AI company Anthropic has published a Japanese-language information page for its initial public offering (IPO). The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "ANT." The offering price is expected to be set on November 19 (JST), with trading set to begin the same day (U.S. time), and several brokerages in Japan are accepting purchase applications.

Listing set for November 19, with pricing subject to regulatory approval

According to Anthropic's IPO information page, the issuer is Anthropic, PBC. Its roadshow, the series of presentations to institutional investors, began on November 11 (JST). The final price is expected to be set on November 19 (JST), subject to approval by regulators, and trading is expected to start the same day (U.S. time).

A registration statement has been filed with the U.S. Securities and Exchange Commission (SEC), but as of the page's writing it had not yet become effective. The page does not state the number of shares being offered or the amount to be raised.

Q3 revenue reached $17 billion, with a net loss of $23.3 billion

The page also lists key figures for the third quarter of 2026.

  • Revenue: $17 billion (more than 12 times the same quarter a year earlier)
  • Customers with more than $100,000 in trailing 12-month revenue: more than 11,900 (as of September 30, 2026; more than 12 times the prior year)
  • Adjusted operating margin: 15%; operating margin: negative 3%
  • Net loss: $23.3 billion

Anthropic says $21.9 billion of the net loss is a non-cash charge arising from changes in the fair value of convertible promissory notes, derivative liabilities and SAFEs (simple agreements for future equity). The operating loss is small, and most of the net loss comes from this accounting charge. The company also says its compute efficiency has improved more than fourfold since the first quarter of 2025.

Six brokerages handle the offering in Japan, each with different terms

The page lists six brokerages handling the offering in Japan: Mizuho Securities, Goldman Sachs Japan, Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley MUFG Securities, Rakuten Securities and SBI Securities.

Application methods and deadlines vary by brokerage. Mitsubishi UFJ Morgan Stanley Securities has set an indicative price range of $70 to $78 per share, which it says may be revised, and is accepting purchase requests from November 11 to November 18 (until 11 a.m. on the final day). The minimum application is one share, and orders are accepted only through its branches, not through online trading.

Rakuten Securities is accepting book-building applications from November 12 until 2 a.m. on November 19 (JST), with the allocation lottery on November 19. Only market orders are accepted, the purchase commission is 0 yen, and applications can be made only through its website on a PC.

Applying does not guarantee receiving shares

Anthropic's IPO page states clearly that there is no guarantee applicants will receive all or any of the shares they apply for. It also cites the risk of losses from a fall in the share price and from currency fluctuations. Because this is a global offering, it adds, the pricing process differs from that of a typical new listing in Japan.

Rakuten Securities calculates the funds needed for payment in yen as "number of shares applied for × offering price × exchange rate × 1.05," so currency movements, not just the dollar price, affect how much money is required. Application terms should be checked in each brokerage's notice and in the prospectus.

Our Take

It is notable that a major AI developer has prepared a Japanese-language information page for its U.S. listing and opened the door to applications from individual investors in Japan. Revenue growth is large, but the net loss exceeds revenue, and opinions are likely to differ on how to view the explanation that most of it is an accounting charge. The indicative price range and schedule may still change, so it is worth watching for updates from each brokerage until pricing on November 19.

Summary

Anthropic has announced, in Japanese as well, its plan to list its Class A common stock on Nasdaq under the ticker "ANT." Pricing is expected on November 19 (JST), and six brokerages handle the offering in Japan. Application deadlines and methods vary by brokerage, and applying does not guarantee receiving shares.