Anthropic, the maker of the Claude AI models, is preparing a Nasdaq listing that could be among the largest ever. It comes just after the sharpest AI sell-off in more than a year, and India has more at stake than it might seem.
Anthropic, the San Francisco artificial intelligence company behind the Claude models, is preparing to go public on Nasdaq under the ticker ANT. It is one of the most anticipated listings in years, and its timing has suddenly become complicated.
Anthropic publicly filed its registration statement with the US Securities and Exchange Commission on 26 October and filed an amended version on 2 November, adding third-quarter results. Neither filing sets a price range, a number of shares or a listing date. Those will appear in a later amendment.
Under SEC practice, the formal marketing tour for the shares, known as a roadshow, can begin no earlier than 10 November. Media reports have pointed to a listing in the second half of November, possibly before the US Thanksgiving holiday on 26 November. Anthropic has not confirmed a date.
The filing shows how quickly the company has grown. Revenue reached $16.3 billion in the first six months of 2026, up from $1.2 billion a year earlier. About 28% of it, $4.5 billion, came from customers outside the United States.
The valuation question
Anthropic was valued at $965 billion in a private funding round in May. The Wall Street Journal has reported that the listing could value it at $1.5 trillion to $2 trillion and raise at least $100 billion. That would make it comparable with SpaceX, which listed in June at a valuation of about $1.8 trillion after raising $86 billion.
Last week complicated those numbers. After Democrats swept the US midterm elections, AI-linked stocks suffered a sharp sell-off on concerns about tighter regulation and the scale of AI spending. The Nasdaq fell 5.5% in a single day. Reuters and the Wall Street Journal reported that some prospective investors doubted the offering could go ahead at around $1.5 trillion after the sell-off, though the Financial Times reported that Anthropic still planned a November listing.
A listing of this size would test investor appetite for AI at a delicate moment. A strong debut could steady sentiment towards AI stocks after last week’s rout. A weak one, or a delay, could deepen doubts about AI valuations.
What it means for India
Indian markets will watch the Anthropic listing closely, and not only because of its size. India has just had a record IPO of its own. Jio Platforms’ ₹30,213 crore offering in October, the largest in Indian history, was subscribed about 22 times, and the shares listed more than 21% above their issue price.
That showed how much appetite investors in India have for large, high-profile listings. Anthropic will test whether global investors feel the same about AI after last week’s sell-off.
The more direct link is foreign money. Last week’s AI sell-off pushed global funds out of AI-heavy markets such as South Korea and Taiwan, and some of that money came to India. Foreign investors bought ₹38,971 crore of Indian shares in the week, according to NSDL data, helping lift the Nifty 7.6%. India attracted that money partly because it is seen as a market with little AI exposure.
The Anthropic listing could test. A very large AI offering will draw billions of dollars from global funds, some of which might otherwise go to emerging markets. A successful debut that revives enthusiasm for AI could pull money back towards AI-linked markets. A weak debut could strengthen the case for markets like India.
Indian IT will be in focus as well. India’s IT services companies have had a difficult year, as clients shift spending towards AI and as AI tools change how software is written and maintained. AI coding tools can now do work that once required large teams of engineers, which challenges the traditional outsourcing model. A trillion-dollar valuation for an AI model maker sends a clear signal about where investors see value moving.
The question for Indian IT companies is whether they can position themselves as the firms that help large clients deploy AI, rather than the firms whose work AI replaces. Expect that question to come up in their commentary over the coming quarters.
India also matters to Anthropic itself. India is the company’s second-largest market for Claude.ai after the United States, according to Anthropic, accounting for about 7% of global usage. According to Anthropic’s own research, nearly half of Claude.ai usage in India is for computer and mathematical tasks, reflecting the country’s large developer base.
Anthropic opened its first Indian office in Bengaluru in February, its second in Asia after Tokyo, led by managing director Irina Ghose, formerly of Microsoft India. The company said its run-rate revenue in India doubled between October 2025, when it announced the expansion, and the office opening. Indian companies such as CRED use Claude for software development, and Anthropic has partnerships with education and agriculture nonprofits including Pratham and the EkStep Foundation.
For Indian retail investors, the bigger question is what happens after the listing: whether the AI trade comes back to life, or whether global money keeps finding its way to Dalal Street.
About The Author
