Anthropic taps JPMorgan to lead US retail portion of its Nasdaq IPO
In brief
- JPMorgan will lead the US retail portion of Anthropic's initial public offering.
- Anthropic filed an S-1 with the SEC on October 26, 2026.
- Anthropic's Class A shares are set to list on Nasdaq under the ticker ANT.
- Anthropic's first-half 2026 revenue hit $16.3 billion, up from $1.2 billion a year earlier.
- Goldman Sachs leads a syndicate of around 22 banks.
Who's running the books
A retail offering is the part of an IPO aimed at individual investors rather than pension funds, hedge funds and other institutions. That's the slice JPMorgan will lead in the US.
It's one role in a crowded deal. The filing lists an underwriting syndicate of around 22 banks, and Goldman Sachs holds the lead underwriter seat. Morgan Stanley is the stabilization agent (the bank responsible for supporting the stock's trading right after its debut), while JPMorgan Chase & Co. and Citi also appear among the significant underwriters.
What the filing shows
Revenue is the number most people will look at first. Anthropic's revenue reached $16.3 billion in the first half of 2026, compared with $1.2 billion in the first half of 2025.
The loss is the other side of it.
Anthropic reported a net loss of $80.7 billion for the same six-month period. Crypto Briefing attributed that loss primarily to non-cash accounting items, citing research it didn't identify, so by that account most of the figure isn't cash leaving the company.
Valuation and timing
Anthropic's last private mark was $965 billion, set during a funding round in May 2026. The outlet put the potential IPO target valuation somewhere between $1.5 trillion and $2 trillion, though it didn't say where that range came from. Until it's tied to a named source, it's best read as a rough figure.
The company built its business on the Claude family of AI models. It's now heading for the public markets a few months after SpaceX completed its own listing in June 2026.
Frequently asked questions
What is the retail portion of an IPO?
A retail offering is the part of an IPO aimed at individual investors rather than pension funds, hedge funds and other institutions. In Anthropic's case, JPMorgan was selected to lead the US retail portion of the offering.
Which banks are underwriting Anthropic's IPO?
The S-1 lists an underwriting syndicate of around 22 banks. Goldman Sachs holds the lead underwriter role and Morgan Stanley is the stabilization agent. JPMorgan Chase & Co. and Citi are also among the significant underwriters.
Where will Anthropic stock trade and under what ticker?
Anthropic plans to list Class A common stock on Nasdaq under the ticker symbol ANT. The company filed its S-1 registration statement with the SEC on October 26, 2026.
