Anthropic IPO (Claude): 10 things to know before the November 19 listing

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Anthropic is planning a public offering aimed at individuals in 9 countries of the European Economic Area, including France.

The list of intermediaries for Anthropic's IPO includes several names well known to French investors: Trade Republic, eToro, Interactive Brokers, Revolut, Saxo, DEGIRO, as well as BNP Paribas.

The subscription dates and the minimum amount are not yet known: they will appear in the European prospectus which will be posted online on ipo.anthropic.com at the launch of the offer. As Anthropic's shares are only listed on Nasdaq, you will need to use an ordinary securities account (CTO).

According to American media sources, Anthropic would target around 20% of the offering for individuals, compared to 5 to 10% for a traditional IPO.

The offering involves 825 million Class A shares. Approximately 801 million are being issued by Anthropic, with the remainder being sold by existing shareholders. At the high end, the IPO would raise up to $64.4 billion.

Lead banks Goldman Sachs and Morgan Stanley will also have a 30-day option to buy up to 123.75 million additional shares in the event of strong demand.

Anthropic's stock will be listed on the Nasdaq Global Select Market under the ticker "ANT."

According to American media sources, the final price would be set on the evening of November 18, for the first exchanges on November 19.

At the high end of the range, Anthropic would be valued at around $1.4 trillion on a fully diluted basis (including stock options and bonus shares), and around $1 trillion on outstanding shares alone. This is more than the 965 billion from his round table in May, but far from the 2,000 billion mentioned just a few weeks ago.

According to Reuters, a first version of the conditions, briefly sent to the banks then withdrawn, mentioned up to $69.3 billion raised. According to analysts, this more reasonable price is voluntary: it leaves room for demand to increase the final price, or even the price from the first day of trading.

The context remains delicate. Investors are becoming increasingly cautious about AI, as rising rates increase the debt on which companies in the sector depend to finance their data centers. However, institutional demand is there: according to American media, the order book is already covered in the range of $70 to $78 with interest higher than that observed for SpaceX at the same stage.

The figures in the prospectus explain the appetite of investors. Over the first 9 months of 2026, Anthropic generated $33.24 billion in revenue, up approximately 1,200% year-over-year.

Its annualized income (monthly turnover reduced over 12 months) reached approximately 81 billion dollars at the end of October, or 10 billion more than a month earlier.

On the other hand, Anthropic posted a net loss of $104 billion over 9 months, compared to $25.1 billion a year earlier.

The amount is impressive, but it is above all an accounting loss. Anthropic has issued convertible bonds, loans that investors can convert into shares. The more Anthropic's valuation increases, the more these future shares are worth.

Accounting, the company must therefore revalue them upwards, which creates a loss on paper. No money actually came out of the coffers.

In parallel with the IPO, seven tech giants (AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC) have committed to purchasing $26 billion in shares at the IPO price. These securities will not be subject to the blocking period imposed by the banks.

Several of these companies are also suppliers to Anthropic. If you already hold shares in Amazon or Alphabet (Google), you are also indirectly exposed to Anthropic, of which these two groups are shareholders.

Anthropic has pledged to spend nearly $900 billion in the coming years, mostly to lease servers and chips from partners such as Amazon and Google.

This amount illustrates the dependence of its growth on future access to data centers. As Reuters notes, part of these capacities is based on financing which escapes the company's control.

Certain managers, employees and consultants will be able to sell up to 10% of their shares from the first day of trading.

The 7 co-founders will, on the other hand, have to wait around 6 months to sell a maximum of 29% of their shares, and up to a year for the rest. This staggered schedule aims to limit the waves of sales that often follow the end of a lock-up period.

Anthropic is a public benefit corporation, the American equivalent of a mission-driven company. Class A shares sold to the public are entitled to profits, but control remains concentrated.

An independent body, the Long-Term Benefit Trust, elects the majority of the board of directors, and the founders retain a significant share of the voting rights. The prospectus recognizes that this structure may lead to decisions contrary to the financial interests of shareholders.

Clément invested in Bitcoin in 2017 and has been following the evolution of the crypto ecosystem for 9 years. Having become publication director of Cryptoast, he strives to make these subjects accessible to as many people as possible through rigorous, educational and in-depth content. He has published more than 2,000 articles covering Bitcoin, other cryptocurrencies, exchange platforms, wallets, DeFi and the taxation of crypto-assets. He is co-author of the book Bitcoin and other cryptocurrencies, published by Editions Larousse, a reference work intended to popularize the mechanisms of blockchain and cryptoassets to the general French-speaking public. He also collaborated with the bank Delubac & Cie to produce educational sheets on cryptocurrencies. Thanks to a dedicated and passionate team, Cryptoast has become an essential reference in the French-speaking sector, providing in-depth analyzes and relevant information for all enthusiasts and curious people in the world of cryptocurrencies and blockchain.

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Machine-translated from French