Anthropic, the AI company behind Claude, filed its IPO registration with the US Securities and Exchange Commission on October 26, proposing a Nasdaq listing under the ticker ANT. The company launched its IPO roadshow on November 10, with an indicative offering price of $70–$78 per share and a public trading debut expected on November 19.
According to the SEC filing, Anthropic generated $4.6 billion in revenue during 2025. In the first half of 2026, the company reported $16.3 billion in revenue, compared to $1.2 billion in the same period of 2025—a roughly 14-fold increase. Third-quarter 2026 revenue reached approximately $17 billion, about 12 times the year-earlier quarter. These 2026 figures remain unaudited.
High-value customers spending more than $100,000 annually accounted for 76% of Anthropic's 2025 revenue, with more than 11,900 customers at that spending level. The company's May funding round valued Anthropic at $965 billion, with pre-IPO expectations ranging from $1.5 trillion to $1.6 trillion. Current offering terms indicate a fully diluted valuation of approximately $1.4 trillion.
Anthropic stands among leading developers of advanced AI models alongside OpenAI and Google. Its rapid revenue growth and substantial investment in computing infrastructure have positioned it as a closely watched company ahead of its public listing.
Pre-IPO Trading Options
Prior to going public, company shares typically remain accessible only through private funding rounds and secondary transactions. Pre-IPO crypto futures offer an alternative mechanism for traders to gain exposure to market expectations surrounding a company's valuation without owning underlying shares.
These perpetual contracts allow traders to take long or short positions based on their outlook for valuations. They trade around the clock with prices determined by market activity rather than an official share price. Unlike private shares, these contracts provide no ownership or shareholder rights, and their prices may differ substantially from eventual IPO prices.
PrimeXBT announced plans to launch Pre-IPO Trading as a new category within its Crypto Futures offering, beginning with an ANTHROPIC/USDT contract ahead of the expected November Nasdaq debut. The USDT-margined perpetual contract will enable 24/7 trading with long or short positioning, with one contract representing one notional share and prices determined through a live order book.
Upon Anthropic's public listing, the contract is planned to transition into a standard perpetual crypto futures contract linked to the listed stock. If the IPO is cancelled, the contract will be delisted with open positions subject to closure or settlement at a reference price following advance notice to clients. The contract does not convert into actual shares.
