Anthropic IPO: A $70-to-$78 Share With 49.9% of the Votes

Anthropic's IPO filing prices its Class A shares at $70.00 to $78.00 each, and even at that price a public buyer gets at most 49.9% of the voting power. The company filed with the U.S. Securities and Exchange Commission on November 10, 2026, and expects its first Nasdaq trading day on Thursday, November 19, 2026, under the ticker symbol "ANT." Reuters reported that the roadshow has already begun.

That gap between what a share costs and what a share controls is the whole story of this offering. Anthropic is a public benefit corporation whose board is controlled mostly by a trust and the company's seven co-founders. An investor buying Class A shares receives a genuine economic interest in one of the fastest-growing AI companies in history — and a structurally capped voice in how it runs.

How fast is the money coming in?

Very fast, by any historical measure. Revenue for the six months ended June 30, 2026 reached $16,286 million, up 1,300% year over year. Most of that came from usage-based fees. Consumption-based revenue was $13.1 billion, or 80% of total revenue. Subscriptions brought in $3.2 billion.

But the S-1 tells investors not to get used to that pace. The filing states: "We expect our revenue growth rate to decline over time, and it may decline significantly and more rapidly than we anticipate as our revenue base increases and as our market matures."

The profitability picture is stranger than the headline growth. Anthropic reported a net loss of $80.7 billion for the half. Most of it came from a $72.4 billion fair-value change on convertible notes — an accounting item, not a cash outflow. Adjusted net income came to $2,671 million.

What about the compute bill?

Spending commitments dwarf revenue. As of June 30, 2026, Anthropic had guaranteed computing commitments of approximately $265.6 billion, with terms ranging from one to 20 years, according to the SEC filing.

Compute was 55% of revenue over the first six months. The S-1 warns: "We expect our use of short-term compute to increase in the near term and to in turn compress our operating margin."

That line is the number to watch. The race between revenue growth and computing costs will likely move the stock more than any other single factor, because the commitments are contractual and the margins are not.

Who actually controls the board?

The share classes tell the story. The S-1's Description of Capital Stock lays out a four-tier structure:

• Class A: One vote per share, but the class is capped at 49.9% of total outstanding voting power.
• Class N: No votes at all. Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) will each hold more than 5% of the capital stock in this class.
• Class T: Held by the Long-Term Benefit Trust, which chooses a majority of the board and holds no economic rights.
• Class F: A single share, held by the Founder LLC, carrying 50.1% of total voting power.

The Risk Factors section names the tension directly: "The LTBT may have interests that differ from yours, and it may exercise its power in a way with which you disagree or in a way that may be adverse to your interests."

The public benefit structure adds another layer. A public benefit corporation's directors must balance shareholder profits against the interests of people affected by the company and against its stated mission. The S-1 notes that this balancing duty may hurt the stock and makes a takeover less likely.

Insiders also signed a lockup of up to 180 days, with releases distributed across that period rather than hitting all at once.

What risks does the S-1 flag?

The filing's own list is blunt:

• Voting power is concentrated with the Long-Term Benefit Trust and the Founder LLC.
• The public benefit balancing duty may hurt the stock and makes a takeover less likely.
• The company needs continued access to capital to fund its compute commitments.
• Management expects revenue growth to slow.
• There was no public market for the shares before the offering, so the price may be volatile.

That third item is easy to skip past and hard to overstate. A company with $265.6 billion in guaranteed compute commitments and a warning that growth will slow needs capital markets to stay open to it.

Is buying Anthropic better than buying its backers?

There is a quieter way to bet on this company, and the filing's details make it visible. Amazon already reports Anthropic gains in its own results: $16.80 billion in the first quarter of 2026 and $53.40 billion in the second, according to the company's disclosures cited in the report. Those gains are small next to Amazon's $2.89 trillion market value. AWS revenue rose 39% to $45.98 billion, and Amazon CEO Andy Jassy called the Bedrock opportunity "gigantic."

Alphabet, the other major Anthropic investor, reported Google Cloud revenue growth of 103% in the most recent period. Microsoft (NASDAQ:MSFT) sits on the other side of the rivalry. It is tied to OpenAI, Anthropic's chief competitor, and its Azure revenue grew 48% while it recorded $207 million in OpenAI gains.

The trade-off is straightforward. An IPO buyer gets concentrated exposure to Anthropic — with a capped vote. Owning a cloud provider means collecting computing fees from whichever AI model wins, in exchange for reduced upside.

What happens after the debut?

The date to watch is the release of Anthropic's fiscal 2026 results. That report will show how much compute costs are weighing on margins, the single variable management has flagged hardest. It also carries a mechanical consequence: a lockup release triggers on the second full Nasdaq trading day after publication, which could bring more shares to market and pressure the price.

Until then, the structure is fixed. A public benefit corporation, a trust choosing most of the board, a single founder share holding 50.1% of the votes, and a Class A float that can never hold a majority — that is what $70 to $78 per share actually buys.