Anthropic files S-1 with SEC, plans Nasdaq listing under ticker ANT

Anthropic, PBC has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). This is the formal start of an initial public offering (IPO) of Class A shares. The company plans to list the shares on the Nasdaq Global Select Market under the ticker ANT. The number of shares and the price range have not yet been determined, and Goldman Sachs and Morgan Stanley will handle the offering.

For the AI market, this is one of the most notable moments in recent years. The developer of the Claude models, which until now has been funded by private rounds and strategic investors, is preparing to open its financial statements to public investors.

What exactly has been filed, and on what terms

An S-1 is the document that starts the process of registering securities in the U.S. before a public offering. In it, the company discloses its business, financial results, risks and governance structure. Filing the statement does not mean trading will begin tomorrow. Until the registration becomes effective, the shares cannot be sold and offers to buy them cannot be accepted. The offering itself will be made only by means of a prospectus.

Key parameters as of today:

• Issuer: Anthropic, PBC
• Document: registration statement on Form S-1 filed with the SEC
• Securities offered: Class A common stock
• Exchange: Nasdaq Global Select Market
• Ticker: ANT
• Underwriters: Goldman Sachs & Co. LLC (New York, 200 West Street) and Morgan Stanley & Co. LLC (New York, 180 Varick Street)
• Number of shares: not yet determined
• Price range: not yet determined
• Registration status: filed, but not yet effective

Once the preliminary prospectus is available, copies can be requested from the prospectus departments of both banks.

Why PBC status and

Class A shares will draw investor attention

Anthropic has been structured as a public benefit corporation from the start. That form lets the board of directors weigh not only shareholders' interests but also a stated public mission. In Anthropic's case, that mission is tied to the safe development of AI. For a public company this is an unusual structure, and it is the one most likely to prompt investor questions.

The "Class A" label indicates that the company has other share classes as well. The prospectus will show how voting rights are divided among them, how control of the board is arranged and what role internal governance mechanisms play. The market will read these sections more closely than usual. For a company whose models are used by developers and corporations around the world, the control structure affects customer trust as much as revenue does.

Investors will also look in the prospectus for numbers that have so far stayed out of public view:

• revenue and its breakdown: API, subscriptions, enterprise contracts;
• spending on compute and model training;
• dependence on cloud and chip partners, including Amazon and Google as major investors and infrastructure providers;
• legal and regulatory risks tied to training data and model safety.

What happens next

The next steps are standard. The SEC reviews the statement, the company updates its documents, and then a preliminary prospectus is published with the number of shares and the price range. Sales begin only after the registration becomes effective. The publication gives no exact timeline, and any forecast of the listing date remains guesswork for now.

The practical takeaways for different readers are simple. Enterprise customers of Claude should wait for the prospectus and see how the company describes the risks around compute supply and API pricing. Investors should remember that until the registration becomes effective, no offer to buy exists, and only the underwriters may distribute one, through the prospectus. Competitors, including other frontier-model developers, will have to operate against a new public reference point: Anthropic's valuation on the exchange will become a benchmark for the whole segment.