Anthropic IPO: the filings, share classes, lock-up and what is set so far

1. 26 Oct 2026

   S-1 · Registration statement, filed publicly · 224 MB EDGAR ↗

2. 9 Oct 2026

   DRS/A · Confidential draft, amended · 108 MB EDGAR ↗

3. 1 Oct 2026

   DRS/A · Confidential draft, amended · 88 MB EDGAR ↗

4. 4 Sep 2026

   DRS/A · Confidential draft, amended · 70 MB EDGAR ↗

5. 10 Aug 2026

   DRS/A · Confidential draft, amended · 58 MB EDGAR ↗

6. 13 Jul 2026

   DRS/A · Confidential draft, amended · 3 MB EDGAR ↗

7. 1 Jun 2026

   DRS · Confidential draft registration statement · 3 MB EDGAR ↗

Draft registration statements are filed in confidence and published once the company files publicly. Anthropic's first draft went in on 1 Jun 2026.

Listing

Nasdaq Global Select Market, ticker ANT (Class A common stock)

Exact text in the S-1

• “We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.””

  Anthropic, PBC, Form S-1 registration statement, 26 Oct 2026 ↗ · Prospectus cover

Public market today

None: the Class A stock has never traded

Exact text in the S-1

• “Prior to this offering, there has been no public market for our Class A common stock.”

  Anthropic, PBC, Form S-1 registration statement, 26 Oct 2026 ↗ · Prospectus cover

Price range

Not set yet: the S-1 leaves the range blank

Exact text in the S-1

• “It is currently estimated that the initial public offering price per share will be between $ and $ .”

  Anthropic, PBC, Form S-1 registration statement, 26 Oct 2026 ↗ · Prospectus cover

Shares offered

New shares from Anthropic and shares from selling stockholders; both counts are still blank

Exact text in the S-1

• “We are selling shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional shares of Class A common stock.”

  Anthropic, PBC, Form S-1 registration statement, 26 Oct 2026 ↗ · Prospectus cover

Delivery date

Not set yet: the S-1 leaves the date blank

Exact text in the S-1

• “The underwriters expect to deliver the shares against payment in New York, New York, on or about .”

  Anthropic, PBC, Form S-1 registration statement, 26 Oct 2026 ↗ · Prospectus cover

Use of proceeds

General corporate purposes: working capital, operating costs, capital spending including compute and infrastructure, and hiring and keeping skilled staff

Exact text in the S-1

• “We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel.”

  Anthropic, PBC, Form S-1 registration statement

Dividends

None planned

Exact text in the S-1

• “We do not anticipate paying cash dividends in the foreseeable future.”

  Anthropic, PBC, Form S-1 registration statement

Class A (the shares sold)

One vote per share

Exact text in the S-1

• “Each share of Class A common stock is entitled to one vote per share and shares of Class N common stock have no voting rights, except as otherwise required by law.”

  Anthropic, PBC, Form S-1 registration statement

Class N

No vote; held mainly by strategic business partners; becomes Class A when sold to an unaffiliated party

Exact text in the S-1

• “The holders of our Class N common stock are primarily strategic business partners, and shares of Class N common stock will generally convert to Class A common stock upon a sale or transfer to an unaffiliated third party.”

  Anthropic, PBC, Form S-1 registration statement

Class F (the founders)

One share, held by the co-founders' LLC, carrying 50.1% of the votes on general matters, including electing every director other than the Class T directors

Exact text in the S-1 (2)

• “Our Class F common stock, which will be held by the Founder LLC, will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally, including the election of our directors other than the Class T directors.”

  Anthropic, PBC, Form S-1 registration statement

• “Immediately prior to the completion of this offering, we will also issue a single share of Class F common stock, a special class of our common stock, to a limited liability company organized by our co-founders (the “Founder LLC”).”

  Anthropic, PBC, Form S-1 registration statement

Class T (the Long-Term Benefit Trust)

Elects and removes the Class T directors, a majority of the board; no other vote and no economic rights

Exact text in the S-1 (2)

• “Our Class T common stock does not otherwise have voting rights with respect to matters submitted to stockholders generally and has no economic rights.”

  Anthropic, PBC, Form S-1 registration statement

• “Through a special class of common stock, Class T common stock, the LTBT generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors.”

  Anthropic, PBC, Form S-1 registration statement

Class E

Votes only on certain limited matters; no economic rights; none issued before the offering

Exact text in the S-1 (2)

• “no issuance of shares of Class E common stock prior to the completion of this offering”

  Anthropic, PBC, Form S-1 registration statement

• “Our Class E common stock will be entitled to vote only on certain limited matters and will not have any economic rights.”

  Anthropic, PBC, Form S-1 registration statement

Long-Term Benefit Trust

Governed by five trustees

Exact text in the S-1

• “The LTBT is governed by five Trustees.”

  Anthropic, PBC, Form S-1 registration statement

Controlled company

Yes, under Nasdaq's governance rules

Exact text in the S-1

• “We are considered a “controlled company” within the meaning of the Nasdaq Global Select Market corporate governance requirements.”

  Anthropic, PBC, Form S-1 registration statement

Lock-up

180 days after the prospectus date for directors, officers and holders of substantially all shares

Exact text in the S-1

• “Our directors, officers, and the holders of substantially all of our capital stock and securities convertible into or exercisable or exchangeable for our capital stock have entered into market standoff agreements with us under which they have agreed that, subject to certain exceptions, for a period of 180 days after the date of this prospectus, they will not, without our prior written consent, sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any of our securities, including securities issued or issuable upon the conversion, exercise, exchange, reclassification, or replacement of such securities.”

  Anthropic, PBC, Form S-1 registration statement · Lock-Up and Market Standoff Agreements

Stock split

10-for-1 forward split of Class A and Class N stock on 17 Sep 2026

Exact text in the S-1

• “a 10-for-one forward split of our Class A common stock and Class N common stock effected on September 17, 2026”

  Anthropic, PBC, Form S-1 registration statement