Anthropic, the company behind the Claude AI models, publicly filed for its IPO with the SEC on Monday, October 26, applying to list Class A shares on the Nasdaq Global Select Market under the ticker “ANT”. It could be the largest stock market debut on record, yet the filing leaves the price range blank. The numbers inside it are anything but.
The Anthropic IPO prospectus shows revenue of $16.3 billion in the first half of 2026, up from $1.2 billion a year earlier. And prediction markets now price a 74.5% chance that Anthropic will be worth more than Bitcoin by the end of the year. So what did the S-1 reveal, and what could a listing this size mean for crypto?
Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.
Read more: https://t.co/zuRMrxXzNx
Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities…
— Anthropic (@AnthropicAI) October 26, 2026
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Anthropic IPO: What Did the S-1 Reveal?
A company growing faster than its losses. The S-1 shows revenue rising from $4.6 billion in all of 2025 to $16.3 billion in the first six months of 2026, a fourteen-fold jump on the same half a year earlier.
The headline loss looks alarming: $80.7 billion for the half. But $72.4 billion of it is a non-cash charge, the rising fair value of convertible notes and SAFEs issued to early backers as the company’s valuation climbed. The operating loss, what the business itself lost, narrowed to $693 million from $2.1 billion a year earlier.
Goldman Sachs, Morgan Stanley and J.P. Morgan top a list of 22 underwriters. The price range, share count and the size of the raise will come in a later amendment.
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Who Will Control Anthropic After the IPO?
Not the buyers of the shares. Public investors get Class A stock with one vote per share, but a single Class F share, held by a company owned by the seven co-founders, including CEO Dario Amodei and President Daniela Amodei, carries 50.1% of the votes.
A separate body, the Long-Term Benefit Trust, will elect a majority of the board through its own Class T share. Anthropic will also be a “controlled company” under Nasdaq rules. As a public benefit corporation, it must weigh its mission of developing AI safely alongside shareholder returns, and it has already placed 5% of its shares in a new Public Benefit Fund.
The IPO date will be most likely in November. On Polymarket, traders give an 83.5% chance that the shares start trading by November 30, and about 50% by November 20.
Anthropic IPO by __?
The valuation is the bigger question. Anthropic was last valued at $965 billion in its $65 billion Series H round in May. Polymarket’s most likely IPO valuation range is now $1.5 trillion to $1.75 trillion, at 58%, close to double that private price only five months later.
Could Anthropic Be Worth More Than Bitcoin?
The market thinks so. Bitcoin’s market capitalisation stands at about $1.61 trillion at $80,100, and Polymarket gives 74.5% that Anthropic’s value passes it by December 31. Traders put the most weight on a first-day closing value of $1.75 trillion to $2 trillion.
For crypto, the filing was a non-event on the screen. Bitcoin slipped 0.3% on the day and AI tokens barely moved: Bittensor’s TAO was up 1.2% and Render 2.2%. The risk comes later. A raise of this size will need buyers, and the same growth investors who hold Bitcoin and AI tokens may sell some to make room for ANT.
BTC USDT Chart 1D TradingView
Bitcoin is trading just below its 50-day EMA at $80,801. Resistance sits at $82,850, where every bounce stalled last week, and support at $79,221, Saturday’s low. A close below that floor would put the 200-day EMA at $76,347 in play.
The Anthropic IPO will be the first time public investors can buy a stake in a frontier AI lab directly. If it prices near the top of Polymarket’s range, the company behind Claude will open its first day of trading worth more than the world’s largest cryptocurrency.
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