10 Nov 2026
An overview of Anthropic's key numbers ahead of its IPO, extracted and visualized from its SEC filings. Updated as new data gets released.
The offering
- Price range
- $70 to $78
- A share
- IPO size
- $61.0B
- 825 million shares at $74
- Private sale
- $26.0B
- At the IPO price
- Company value
- $968B
- At $74 a share
SEC filings
Anthropic sent its first draft to the SEC in confidence on 1 Jun 2026 and made the filing public on 26 Oct 2026. It has amended it twice since.
Offering terms
| Figure | Value |
|---|---|
| Price range a share | $70 to $78 |
| Shares in the IPO | 825 million |
| Sold by Anthropic | 801 million |
| Sold by the seven co-founders | 23.6 million |
| Extra shares the banks may buy | 124 million |
| Private sale beside the IPO | $26.0 billion |
| Net proceeds to Anthropic | About $84.6 billion |
| Net proceeds with the extra shares | About $93.7 billion |
| Shares outstanding after the offering | 13.09 billion |
| Company value at $74 a share | $968B |
| Company value if the banks buy the extra shares | $978B |
| Run-rate revenue at 31 October | About $81 billion |
| All compute commitments | About $900.9 billion |
| Compute due in the 12 months after September | About $70.7 billion |
Anthropic would be the 13th most valuable US company
What all its shares would be worth at $74 each, the middle of the price range, next to today's market values.
- Apple$5.06T
- Nvidia$4.07T
- Microsoft$3.96T
- Alphabet$3.53T
- Amazon$2.93T
- SpaceX$1.93T
- Meta Platforms$1.64T
- Broadcom$1.58T
- Tesla$1.50T
- Eli Lilly$1.28T
- Berkshire Hathaway$1.24T
- Walmart$996B
- Anthropic$968B
- JPMorgan Chase$908B
- Advanced Micro Devices$845B
Stock on sale
At $74 a share. Anthropic gets the money from the first three. Each co-founder sells 1.4% of their shares.
- New shares in the IPO$59.3B
- Private sale to chip and cloud companies$26.0B
- Extra shares for the banks$9.2B
- Sold by the seven co-founders$1.7B
The business
Revenue and compute costs by quarter
Compute cost fell from 251% of revenue in early 2025 to 48% in mid-2026, then rose to 58% in the third quarter.
Mar 2025 to Sep 2026
Revenue and operating profit by quarter
A profit of $974M in the quarter to Jun 2026 and a loss of $567M in the quarter to Sep 2026.
- Mar 2025$376M-$935M
- Jun 2025$787M-$1.2B
- Sep 2025$1.4B-$3.1B
- Dec 2025$2.0B-$2.8B
- Mar 2026$4.7B-$1.7B
- Jun 2026$11.6B$974M
- Sep 2026$17.0B-$567M
Customers paying $100,000 or more a year
From about 20 at the end of 2023 to over 11,900. Over 1,900 pay $1 million or more, and about 250 pay $10 million or more.
31 Dec 2023 to 30 Sep 2026
Revenue by billing type
First nine months of 2026. 79% of revenue was billed by usage. 44% of revenue was sold through cloud marketplaces, and the five largest customers made up about 25%.
- Billed by usage $26.3B, 79%Subscriptions $6.9B, 21%
Losses, cash and compute
Anthropic's accumulated losses
$156.2 billion to 30 September 2026. $135.1 billion of it is the rise in value of its convertible notes and related liabilities, which is booked as a loss and uses no cash. Operations brought in $6.6 billion of cash in the first nine months of 2026.
- Change in value of convertible notes and related liabilities$135.1B
- All other losses$21.1B
Anthropic's cash against its compute bills
With the IPO money it would hold about $216.5B, 48% of the compute due before 2031.
- Cash and investments on 30 September$131.9B
- From the IPO and the private sale$84.6B
- Compute due within 12 months$70.7B
- Compute due before 2031$451.6B
Anthropic's compute commitments
Totals over each agreement's life. All commitments come to about $900.9 billion, with $70.7 billion due within a year. SpaceXAI and Lambda can be cancelled.
- BroadcomAbout $161.2B
- GoogleAt least $121.3B
- SpaceXAIUp to $120.5B
- AmazonAt least $110.0B
- MicrosoftAt least $47.2B
- NscaleUp to $44.6B
- LambdaAbout $41.3B
- Other commitments, not named$254.8B
Not in the total, since no amount is fixed: Google and other TPU providers ($125.0B to $150.0B, estimated) and AMD (over $20.0B, estimated).
Control
The co-founders hold 13% of the shares and 61% of the votes
After the offering. One special share gives the seven co-founders 50.1% of the votes on its own. A separate trust elects most of the board. Each co-founder has pledged 80% of their stock to charity, a pledge the filing says is not legally binding.
- VotesCo-founders 61%Everyone else 39%
- SharesCo-founders 13%Everyone else 87%
Each co-founder's shares
| Co-founder | Shares | Worth at $74 |
|---|---|---|
| Dario Amodei | 237 million | $17.6B |
| Daniela Amodei | 238 million | $17.6B |
| Tom Brown | 241 million | $17.8B |
| Christopher Olah | 240 million | $17.7B |
| Jared Kaplan | 239 million | $17.7B |
| Jack Clark | 239 million | $17.7B |
| Sam McCandlish | 240 million | $17.8B |
Each co-founder is selling 3.4 million shares in the IPO, about $250 million and 1.4% of what they held. The rest of the fall in each one's share of the company comes from the new shares Anthropic sells.
About the data
- Every figure is from Anthropic's amended S-1 filed on 10 Nov 2026. Quarterly figures are unaudited, and the price range can still change.
- Company value is the shares outstanding after the offering times the share price. It leaves out options and stock awards not yet turned into shares.
- Run-rate revenue is Anthropic's own measure: usage fees for the last 28 days times 13, plus monthly subscription fees times 12. Reported revenue for the first nine months of 2026 was $33.2 billion.
- The $135.1 billion of losses is the change in value of convertible notes and related liabilities since 2023, which the cash flow statement adds back in full. The loss in the quarter to September 2025 includes a $1.5 billion copyright settlement.
- The $84.6 billion of proceeds covers the IPO and the private sale together, without the banks' extra shares. $3.8 billion of it goes to taxes on employee stock. The private buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC.
- The co-founders' shares and votes are after the offering, from the filing's ownership table.
- The ranking uses S&P 500 companies at the latest weekly close, plus SpaceX at its close on 9 Nov 2026.
- More figures are on Anthropic's IPO page. How we collect and check the data: About.