Nasdaq choice to support Anthropic valuation ahead of IPO — Freedom

Anthropic has chosen the Nasdaq exchange for its upcoming initial public offering. The exact listing date has not yet been announced, the prospectus has not been published, and the company has not yet been assigned a stock ticker.

Choosing Nasdaq is a positive signal for Anthropic, as it will attract the attention of technology-focused investors and create conditions for a potential inclusion of the stock in the Nasdaq 100 index, says Freedom analyst Vladimir Chernov. Rapid revenue growth and a positive adjusted operating result support the company’s expected valuation at around $2 trillion.

What Anthropic does

Anthropic is an American company that develops artificial intelligence models and services. Its core product, Claude, is a digital assistant capable of creating and analyzing texts, working with software code, processing documents, and performing other intellectual tasks.

The company was founded in 2021 by former OpenAI employees. Anthropic remains a private organization, so its shares do not trade on an exchange and do not have a ticker.

What listing on Nasdaq provides

Nasdaq is one of the largest U.S. stock exchanges and the primary venue for listing technology companies. Shares of many major software developers, semiconductor makers, and owners of digital platforms trade there.

The Nasdaq 100 index reflects the performance of the 100 largest non-financial companies whose shares trade on Nasdaq. Inclusion in it can increase demand for the stock from exchange-traded funds that replicate the index’s composition. 

Anthropic’s revenue increased 14-fold

In the second quarter of 2026, Anthropic’s revenue rose 14 times year over year to $11.5 billion. The company also reported a positive adjusted operating result and expects to maintain it for a second consecutive quarter.

By the end of July, annualized revenue reached $65 billion versus $9 billion as of the end of 2025. This metric reflects how much the company could earn over 12 months if the current pace of sales is maintained.

Investors expect that by the end of 2026, Anthropic’s annualized revenue could reach $120 billion. Such dynamics support the possibility of an offering at a valuation of around $2 trillion, although the company’s final value will depend on the terms of the deal and the condition of the stock market.

Profitability data require clarification

Anthropic’s gross margin, according to sources, exceeds 80%. However, this figure does not account for expenses related to training artificial intelligence models and payments to partners, including Amazon (AMZN), to whom the company passes on a portion of its revenue.

Amazon (AMZN) is an American technology and retail corporation that develops e-commerce, cloud computing, and digital services. The company is one of Anthropic’s largest investors and technology partners.

Anthropic’s adjusted operating result also excludes part of expenses, including employee compensation in stock. Therefore, the published data so far do not make it possible to assess the business’s full profitability and its ability to generate stable positive cash flow.

According to Vladimir Chernov, the lack of information on profitability after taking into account all costs may limit investor interest. More clarity will emerge after the publication of the IPO prospectus, in which Anthropic must disclose its revenue structure, costs, cash flows, and key risks.

OpenAI’s IPO delay may affect market interest

Additional uncertainty is created by OpenAI’s decision not to carry out an IPO in 2026. The company develops artificial intelligence models and the ChatGPT service, which answers questions, generates texts, and helps perform various tasks. OpenAI remains a private company and does not have a stock ticker.

Delaying the listing of one of Anthropic’s main competitors may make the upcoming offering more noticeable. At the same time, such a decision could increase investor caution regarding the valuations of AI developers and the high costs of model development.

Previously, Freedom assessed the prospects of Anthropic’s offering with a market cap of about $2 trillion. Later it became known that the company’s annualized revenue exceeded $65 billion, which strengthened expectations for a large listing.

Vladimir Chernov views the choice of Nasdaq as a moderately positive factor for the future value of Anthropic shares. The final investor reaction will depend on the offering valuation, the deal structure, full information on profitability, and the overall market environment.

This is not an individual investment recommendation.