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Anthropic's S-1, filed Monday, sets up a Nasdaq listing under the ticker ANT, with no price range or share count yet. For tech workers, the details that matter are RSUs that settle at listing, a new Class E stock with narrow votes and no economic value, and staggered lockups of up to a year.
Sources for this piece: Anthropic's Form S-1 registration statement filed with the SEC on October 26, 2026, the company's announcement of the filing, MarketWatch's lockup reporting and accounting firm S.D. Mayer's employee tax guide. All figures below come from the S-1 unless stated otherwise.
Anthropic says the number of shares and the price range have not been determined. Goldman Sachs and Morgan Stanley lead the underwriting group, which also includes J.P. Morgan, Citi, Barclays, Wells Fargo, BofA Securities and Deutsche Bank. It is a long way from the startup Google put $2 billion into in 2023.
What does Anthropic's S-1 say about the IPO?
Anthropic, a Delaware public benefit corporation, plans to list its Class A common stock on the Nasdaq Global Select Market as ANT. It will qualify as a "controlled company" under Nasdaq rules, though the S-1 says it only expects to use that exemption for its nominating and governance committee, which will not be fully independent.
The filing leaves the offering size, the price range and the run-rate revenue figure blank, so anyone quoting an IPO valuation today is guessing.
Who controls Anthropic after the IPO?
Not public shareholders. The S-1 creates five classes of common stock, and the votes and the money are deliberately split apart.
| Share class | Votes | Economic rights | Who holds it |
|---|---|---|---|
| Class A | 1 vote per share | Yes | Public investors after the IPO |
| Class N | None | Yes | Mainly strategic partners, plus donation matches and the Public Benefit Fund |
| Class T | Elects the Class T directors, a board majority | No | Anthropic's Long-Term Benefit Trust |
| Class F | 50.1% of total voting power | No | One share, held by an LLC of the seven co-founders |
| Class E | Limited, on two kinds of question | No dividends; par value only in liquidation | Employees, excluding co-founders |
- The co-founders' single Class F share, held through an LLC that includes Dario Amodei, Daniela Amodei and five other co-founders, carries 50.1% of total voting power, including on directors not elected by Class T.
- Class T, held by the Long-Term Benefit Trust, elects the Class T directors, who make up a majority of the board.
- Class N holders get the economics with no votes. A Class N share converts to Class A when it is transferred to an unaffiliated party.
In plain terms, Class A buyers get one vote per share on a company where the founders hold a majority of the vote and a trust picks most of the board.
What is Anthropic Class E stock?
Class E is a new class issued only to employees, excluding the co-founders. It carries no right to dividends and is worth only its par value in a liquidation, so it is a voice, not a payout.
According to the S-1, employees receive:
- One Class E share for every six months of employment.
- One Class E share for every Class A share they pledge to donate through Anthropic's matching program.
Anthropic says it will set the timing of issuance after the offering closes.
What can Class E holders vote on?
Two things, both tied to the Long-Term Benefit Trust that sits at the center of Anthropic's governance:
- The Specified Class T Director. If the board's Nominating and Governance Committee does not agree with the trust's choice within 15 days, Class E holders decide by a majority of votes cast, with a majority quorum.
- Changes to the trust's or Class T's rights, or a redemption of Class T stock. In the first three years that needs a Class E majority with a 40% quorum. At any time, 75% of Class E votes will do it.
The shares do not follow you out the door. After an employee leaves for reasons other than cause, half of their Class E shares are redeemed each year for no consideration. All of them are redeemed on death, incapacity, termination for cause or joining a direct competitor, and all Class E stock is redeemed if no Class F stock remains.
What happens to Anthropic employee RSUs at the IPO?
RSUs whose time-based vesting is already met will settle when the registration statement becomes effective, because that is when their performance condition is satisfied. The S-1 calls this the RSU Settlement and says Anthropic will use net share withholding to cover taxes, keeping back some shares instead of having employees write a check.
Tax treatment is where people get caught. S.D. Mayer's guide for Anthropic employees says the full value of settled RSUs counts as ordinary income, and that Class E shares are not expected to create taxable income on their own. The firm also warns that withholding often falls short: federal supplemental withholding is 22% (37% above $1 million) and California withholds 10.23%, while combined top marginal rates can exceed 50%, leaving a balance due by April 15, 2027. Our free calculators page is a starting point for that kind of math.
The company also adopted a new 2026 Equity Incentive Plan and amended and restated its 2021 Stock Plan for grants after the listing. It had about 5,300 employees as of September 30, 2026, a majority of them in research, engineering and product.
When can Anthropic employees sell their shares?
Later than many expect, and in steps. The S-1 sets two lockup tracks:
- Co-founders and holders of more than 0.5% of the stock are locked up until the earlier of the second full trading day after Anthropic releases results for the quarter ending September 30, 2027, or 365 days.
- Everyone else is locked up until the earlier of the second full trading day after results for the quarter ending March 31, 2027, or 180 days.
Inside those windows the release is staggered. Some shares held by non-founder directors, officers and certain current and former employees can be sold from the first trading day. Further tranches unlock on the 27th, 48th, 62nd and 76th days after the prospectus date, then in steps after Anthropic's full-year 2026 results. The S-1 leaves the share counts for each step blank, a point MarketWatch also flagged.
How fast is Anthropic growing, and why is the loss so big?
Revenue went from $41 million in 2023 to $4.59 billion in 2025. In the first half of 2026 it reached $16.29 billion, up from $1.16 billion a year earlier.
| Period | Revenue | Net loss | Stock-based comp |
|---|---|---|---|
| 2023 | $41M | $1.53B | $29M |
| 2024 | $386M | $8.31B | $192M |
| 2025 | $4.59B | $41.97B | $1.2B |
| H1 2025 | $1.16B | $12.97B | $286M |
| H1 2026 | $16.29B | $80.75B | $2.2B |
The $80.75 billion first-half net loss looks alarming, but most of it is not cash burned on operations. The S-1 shows a $72.39 billion loss from changes in the fair value of convertible notes, derivatives and SAFEs, which the S-1 says was driven mainly by the rising value of its convertible notes as its enterprise value grew. The operating loss for the half was $693 million, down from $8.06 billion for all of 2025.
Stock-based compensation was $2.2 billion in the half. Compute was the biggest cost line at $8.95 billion, against $3.15 billion for personnel and $3.17 billion for sales and marketing. The 2025 results include a $1.5 billion Bartz settlement, tied to the copyright case the S-1 cites in its risk factors.
Pricing pressure is part of the backdrop. OpenAI just cut prices on GPT-6.1 Terra to half of Claude Sonnet 5.5's list rate, and the S-1's risk factors flag dependence on Anthropic's largest customers.
What is the Anthropic Public Benefit Fund?
Anthropic contributed 846,840,960 Class N shares, equal to 5% of its fully diluted shares as of June 30, 2026, to a new Anthropic Public Benefit Fund. The S-1 says it may add up to 2% more each time the share price rises 50% above the previous milestone.
The co-founders have each pledged 80% of their personal equity to philanthropy, and employee donations of stock are matched in Class N shares.
What should Anthropic employees do now?
- Find out how many RSUs have met the time-based condition, since those settle at listing.
- Model your tax bill on the full settlement value, not just what is withheld.
- Check which lockup track you are on and when your first tranche opens.
- Decide whether to pledge shares through the matching program, which also earns Class E shares.
- Watch for the amended S-1 with the price range before making any plans around a number.
For more on how the listing could move AI stocks, see our Markets coverage.
Anthropic IPO FAQ
When is the Anthropic IPO?
No date is set. Anthropic filed its S-1 on October 26, 2026, and says the share count and price range have not been determined.
What is Anthropic's stock ticker?
Anthropic plans to list Class A common stock on the Nasdaq Global Select Market under the symbol ANT.
Can I buy Anthropic stock?
Not yet. Class A shares are not trading, and Anthropic has not set a price range or share count. Once the IPO prices and ANT begins trading on Nasdaq, shares can be bought through a brokerage account.
What is Anthropic's IPO price range?
It has not been disclosed. Anthropic says the number of shares and the price range have not been determined.
Does Class E stock pay dividends?
No. Class E has no dividend rights and is worth only its par value in a liquidation. It exists to give employees a vote on specific governance questions.
Who controls Anthropic?
The co-founders' Class F share holds 50.1% of total voting power, and the Long-Term Benefit Trust's Class T stock elects a majority of the board.
