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Anthropic’s IPO: Everything you need to know
Anthropic has filed for its IPO and is expected to go public by the end of November. Will it beat SpaceX’s record-breaking public debut?
Anthropic, one of the world’s leading developers of artificial intelligence (AI) models, is expected to make its stock market debut next month having filed for its IPO prospectus on 26 October.
The company, which creates the Claude family of large language models (LLMs), is expected to trade on the Nasdaq next month.
Anthropic’s IPO would follow in the wake ofSpaceX’s IPO in June, which sawElon Musk’s space exploration andAI company post the largest stock market debut in history, raising over $75 billion at a valuation of $1.77 trillion.
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Anthropic’s IPO is expected to be one of the largest-ever IPO with markets anticipating it could raise as much as $100 billion and with a valuation of around $2 trillion. This would make it the biggest stock market debut in history.
Anthropic's IPO will test investor appetite for AI – we will soon see whether AI is a bubble or a boom market.
"The gloss is beginning to come off some of the AI investment boom, as investors take a harder look at whether the eye-watering sums being poured into the technology will ultimately generate the returns needed to justify valuations," Susannah Streeter, chief investment strategist, Wealth Club, said.
The Claude developer reported revenue of around $16.3 billion in the first half of 2026, but has seen a net loss of £81 billion in the first six months of this year. Plus it has warned that it may need to increase its spending, with commitments amounting to $800 billion until 2045.
"Anthropic is asking ordinary investors to help bankroll one of the largest spending commitments any company has ever made, at a price of around $2 trillion, while warning in the same document its growth may slow and it could need more money sooner than expected," Nigel Greene, CEO, De Vere Group said.
“Frankly, it’s nuts."
When will Anthropic’s IPO take place?
Reports suggest Anthropic will list by mid to late November.
The AI developer filed its IPO paperwork on 26 October and will list on the Nasdaq, under the ticker symbol 'ANT'.
It is not expected to pay dividends and the founders will hold just over 50% of the voting power.
“Public shareholders will be putting in the money without getting control, income or certainty," Greene added.
How to get pre-IPO exposure to Anthropic
Anthropic is a private company and until it lists, you can’t buy its shares directly.
But there are ways to gain indirect exposure pre-IPO by buying shares in companies or investment trusts that have already invested in it.
Amazon (NASDAQ:AMZN) and Google’s parent company Alphabet (NASDAQ:GOOGL) both hold a stake in Anthropic. While Alphabet’s is larger in absolute terms, Amazon’s is higher as a percentage of its own total market capitalisation, so putting your money into Amazon gets you a bigger stake in Anthropic than doing so into Alphabet.
But you’d get an even bigger cut by investing in a surprising company: Zoom Communications (NASDAQ:ZM). While Zoom’s surge to prominence during the Covid pandemic was short-lived, it invested some of the windfall into Anthropic in 2023.
“Zoom has a $3.13 billion stake in the AI company, which is equal to 11% of the communication group’s entire market value,” said Coatsworth. “Therefore, any future valuation uplift in Anthropic could move the dial for Zoom’s share price.”
Coatsworth also identified three investment trusts with meaningful stakes in Anthropic: Baillie Gifford US Growth (LON:USA), Schiehallion (LON:MNTN) and Scottish Mortgage (LON:SMT).
Of the three, Scottish Mortgage has the lowest allocation to Anthropic – with the AI firm accounting for 2.8% of its portfolio as of 31 July, compared to 6.6% for Baillie Gifford US Growth and 5.9% for Schiehallion.
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