Anthropic’s Initial Public Offering
AI will have a vast impact on the world. Anthropic is a public benefit corporation dedicated to securing its benefits and mitigating its risks.
Read the Founders’ letter“We believe that AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort.”
Roadshow video
01 / 11
Q3’26 Financial highlights
$17.0B
Revenue
>12x
YoY revenue
>11,900
Customers ≥ $100K TTM revenue1
>12x
YoY customers ≥ $100K TTM revenue1
>4x
Compute efficiency gain since Q1’252
15%
Adjusted Operating Margin3
$23.3B
Net Loss
(due to an increase in our valuation, net loss includes a $21.9 billion non-cash charge related to a change in the fair value of convertible notes, derivative liabilities, and SAFEs)
(3)%
Operating Margin
1As of September 30, 2026.
2Measured as revenue divided by compute and infrastructure expenses in Q3’26 divided by the same ratio in Q1’25.
3See the section in our prospectus titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of Adjusted Operating Margin to Operating Margin.
Customer stories
01
Scaling an agentic operating system for lawyers
Download case study“AI is becoming fundamental to how legal work gets done, and it will reshape how law firms and in-house teams operate. We have found Claude to be brilliant at instruction following and powering agentic workflows.”
- 1,500+Law firms and in-house teams served
- 4.3Non-billable hours recaptured per lawyer weekly, in an independent study of 31 firms
- 100%Claude Enterprise employee access
- 14xClaude Code growth (about 50 seats to 700 company-wide)
02
Bringing the most powerful tools in science to every team
Download case study“Science and technology have always advanced together. So we gave Claude to our scientists first. Now Claude is across the company, and we can’t imagine going back. Patients are waiting, so we can’t.”
- 50,000+Employees with access to Claude Enterprise
- 5xExpansion since rollout
- >85%Employees in key functions actively engage with Claude
03
Turning every employee into a builder
Download case study“Agents like Claude Code shine when we work with them to minimize the cost of new innovation—a quick transition from idea to production. Give a capable person agents that hold context and taste, and it lets hidden talent scale their potential 100 times over.”
- 70+Business units using AI
- 99.9%Code accuracy delivered on complex code modifications
- 7+ hrsAutonomous coding
- 24→5 daysWorking days for new feature time to market
04
Re-engineering how a global enterprise builds itself
Download case study“By fusing Claude’s extraordinary reasoning with the trusted data, workflows, and governance every enterprise runs on, we’re delivering a dynamic interface that thinks, reasons, and acts. This is how every business will run.”
- +151%Effective output per developer year over year
- 18x fasterAPI migration (231 days of work in 13 days)
- 2xQuarter over quarter productivity gains (estimated 8.1 million hours annualized)
- 99%Salesforce employees using Slackbot
05
Making shopping faster, easier, and more personal
Download case study“We’re using AI to make shopping more intuitive and engineering more productive. Agents like Claude are helping us do both, from better understanding customer intent to accelerating repeatable development work.”
- 110%+Growth in Sparky weekly active users quarter over quarter
- ~35%Increase in average order value via Sparky vs. non-Sparky orders
- 2x+Increase in units sold via Sparky quarter over quarter
How to participate
FAQs
What is the timeline for the IPO?
The IPO process begins with a roadshow starting on November 10th (EST). Subject to regulatory clearance, the final IPO share price is expected to be set on November 18th (EST), and shares are expected to begin publicly trading on November 19th (EST).
What is Anthropic offering in this IPO?
Anthropic is offering shares of its Class A common stock to the public, which will trade on Nasdaq under the ticker symbol “ANT”.
How can I participate in the IPO?
You can request shares through a participating brokerage platform. To participate, you must have an active account and submit an indication of interest through their platform.
Am I eligible to participate in the Anthropic IPO?
Your brokerage account or investing app will confirm whether you’re eligible when you submit your request to participate.
At what price will the shares be offered?
The final IPO price is expected to be determined on November 18th (EST), based on regulatory clearance, investor demand and market conditions.
When will I know if I received shares of Anthropic?
Your brokerage account or investing app will confirm your allocation on the first day of trading, which is expected to be November 19th (EST).
What is the difference between buying in the IPO and buying after the stock begins trading?
Shares bought in the IPO will be purchased at the offering price, which is expected to be set on November 18th (EST). Shares bought after Anthropic starts trading will be purchased at the prevailing market price at that time.
Will I receive all the shares I apply for?
There is no guarantee that any investor will receive all or any of the shares they apply for in the Anthropic IPO. However, you should be ready to purchase all the shares for which you apply.
What is the prospectus?
A prospectus is a regulatory filing that provides detailed information about Anthropic’s business, financial statements, risk factors, management team, use of proceeds, offering details, among other items. Investors should review the prospectus closely before investing.