Anthropic, the company behind Claude, has started marketing its shares to investors ahead of a stock market listing. Its announcement sets out an offering of 825,000,000 Class A shares at an expected price of $70.00 to $78.00 each, on the Nasdaq Global Select Market under the symbol ANT. For anyone who relies on Claude, a listing changes who the company answers to, and that is worth understanding before the bell rings.
The terms are specific. Of the 825 million shares, 801,351,354 are being sold by Anthropic and 23,648,646 by existing shareholders, who keep the proceeds from their part. Underwriters get a 30-day option to buy up to 123,750,000 more. At the stated range, the base offering is worth roughly $58 billion to $64 billion before that option. Goldman Sachs and Morgan Stanley are named for the prospectus. The registration statement has been filed with the Securities and Exchange Commission but is not yet effective, so the shares cannot be sold until it is. Reuters, as reported in coverage of the filing, put the equity value at about $1.02 trillion at the top of the range.
The prospectus figures explain the price. Revenue grew from $41 million in 2023 to $386 million in 2024 and $4,585 million in 2025, then reached $16,286 million in the first six months of 2026 alone. Costs have grown fast too: compute infrastructure cost $8,945 million in that half-year, and the company still reported an operating loss of $693 million for the period. The very large reported net losses are driven mainly by accounting changes in the fair value of convertible notes and similar instruments as Anthropic's valuation rose, rather than by cash spent.
For Claude users, governance matters more than the share price. Anthropic is a public benefit corporation, legally required to weigh its stated purpose, the responsible development of advanced AI for the long-term benefit of humanity, alongside shareholder returns. Its Long-Term Benefit Trust, a body of financially disinterested trustees, holds a special class of stock. As Helen Toner argued on Decoder, an independent board committee means more at a listed company with public filings and legal duties than at a private one.
What is not yet known is the final price, the date shares begin trading and how investor pressure will shape decisions on pricing, safety spending and model releases. Press reports have suggested bankers might raise the range; the filed figures remain $70 to $78. As with any offering, these are the company's own disclosures and the terms can change before pricing.