Anthropic IPO: should you invest in shares of Claude’s creator?

$1.4 trillion. That is the valuation Anthropic could reach when it goes public. At that level, the company behind Claude would join the very exclusive circle of Wall Street heavyweights straight away. A meteoric rise for a business founded in 2021, which has yet to prove it can generate sustainable profits.

Even so, investors seem ready to back it wholeheartedly. Anthropic is delivering spectacular growth and counts several tech giants among its partners. But between an ambitious valuation and colossal infrastructure spending, should you buy the shares at the IPO or wait for the hype to fade?

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Anthropic IPO: a stock market debut attracting huge interest

Anthropic is preparing to list on the Nasdaq under the ticker ANT, with its first day of trading expected on 19 November 2026. The indicative price range is between $70 and $78 per share, for a deal that could raise as much as $64.35 billion, part of which would come from the sale of shares by existing shareholders. Enough to make this one of the largest IPOs in history.

Excitement is already running high. According to Bloomberg, the offering is said to be around six times oversubscribed. Several technology giants, including Google, Microsoft and Nvidia, are also expected to take part in a $26 billion private placement.

Does that mean an explosive first day of trading? Perhaps, but nothing is guaranteed. Institutional investors often request more shares than they actually expect to receive, which can inflate oversubscription figures.

Anthropic: dizzying growth

Behind Anthropic is Claude, one of ChatGPT's main rivals. But the company does not make money solely from subscriptions taken out by individuals. It mainly sells its artificial intelligence models to developers and large businesses, which integrate them into their own software.

Its business model is largely usage-based. The more clients use its models, the more they pay. Around 80% of revenue comes from pay-as-you-go billing, compared with 20% from subscriptions.

And for now, that strategy appears to be working rather well.

Revenue multiplied in just a few years

Anthropic generated more revenue in the first six months of 2026 than in the previous two full years combined. That is impressive, even for a fast-growing technology company.

But that growth is beginning to slow. In the third quarter of 2026, revenue continued to rise sharply, but at a slower pace than in the previous quarter. Sequential growth is said to have fallen from around 147% to 45%.

Growth of 45% in three months is still enormous. But when investors are pricing in several years of exceptional expansion, any slowdown can quickly become a cause for concern.

Is Anthropic actually making money?

This is where the figures can be misleading. In the first half of 2026, Anthropic reported a net accounting loss of more than $80 billion. Enough to alarm any investor.

Fortunately, that does not mean the company actually spent that amount. Most of that loss stems from an accounting mechanism linked to the increase in value of certain securities convertible into shares.

That progress is encouraging. The company is beginning to show it can improve profitability as revenue rises. The key question now is whether that momentum can withstand the substantial investments still to come.

Anthropic valuation: is the stock already too expensive?

This is probably the most important question surrounding this IPO. Anthropic has recognised technology and a vast market. But an excellent company is not necessarily a good investment at any price.

With a valuation close to $1.4 trillion, Anthropic would be worth around 17 times its annualised revenue, based on a run rate of $81 billion by the end of October 2026.

Be careful: that figure is an extrapolation of recent revenue, not the actual turnover generated over twelve months. To understand what that means, let us take an example.

How much could Anthropic be worth in 2030?

Let us imagine three scenarios, using a valuation equal to eight times annual revenue.

These scenarios are simulations, not forecasts. Even so, they help illustrate market expectations. Even if Anthropic reaches $175 billion in annual revenue by 2030, its valuation might simply remain close to the level envisaged at the IPO.

In other words, Anthropic could more than double its revenue without its valuation rising in the same proportion.

That is the trap with very high valuations: investors are paying today for growth that has not yet happened...

The three risks to know before investing in Anthropic

Anthropic's results are promising, but its business model carries several risks. And some of them could weigh heavily on future performance.

#1 - Hundreds of billions of dollars still to be spent

Developing an artificial intelligence system like Claude is extremely expensive. It requires processors, data centres, electricity and, above all, enormous computing power.

Anthropic has therefore made future financial commitments running into the hundreds of billions of dollars. Depending on which contracts and obligations are included, the total could approach $900 billion.

These sums do not represent a bill payable immediately. They bring together various commitments spread over several years, some of which are conditional or optional.

The main danger? If revenue rises more slowly than spending, Anthropic may need to raise fresh capital. And if it issues new shares to finance itself, existing shareholders will see their stake diluted.

#2 - Competition will not make things easy

Anthropic is up against OpenAI, Google and many other artificial intelligence model developers. All are striving to offer more powerful technology, often at increasingly competitive prices.

Companies are not necessarily loyal to a single provider. If a competitor offers similar performance for half the price, some customers may choose to switch.

For Anthropic, the challenge is therefore twofold: maintain its technological lead while improving profitability. That is a difficult balance to strike when infrastructure costs remain so high.

#3 - Shareholders will have limited power

Anthropic's governance structure is also rather unusual. The company has Public Benefit Corporation status, which allows it to incorporate its mission of developing artificial intelligence responsibly into its decision-making.

Above all, its seven co-founders are expected to retain 50.1% of the voting power through a special class of shares.

In practical terms, even if you buy Anthropic shares, retail investors will have limited influence over major strategic decisions. That is not necessarily a drawback, but it is something to understand before investing.

How to buy Anthropic shares before and after its IPO

Good news for UK investors: Anthropic has planned a retail offering in the United Kingdom.

That means it may not be necessary to wait for the first day of trading on the Nasdaq to try to secure shares.

Which brokers allow you to buy Anthropic?

Anthropic has published a list of financial intermediaries taking part in its retail offering in the United Kingdom.

Interactive Brokers has notably confirmed that subscription requests are open for its eligible UK clients, with a window running from 12 to 17 November 2026.

Hargreaves Lansdown, eToro, AJ Bell and Interactive Investor also appear among the intermediaries announced for the United Kingdom. However, being on this list does not guarantee that all of their UK clients will be able to take part.

In all cases, the number of shares available is limited. You may apply for 100 shares and receive only 10, or none at all.

Buy at the IPO or wait a few weeks?

Imagine Anthropic is floated at $75, but the stock starts trading at $110. If you buy at the open, you are already paying almost 47% more than investors who obtained their shares at the offer price.

On the other hand, if enthusiasm fades after a few sessions, the share price could fall below its initial price. Waiting can therefore sometimes help you avoid paying over the odds, although nothing guarantees that a decline will occur.

The most important thing is not to buy simply because everyone is talking about this IPO. It is better to have a clear idea of the price you are prepared to pay before placing your order.

Should you invest in the Anthropic IPO? Our view

Anthropic has strong arguments to attract investors. Its technologies are already used by many companies, its revenue is rising rapidly and it enjoys the backing of several tech giants.

But the price being asked matches those ambitions. To justify its valuation, Anthropic will need to keep expanding while keeping very substantial infrastructure spending under control.

Our verdict: buy at the IPO or wait?

For a long-term investor able to accept sharp volatility, the company is clearly one to watch. By contrast, piling in at the open regardless of price seems difficult to justify in our view.

Our preference would be to watch the first few trading sessions before making a decision. That would in particular allow you to see the price at which the market truly values Anthropic, without being swept along by IPO excitement.

Because in the end, the real question is not whether Anthropic has promising technology. On that point, it has already proved itself. The real question is how much you are prepared to pay to become a shareholder.