Anthropic is the AI company behind the Claude models. It is a Delaware public benefit corporation, and it has filed to list Class A common stock on the Nasdaq. Goldman Sachs and Morgan Stanley lead an underwriting group of 22 banks named in the filing.

The bolded row is the one that matters. Until a share count and price range are filed, the valuation, the raise size and the dates are projections from news reports, not terms of an offer.

Revenue went from $41 million in 2023 to $386 million in 2024 and $4.6 billion in 2025 (audited), then $16.3 billion in the first half of 2026 (unaudited). The third quarter alone came in at nearly $17 billion. That is a rate of growth I cannot recall seeing from a company this size.

Read the growth line twice. Sequential revenue growth was 132% in Q1, 144% in Q2 and 47% in Q3. Still fast, but the pace of acceleration has cooled sharply, and I think that is the line the IPO debate is really about.

The net loss line is noisy. The filing attributes most of the first-half net loss of $80.7 billion to a $72.4 billion non-cash fair value change, so I lean on the operating line instead, which swung from a $974 million profit in Q2 to a $567 million loss in Q3.

Anthropic is listing in the US, not on the SGX. As of this writing I have not seen a Singapore Depositary Receipt or any other SGX-listed route to it. Once ANT trades, the practical route is a broker with US market access. For how the main platforms compare on fees and features, see our broker comparison guide.

Whether your broker offers retail allocations in the offering itself is broker-specific, and retail slices of very large US IPOs tend to be small. Many investors will first get a chance on the open market after the first trade, when the price can sit well away from the offer price. Our Mi Material IPO analysis shows how that gap between offer price and listing day plays out on a much smaller deal.

There is also an indirect route. Reports name Amazon, Alphabet and Nvidia among Anthropic's major investors. Holding those gets you a thin slice of a far bigger business, not Anthropic itself, and each carries its own story. Our Alphabet (GOOGL) analysis covers one of them.

A short checklist before the first day of trading:

One note on the last column. I multiplied Q3 revenue of roughly $17 billion by four to get about $68 billion. That is my own rough arithmetic, not a company figure, and it is a yardstick rather than a forecast. It also ignores the $146.6 billion of cash on the balance sheet.

The comparison I find more useful sits on the other side of the ledger. The $895.4 billion of commitments is about 13 times that annualised revenue. In plain terms, Anthropic has committed to spend roughly thirteen years of its current revenue on compute and related obligations, though about half falls due by the end of 2030. The $69.8 billion due in the next 12 months is covered about twice by cash on hand.

What stands out to me is the operating swing. A company that earned $974 million at the operating line in Q2 and lost $567 million in Q3 is choosing to spend ahead of its revenue. That can be read two ways. It can be a deliberate land grab by a business with real demand, or it can be a sign the cost of staying competitive is rising faster than pricing power.

The valuation debate is live as I write. Reports say three major investors told the WSJ the $1.5 trillion figure will likely need to fall, with one suggesting a level near $1 trillion, and one raising the possibility of delaying the listing or shrinking the offering.

Personally, I would want to see the price range and the stated use of proceeds before forming any view, because those two items will tell me more than the headline valuation does.

What I would watch: the amended S-1/A with the price range and share count, the use of proceeds, and whether Q4 sequential growth stabilises or keeps slowing.

No date is set. Reports say the roadshow could start the week of 9 November with a debut before Thanksgiving on 26 November, and the WSJ has pointed to the week of 16 November. As of 5 November no price-range amendment had been filed, so treat every date as provisional.

The filing lists ANT for Class A common stock on the Nasdaq Global Select Market. The ticker only becomes active once the shares list.

The last company-stated valuation is $965 billion post-money from the Series H round in May 2026. Reports put the planned IPO valuation at $1.5 trillion, with investors pushing for lower, and Nasdaq Private Market shows $1.41 trillion. None of the IPO figures come from the filing.

The WSJ has reported a raise of up to $100 billion, which would exceed the $86 billion SpaceX raised in June. That figure is not in the filing, and a smaller offering is reportedly under discussion.

Not on the latest numbers. Q3 2026 showed an operating loss of $567 million after a $974 million operating profit in Q2, and a reported net loss of $23.29 billion. Most of the first-half net loss of $80.7 billion was a non-cash fair value change.

Revenue was $4.6 billion in 2025 (audited), $16.3 billion in the first half of 2026 (unaudited) and nearly $17 billion in Q3 2026 alone, up 47% on the second quarter.

Once ANT lists, yes, through a broker with US market access. Retail allocations in the offering itself depend on the broker, so check with yours early. Our broker comparison guide covers the main platforms.

I would not expect so. CPFIS-OA covers a defined list of approved products, and I would not assume a Nasdaq-listed share is on it. Check the CPF Board's CPFIS lists before planning around it.

It depends on your SRS operator and broker. Some allow SRS funds into US-listed shares and others restrict SRS to SGX instruments, so confirm with them directly. Our SRS investing guide walks through the options.

Anthropic develops the Claude family of AI models, offered to businesses and developers and through consumer apps. Its revenue comes from that usage, while its largest costs are the computing capacity needed to train and run the models.