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.

1. Founders’ letter
2. Roadshow video
3. Financial highlights
4. Our customers
5. How to participate
6. Documents and FAQs
7. Legal notice

“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.”

Read the Founders’ letter

Roadshow video

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

Customer stories

01

“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.”

Jacob LauritzenCTO at Legora

• 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

“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.”

Diogo RauExecutive Vice President & Chief Information and Digital Officer at Eli Lilly and Company

• 50,000+Employees with access to Claude Enterprise
• 5xExpansion since rollout
• >85%Employees in key functions actively engage with Claude

03

“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.”

Yusuke KajiGeneral Manager, AI for Business at Rakuten

• 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

“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.”

Marc BenioffChair & CEO at Salesforce

• +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

“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.”

Daniel DankerEVP AI Acceleration, Product & Design at Walmart

• 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

Documents and FAQs

Relevant documents

• IPO Fact Sheet

• European Prospectus

• Financial Statements

• Certificates of Incorporation

  • Amended and Restated Certificate of Incorporation of the Company, as amended and as currently in effect
  • Form of Amended and Restated Certificate of Incorporation of the Company, to be in effect upon completion of the global offering

• Bylaws

  • Amended and Restated Bylaws of the Company, as amended and as currently in effect
  • Form of Amended and Restated Bylaws of the Company, to be in effect upon completion of the global offering

• Summary EU Prospectus

  • Summary EU Prospectus (English)
  • Summary EU Prospectus Translation (French)
  • Summary EU Prospectus Translation (Spanish)
  • Summary EU Prospectus Translation (Swedish)

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.

• Why does the European prospectus state a maximum price, and will I pay that price?

  The maximum public offering price stated in the European prospectus ($120 per share of Class A common stock) is not the price at which investors are currently expected to acquire shares of Class A common stock. It has been set above the currently estimated initial public offering price of between $70 and $78 per share of Class A common stock in the U.S. offering to allow European and Swiss retail investors to participate in the global offering even if the final offering price determined in the U.S. offering ultimately exceeds the currently estimated initial public offering price.

  As disclosed in the European prospectus, the final offering price in the European retail offering and the Swiss retail offering will be equal to the final offering price determined in the U.S. offering. In other words, European and Swiss retail investors will pay the same price per share as any other investor receiving an allocation in the global offering or any of its parts. Brokerage fees, commissions or currency conversion costs are not included in the final offering price.