Anthropic has filed for an IPO with the SEC. The listing is expected from mid-November onward, and with the valuation reported to be as high as $2 trillion, Japanese retail investors may be able to participate at the offering price.
On 26 October 2026, Anthropic filed a registration statement for an initial public offering (IPO) with the SEC. The listing is expected to begin on Nasdaq as early as mid-November, and the valuation is reported to be as high as $2 trillion, potentially making this a very large IPO. The indicative offering price range, number of shares to be issued, amount to be raised, listing date and other details remain blank for now and are expected to be disclosed sequentially in an amended prospectus.
The S-1 filing made revenue and earnings information public for the first time. Revenue was approximately $16.3 billion in the first half of 2026, approximately 14 times the year-earlier period. Usage-based billing accounts for most revenue, and the proportion attributable to major customers is not high. Although the net loss is substantial, the company explains that much of it reflects the impact of non-cash items arising from changes in valuation.
Anthropic has adopted a public benefit corporation (PBC) structure and a special shareholder structure, and shareholder returns are expected to depend essentially only on capital gains. The company does not plan to pay dividends in the future, with long-term growth serving as the underlying premise.
For Japanese retail investors, potential changes under discussion include the opportunity to subscribe at the offering price, use of NISA allowances and the possibility of early inclusion in indices. Attention is also focused on the progress of "verification of the underlying business" through quarterly earnings disclosures.
The potential impact on the Nikkei 225 and trends in large IPOs have prompted views that ANT's listing could affect supply and demand for AI-related stocks as a whole and investment strategies.