Anthropic stock: pre-IPO
Anthropic is not listed yet: it filed its S-1 with the SEC on Oct 26, 2026 to list on the Nasdaq Global Select Market under ANT. Its last funding round, Series H-1 and H-2 (May 2026 to June 2026), was sold at $589.01 per preferred share: $58.90 per common share of today: $997.6B on its 16.94 billion fully diluted shares, $633.7B on its 10.76 billion shares outstanding (Sep 30, 2026). That is the last round's price times a share count the prospectus files, not a market price, not a valuation. Revenue was $17.0B in the three months to Sep 30, 2026 (unaudited), up 46.7% on the previous quarter.
Anthropic key figures
- Price to sales: 18.0 on the implied value of its shares outstanding, 28.3 fully diluted, over revenue of $35.3B in the four quarters to Sep 30, 2026 (calculated).
- Operating margin: -3.3% in the last filed quarter.
- Dividend: none. It has never declared or paid one, says its prospectus.
- Round prices over 52 weeks: $14.10 to $58.90 per common share, up 318% in a year (rounds, not trades).
About Anthropic
We are first and foremost a research lab—our mission is the responsible development and maintenance of advanced AI for the long-term benefit of humanity. This mission directs our focus—along with our talent and culture, our frontier and safety research, our approach to compute, and our enterprise strategy, it is one of the core advantages that set us apart. These advantages enable us to continuously advance frontier AI and shape the standards for its safe and responsible development. Our frontier AI, Claude, is delivered to customers through our models, platform, and applications. Claude has experienced the fastest enterprise adoption of any technology in history, as demonstrated by revenue growing from $0 at commercial launch in the first quarter of 2023 to $17.0 billion for the three months ended September 30, 2026. This rapid and growing adoption generates two self-reinforcing dynamics—an improvement loop that advances Claude and an investment loop that helps fund our continued research in frontier AI.
Anthropic's own description, from its prospectus (Form S-1/A, filed Nov 2, 2026), Business. Read the filing on sec.gov
Anthropic, PBC is registered with the SEC (CIK 2130357), headquartered in San Francisco, California, incorporated as a Delaware PBC in January 2021, with a fiscal year ending in December, classified by the SEC as Services-Prepackaged Software. Website: anthropic.com.
Its founders' Class F share will carry 50.1% of the votes; its Long-Term Benefit Trust elects the Class T directors, a majority of the board.
Anthropic customers and revenue
At Sep 30, 2026, by revenue over twelve months: more than 11,900 customers at $100,000 or more; more than 1,900 customers at $1M or more; approximately 250 customers at $10M or more.
Sold through the cloud providers' marketplaces: about 11% of revenue in 2023, about 32% of revenue in 2024, about 47% of revenue in 2025, about 44% of revenue in the six months to Sep 30, 2026.
Anthropic funding rounds
| Period | Series | Kind | Price per share | Per common share of today | Amount |
|---|---|---|---|---|---|
| May 2026 – June 2026 | H-2 | sold | $589.01 | $58.90 | ~$19.5B |
| May 2026 – June 2026 | H-1 | sold | $589.01 | $58.90 | $45.7B |
| January 2026 | G-4 | converted (notes) | $233.22 | $23.32 | ~$774.0M |
| January 2026 – February 2026 | G-3 | converted (notes) | $20.93 | $2.09 | ~$430.0M |
| January 2026 – May 2026 | G-2 | sold | $259.14 | $25.91 | ~$21.7B |
| January 2026 – February 2026 | G-1 | sold | $259.14 | $25.91 | $23.5B |
| October 2025 | B | resold | $140.97 | $14.10 | ~$627.0M |
| August 2025 – September 2025 | F-2 | converted (notes) | $20.93 | $2.09 | ~$434.0M |
| August 2025 – September 2025 | F-1 | sold | $140.97 | $14.10 | $13.0B |
| January 2025 | E-5 | converted (notes) | $53.28 | $5.33 | ~$1.3B |
| January 2025 | E-4 | converted (notes) | $50.48 | $5.05 | ~$774.0M |
| January 2025 | E-3 | converted (notes) | $44.87 | $4.49 | ~$568.0M |
| January 2025 – March 2025 | E-2 | converted (notes) | $20.93 | $2.09 | ~$2.0B |
| January 2025 – March 2025 | E-1 | sold | $56.09 | $5.61 | $3.6B |
| January 2024 | D-2 | converted (safe) | $27.00 | $2.59 | — |
| January 2024 | D-1 | converted (safe) | $30.00 | $2.84 | — |
| January 2024 – May 2024 | D-1, D-3 | sold | $30.00 | $2.84 | $1.2B |
| March 2023 | C-1 | converted (safe) | $11.23 | $1.12 | — |
| March 2023 – June 2023 | C-1, C-2 | sold | $11.23 | $1.12 | $445.3M |
Fair value of the common stock retained for option grants (409A): $0.51 to $1.08 (Jan 1, 2023 – Dec 31, 2023); $1.30 to $2.23 (Jan 1, 2024 – Dec 31, 2024); $3.45 to $16.69 (Jan 1, 2025 – Dec 31, 2025); $21.56 to $68.54 (Jan 1, 2026 – Sep 30, 2026).
Anthropic capital
At Sep 30, 2026, in common shares of today: 8.56 billion from the preferred stock as converted, 10.76 billion shares outstanding, 1.77 billion options, 1.84 billion issuable on conversion of notes; 16.94 billion fully diluted, the prospectus's own definition.
Funds that hold Anthropic
122 registered funds of 15 families reported 30.26 million shares worth $17.9B at Jul 31, 2026, each at its own valuation (Form N-PORT): a fund's valuation, not a trade.
- Capital Group: 9 funds, $8.5B, marked at $58.90 per common share at Jun 30, 2026
- Fidelity: 50 funds, $4.4B, marked at $58.90 per common share at Jul 31, 2026
- T. Rowe Price: 21 funds, $1.7B, marked at $58.90 per common share at Jul 31, 2026
- Coatue: 1 funds, $1.5B, marked at $58.90 per common share at Jun 30, 2026
- BlackRock: 17 funds, $837.9M, marked at $58.90 per common share at Jul 31, 2026
- Alger: 11 funds, $204.2M
- Franklin Templeton: 3 funds, $203.8M, marked at $58.90 per common share at Jul 31, 2026
- New York Life: 2 funds, $193.0M, marked at $58.90 per common share at Jul 31, 2026
Who owns Anthropic?
Principal stockholders as of Sep 30, 2026, voting securities only (holders of non-voting shares are not in the table):
- Dario Amodei: 245,259,100 Class A shares
- Daniela Amodei: 241,408,940 Class A shares
- Krishna Rao: 9,497,900 Class A shares
- Reed Hastings: 9,410 Class A shares
- Christopher Liddell: 9,410 Class A shares
- Vas Narasimhan: 176,050 Class A shares
- Tom Brown: 244,173,040 Class A shares
- Jack Clark: 242,271,840 Class A shares
- Jared Kaplan: 242,351,170 Class A shares
- Sam McCandlish: 243,383,850 Class A shares
What Amazon and Google hold in Anthropic
The stockholder table of the prospectus counts voting securities only, and their non-voting shares are not in it. Rebuilt title by title from the prospectus: each series converted from their notes at its exact count (Item 15), an amount invested in a round divided by its price, a floor, since shares bought in another round would not show.
- Google: at least 0.73 billion common shares of today (6.7% of the shares outstanding at Sep 30, 2026); Series E-3, E-4, G-4, E-5 converted from its notes and $10.0B in Series H; its holdings are capped at 14.99% for shares issued under the Google 2026 NPA.
- Amazon: at least 1.45 billion common shares of today (13.5% of the shares outstanding at Sep 30, 2026); Series E-2, F-2, G-3 converted from its notes and $5.0B in Series H, plus $6.2B of notes convertible into 1.84 billion Class N shares at the offering; with them, 19.4% of the fully diluted shares, above the 12% cap it may waive: unless it does, part of the notes does not convert.
What Anthropic has committed to spend with its suppliers
As its prospectus states it (Form S-1/A, filed Nov 2, 2026). A yearly figure is an average over the term or the monthly rate it states, not a payment schedule; a supplier's weight uses the segment the supplier itself says sells compute when one does, otherwise all its revenue.
- Microsoft: at least $44.9B between November 2026 and June 2033, an average of $6.7B a year over the term, the equivalent of 1.8% of Microsoft's revenue in its quarter to Sep 30, 2026, annualized ($369.1B).
- Google: at least $121.3B between April 2026 and July 2033, an average of $16.5B a year over the term, the equivalent of 17.8% of Alphabet's Google Cloud segment revenue over its last four quarters ($93.2B to Sep 30, 2026).
- Amazon: at least $110.0B between May 2026 and April 2036, an average of $11.0B a year over the term, the equivalent of 6.8% of Amazon's AWS segment revenue over its last four quarters ($161.4B to Sep 30, 2026).
- SpaceXAI (Space Exploration Technologies Corp.): up to $120.5B over terms into 2029, an average of $37.2B a year at the monthly rate it states, the equivalent of 123.0% of SpaceX's SI segment revenue in its quarter to Sep 30, 2026, annualized ($30.2B).
- AMD: more than $20.0B (expected).
- Nscale (Nscale Global Holdings Limited): up to $44.6B over terms into 2033.
- Lambda: about $41.3B over terms into 2034.
- Broadcom: rent of about $161.2B.
Since Dec 31, 2025, it has signed about $417.0B more in new or amended agreements, says its prospectus, without the detail by supplier.
Anthropic credit facility
A $15B revolving credit facility, amended and restated in September 2026, maturing on Sep 4, 2031, with Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent. Signed in May 2025 at $2.5B; increased in September 2025 to $2.75B; increased in November 2025 to $3.25B; amended and restated in September 2026 to $15B.
Anthropic note purchase facilities
Undrawn at Sep 30, 2026, says its prospectus: Google, up to $20B (agreement of March 2026, draws until December 2030); Amazon, up to $15B (agreement of Apr 20, 2026); Broadcom, up to $42B. Each agreed to buy its convertible notes, or for some its shares, on request: financing capacity, not debt.
AMD has committed to buy up to $5B of its Class N common stock under the Hardware Supply Agreement of July 2026.
Anthropic quarterly results
From its prospectus, unaudited (Form S-1/A, filed Nov 2, 2026). Revenue went from $376.0M in the three months to Mar 31, 2025 to $17.0B in the three months to Sep 30, 2026 (up 1126.9% on a year earlier). Compute and infrastructure went from 251.1% of revenue to 58.2%. Operating income was $974.0M in the three months to Jun 30, 2026, the first operating profit among the quarters it files. Over the twelve months to Sep 30, 2026 (the sum of four filed quarters): revenue of $35.3B, an operating loss of $4.1B. Its net loss of $23.3B in that quarter is mostly the change in fair value of its convertible notes (a $21.9B charge), which moves with its own value: a net loss of $1.4B before it.
| Three months to Mar 31, 2025 | Three months to Jun 30, 2025 | Three months to Sep 30, 2025 | Three months to Dec 31, 2025 | Three months to Mar 31, 2026 | Three months to Jun 30, 2026 | Three months to Sep 30, 2026 | |
|---|---|---|---|---|---|---|---|
| Revenue | $376.0M | $787.0M | $1.4B | $2.0B | $4.7B | $11.6B | $17.0B |
| Compute and infrastructure | $944.0M | $1.4B | $2.0B | $2.9B | $3.4B | $5.6B | $9.9B |
| Personnel | $218.0M | $320.0M | $489.0M | $812.0M | $1.3B | $1.9B | $1.7B |
| Bartz settlement | — | — | $1.5B | — | — | — | — |
| Sales, marketing, and partnerships | $24.0M | $96.0M | $202.0M | $246.0M | $1.0B | $2.1B | $2.4B |
| Other operating and administrative | $125.0M | $181.0M | $233.0M | $873.0M | $683.0M | $1.0B | $3.6B |
| Total operating expenses | $1.3B | $2.0B | $4.5B | $4.9B | $6.4B | $10.6B | $17.5B |
| Operating income (loss) | -$935.0M | -$1.2B | -$3.1B | -$2.8B | -$1.7B | $974.0M | -$567.0M |
| Interest income | $51.0M | $64.0M | $124.0M | $192.0M | $349.0M | $762.0M | $1.2B |
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | -$5.7B | -$5.2B | -$9.2B | -$14.2B | -$12.8B | -$59.6B | -$21.9B |
| Other income (expense), net | — | — | -$3.0M | -$5.0M | -$309.0M | -$8.4B | -$1.6B |
| Net income (loss) | -$6.6B | -$6.4B | -$12.1B | -$16.9B | -$14.4B | -$66.3B | -$23.3B |
| Revenue growth, quarter on quarter (calculated) | — | 109.3% | 75.6% | 47.6% | 131.9% | 144.2% | 46.7% |
| Revenue growth, year on year (calculated) | — | — | — | — | 1158.2% | 1368.2% | 1126.9% |
| Compute and infrastructure, share of revenue (calculated) | 251.1% | 176.6% | 148.1% | 144.4% | 71.6% | 48.1% | 58.2% |
| Operating margin (calculated) | -248.7% | -152.5% | -223.5% | -139.0% | -35.2% | 8.4% | -3.3% |
| Net income (loss) before the change in fair value of convertible notes (calculated) | -$891.0M | -$1.1B | -$3.0B | -$2.7B | -$1.6B | -$6.7B | -$1.4B |
Anthropic financial statements
| 12 months to Dec 31, 2023 | 12 months to Dec 31, 2024 | 12 months to Dec 31, 2025 | 9 months to Sep 30, 2025 (unaudited) | 9 months to Sep 30, 2026 (unaudited) | |
|---|---|---|---|---|---|
| Revenue | $41.0M | $386.0M | $4.6B | $2.5B | $33.2B |
| Total operating expenses | $592.0M | $3.4B | $12.6B | $7.8B | $34.5B |
| Operating income (loss) | -$551.0M | -$3.0B | -$8.1B | -$5.2B | -$1.3B |
| Income (loss) before income taxes | -$1.5B | -$8.3B | -$41.9B | -$25.1B | -$103.6B |
| Provision for income taxes | $2.0M | $1.0M | $20.0M | $12.0M | $417.0M |
| Net income (loss) | -$1.5B | -$8.3B | -$42.0B | -$25.1B | -$104.0B |
| Net cash from operating activities | -$1.6B | -$5.7B | -$2.6B | -$2.0B | $6.6B |
| Purchases of property and equipment | $2.0M | $15.0M | $131.0M | $111.0M | $925.0M |
| Net cash from investing activities | -$2.0M | -$22.0M | -$3.1B | -$2.0B | -$36.5B |
| Net cash from financing activities | $2.3B | $7.2B | $20.0B | $18.5B | $110.7B |
| Stock-based compensation | $29.0M | $192.0M | $1.2B | $584.0M | $3.3B |
| Depreciation and amortization | $3.0M | $21.0M | $40.0M | $24.0M | $250.0M |
Anthropic SEC filings
- S-1/A, Nov 2, 2026
- S-1, Oct 26, 2026
- DRS/A, Oct 9, 2026
- DRS/A, Oct 1, 2026
- DRS/A, Sep 4, 2026
- DRS/A, Aug 10, 2026
- DRS/A, Jul 13, 2026
- DRS, Jun 1, 2026
Pre-IPO: there is no market price yet. Every figure comes from the company's public prospectus or from the funds' own filings with the SEC. Not investment advice.