's Q3 2026 revenue rose 45% to $16.8 billion from $11.6 billion in the second quarter, Reuters reported on October 15, 2026, in a story carried by WTVB. Second-quarter revenue had more than doubled from the first.

Has Anthropic filed its S-1?

Only confidentially. Anthropic announced on June 1, 2026 that it had "confidentially submitted" a draft Form S-1 to the SEC, NPR reported. On October 4, 2026, 126 days later, Yahoo Finance noted that EDGAR still "remains silent." SEC rules require the S-1 to be public at least 15 days before roadshow marketing begins, so a November 9 start means a public filing around October 25. When Value Add VC ran an SEC EDGAR company search for "Anthropic" on October 15, 2026, it returned no matching filer.

Anthropic held a pre-IPO investor gathering at its San Francisco headquarters on October 14, before any public prospectus; the Yahoo Finance October 13 report explains that Section 6(e) of the Securities Act allows such meetings with institutional investors. Fortune wrote on October 15, 2026 that the business world is still waiting for Anthropic "to drop its S-1."

What will Anthropic be valued at in its IPO?

No price range has been filed. The October 13 Yahoo Finance report put the target between $1.8 trillion and $2 trillion, roughly twice the $965 billion post-money valuation of Anthropic's Series H in May. Two days later, Reuters reported that investors at the investor day discussed a valuation of around $1.5 trillion, down from the roughly $2 trillion they had expected, because sequential growth slowed.

Not every backer is lowering the bar. An unnamed early investor told Fortune he expects pricing near $1.8 trillion and trading at $2.3 trillion to $2.4 trillion once shares open, according to the October 15 Fortune report. Fortune also reported that about 80% of Anthropic's revenue comes from enterprise customers.

What does the leaked prospectus show?

The draft S-1 reported by Fortune on September 29, 2026 shows 2025 revenue of $4.6 billion, an operating loss of more than $8 billion and a net loss of $42 billion, with $20.28 billion of cash at the end of 2025. It shows first-quarter 2026 revenue of $4.73 billion and plans to spend $518 billion on cloud services and data centers, and says a quarter of revenue comes from two customers.

The newer figures are stronger. Anthropic reported an 11% adjusted operating margin for 2026 through the third quarter and positive cash flow, The Decoder reported, citing the Financial Times and The Information. Our Anthropic profitability breakdown separates adjusted from reported results.

What the headline misses

A target date is not a pricing date. Every date above comes from press reports, not from Anthropic or the SEC, and the IPO has already moved once. If the public S-1 is late, the November window closes and the year-end fallback, or a 2027 listing, comes into play.

The valuation is also moving the wrong way for sellers. The gap between the $1.5 trillion investors reportedly discussed and the $2 trillion figure from September is about $500 billion, Value Add VC's arithmetic, and it opened on one quarter of slower growth. A second slow quarter before pricing would be visible to every buyer.

What to watch, and when

• Around October 25, 2026: public S-1 on EDGAR. Required 15 days before a November 9 roadshow (Yahoo Finance). It will show the share count, ticker and audited results.
• Early November: an amended S-1 with a price range. The range will show whether bankers landed nearer $1.5 trillion or $2 trillion (Reuters via WTVB).
• November 9, 2026: roadshow start (Yahoo Finance).
• Before November 26, 2026: pricing and first trade, with year-end as the fallback (same report).
• Raise size. Reported figures have run from over $20 billion to as much as $100 billion; the filed range will settle it.

Until then, the ways to get exposure are covered in Anthropic stock: can you buy it?, and the other AI listings in the queue are on the AI IPO pipeline. If the deal slips past December, it joins our list of expected 2027 IPOs.