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

Anthropic filed its public S-1 on October 26, 2026 and is reportedly targeting a Nasdaq debut before Thanksgiving on November 26, with the Wall Street Journal pointing to the week of November 16. The company has not announced a date, the price range is still blank, and the roadshow cannot start before November 10.

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.

Update, October 26, 2026: the public S-1 is now on SEC EDGAR. It confirms the Nasdaq ticker "ANT" and H1 2026 revenue of $16.286 billion against an $80.7 billion net loss, but leaves the price range, share count and IPO valuation blank, so the pricing date still isn't set. Full breakdown in our Anthropic S-1 coverage.

Update, November 1, 2026 (superseded by the November 5 update below): EDGAR showed no amended S-1/A yet, so there was still no price range or share count. Because Anthropic first filed confidentially, the public filing had to come at least 15 days before the roadshow; fifteen days after October 26 is Tuesday, November 10, the earliest lawful start, per LeverageShares. On the day of the filing, the Wall Street Journal reported a target of the week of November 16; as LeverageShares notes, "Neither date comes from Anthropic, and neither is in the S-1." On October 30, TechCrunch, citing the Financial Times, reported that Blackstone now expects a double-B "junk" credit rating after the IPO, reversing its earlier investment-grade view; that is a forecast, not a rating from an agency (our Pulse story on the junk-rating report has the detail). The S-1 also confirms founder control: a single Class F share held by a Founder LLC of the seven co-founders will carry 50.1% of total voting power.

Updated Nov 5, 2026: Anthropic filed Amendment No. 1 to its S-1 on November 2 (SEC EDGAR). It reports third-quarter 2026 revenue of $17.0 billion, replacing the $16.8 billion Reuters had reported, and a $567 million GAAP operating loss for the quarter, but the price range and share count are still blank. Reading the amendment, Yahoo Finance on November 4 put the earliest pricing date at November 13 and the earliest trading date at November 16. The same day as the amendment, Anthropic filed to sell up to 552.9 billion yen (about $3.5 billion) of shares to investors in Japan, without stating the IPO's size or valuation (Reuters via KFGO).

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. Since then the public S-1 has landed, the earliest lawful roadshow start has moved to November 10, and the Journal has reported a listing target of the week of November 16.

Sources: NPR (June 1, 2026), Yahoo Finance (October 4 and 13, 2026), Investing.com (September 18, 2026), Fortune (September 29, 2026), SEC EDGAR (October 26 and November 2, 2026), LeverageShares (October 30, 2026), Yahoo Finance (November 4, 2026). The November 10 row is the SEC's 15-day rule applied to the October 26 filing, 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 filed. Anthropic's Q3 2026 revenue was $17.0 billion, about 47% above the second quarter's $11.6 billion, according to the amended S-1 filed November 2. Reuters had first reported the quarter at $16.8 billion on October 15, 2026, up 45%, in a story carried by WTVB. Second-quarter revenue had more than doubled from the first.

Has Anthropic filed its S-1?

Yes, publicly since October 26, 2026. Anthropic, PBC (SEC CIK 0002130357) filed its Form S-1 that day, accession 0001628280-26-067168, on SEC EDGAR. The filing says "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."" It leaves the price range blank: "It is currently estimated that the initial public offering price per share will be between $ and $ ." The share count and offering size are blank too. Before that, Anthropic had announced on June 1, 2026 that it had "confidentially submitted" a draft, NPR reported, and EDGAR's filing index now shows that June 1 draft plus five confidential amendments between July 13 and October 9. Amendment No. 1 followed on November 2, 2026 (S-1/A), adding results through September 30 but still with the price range and share count blank; an amendment with a price range is the next filing to watch.

Earlier context: on October 4, 2026, Yahoo Finance noted that EDGAR still "remains silent," and a Value Add VC EDGAR search on October 15 returned no matching filer. Both are now superseded by the October 26 filing. 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 was still waiting for Anthropic "to drop its S-1," which it did eleven days later.

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. Every one of these figures is reported or forecast; the public S-1 states no valuation, and none should be read as filed.

What does the leaked prospectus show?

The draft S-1 reported by Fortune on September 29, 2026 showed 2025 revenue of $4.6 billion, an operating loss of more than $8 billion and a net loss of $42 billion. The public S-1 confirms those 2025 figures: revenue of $4,585 million, an operating loss of $8,060 million and a net loss of $41,965 million. For the six months ended June 30, 2026 it reports revenue of $16,286 million and a net loss of $80,748 million, mostly a $72,388 million change in the fair value of convertible notes, derivatives and SAFEs. The leaked $20.28 billion end-2025 cash figure is superseded: as of June 30, 2026, the S-1 shows cash and cash equivalents of $112.4 billion and $19.3 billion of short-term investments. The leaked $518 billion cloud and data center figure is not in the public filing, which leaves its aggregate committed-spend number blank. On customers, the S-1 says no single customer was more than 10% of revenue for the nine months ended September 30, 2026, while the top five were about 25%.

The third quarter is now filed too. The November 2 S-1/A shows Q3 revenue of $17.0 billion, a $567 million GAAP operating loss after Q2's $974 million operating income, and Adjusted Operating Income of $2.5 billion, a 15% adjusted margin, down from 19% in Q2. Before the filing, Anthropic had reported an 11% adjusted operating margin for the year through Q3, a number that leaves out stock-based compensation, 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 price-range amendment 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

• Done, October 26, 2026: public S-1 on EDGAR. It confirmed the ticker ANT and results through June 30, 2026 (audited for 2023–2025; H1 2026 unaudited interim), but left the share count and price range blank (SEC EDGAR).
• Done, November 2, 2026: Amendment No. 1 (S-1/A). It added Q3 results, $17.0 billion of revenue, but no price range (SEC EDGAR).
• Next: an amendment with a price range. None filed as of November 5. The earliest pricing date is November 13, per Yahoo Finance. The range will show whether bankers landed nearer $1.5 trillion or $2 trillion (Reuters via WTVB).
• November 10, 2026 or later: roadshow start. The 15-day rule sets November 10 as the earliest date; the original November 9 week came from an October 1 Bloomberg report (LeverageShares).
• Week of November 16, 2026: reported listing target (Wall Street Journal, October 26, per LeverageShares).
• 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.

Rechecked November 5, 2026: S-1 filed October 26 and S-1/A November 2 (EDGAR), no price range yet, roadshow earliest November 10, earliest pricing November 13. By Trace Cohen.

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.