Anthropic shares
Unlisted company
Anthropic develops and sells access to its language models — primarily Claude. The company’s annualized revenue reached approximately USD 30 billion in April 2026, up from around USD 1 billion in December 2024. Revenue comes from four sources.
Four revenue streams
API sales — developers and companies pay per use (tokens). This accounts for approximately 70–75 percent of the company’s revenue and is by far its largest source of revenue. Claude Code — a separate developer tool that was first released as a research preview in February 2025 and became generally available in May 2025; in February 2026, the product surpassed USD 2.5 billion in annualized revenue. Consumer subscriptions — Claude.ai is offered as Free, Pro ($20/month), and Max ($100/month or $200/month) for end users. Business subscriptions — Team ($25/user/month) and Enterprise (negotiated pricing), with enhanced security, administration, SSO, and capacity.
Distribution
Claude is the only frontier AI model available on all three major cloud platforms — AWS Bedrock, Google Vertex AI, and Microsoft Azure (Foundry) — which is an explicitly stated strategic differentiator. The strategy gives Anthropic distribution to enterprise customers without forcing the establishment of new procurement relationships. Amazon and Google are also major investors in the company (Amazon has announced investments totaling up to approximately $33 billion USD, while Google has an ownership stake of approximately 10 percent and has announced investments of up to $40 billion USD).
Company structure
Anthropic is registered as a Public Benefit Corporation (PBC) in Delaware, which means that, under its articles of incorporation, the board must balance public benefit against shareholder interests. The structure is complemented by a Long-Term Benefit Trust (LTBT) — an independent body designed to have five members (following departures in January 2026, three remain active) with backgrounds in AI safety, national security, public policy, and social entrepreneurship. The Trust’s mandate is to appoint a majority of the board over time, with AI safety as its guiding perspective.
Revenue model
API sales, 70–75% of revenue
Claude Code, USD 2.5bn annual run rate
Subscriptions: Free, Pro, Max
Team and Enterprise for businesses
Key characteristics of the business model
Annual run rate of USD 30 billion in April 2026
Claude on AWS, Google Cloud and Azure
Amazon and Google as major shareholders
PBC with Long-Term Benefit Trust
Questions about Anthropic
Is Anthropic publicly listed?
No, Anthropic is not publicly listed and has not completed an IPO. The company is privately owned, and its shares are not traded on public exchanges such as the NYSE or Nasdaq, but are part of the unlisted market.
What does Anthropic do?
Anthropic is an American AI company that develops large language models and related tools for AI assistants. The company’s main product is Claude, which is used for conversations, document analysis, summarization, and code generation via apps and APIs, among other things.
Can I buy shares in Anthropic?
Yes, it is possible to invest in Anthropic through Eqvor, but not through a direct share transfer. Since Anthropic is a privately held US company, any potential Pre-IPO investment is made through an SPV structure, providing indirect exposure to the company’s shares.
How do I buy Anthropic shares?
To invest in Anthropic via Eqvor, you need to follow the process for US unlisted company shares. The investment is made through an SPV structure because Anthropic does not permit direct share transfers.
Can I sell shares in Anthropic?
Since an investment in Anthropic is made indirectly via an SPV, any potential sale is handled in accordance with the terms of the relevant structure. As with other unlisted shares, liquidity is generally lower than for listed shares, and a sale requires that there are buyers.
Is Anthropic connected to Euroclear?
No, Anthropic is a privately held US company, and the investment is not made as a standard Euroclear-registered Swedish share. Exposure to Anthropic is obtained through an SPV structure.
Can I hold Anthropic shares with Avanza or Nordnet?
No, Anthropic shares cannot normally be held like ordinary publicly listed shares in an account with Avanza or Nordnet. Since the investment is made through an SPV, the investor gains indirect exposure to the company rather than direct ownership of the shares.
What is Anthropic's valuation?
Anthropic's market value is estimated at $1.47T based on the valuation at which the stock trades on the secondary market. The latest reported valuation is stated as $965.00B, set in the Series H-1 round in May 2026.
When will Anthropic go public?
There have been media reports speculating that Anthropic is planning an initial public offering in autumn 2026, but these reports have not been confirmed by the company. We therefore do not currently know when Anthropic will go public or whether the company will proceed with an IPO.
Has Anthropic carried out any share issuances?
Yes, Anthropic has completed several funding rounds. The list of recent share issuances shows several rounds, and the company's total financing is stated as $148.27B.
What risks are associated with investing in Anthropic?
Investing in Anthropic involves risk, just like other investments in unlisted shares. Liquidity is generally lower than for listed shares, information may be less comprehensive, and it may take longer to sell the investment. Since the exposure is through an SPV, it is also important to understand the terms of the relevant structure before investing.
Where can I find Anthropic's annual report?
At present, no separate annual report has been specified for Anthropic. If annual reports or other financial reports are made available in the future, they should be found under Resources or Investor Relations.
How much capital has Anthropic raised in total?
Anthropic's total funding, also referred to as total financing, is stated as $148.27B. An equity raise is a term for raising capital, but terms such as funding round, financing, or share issue are generally used depending on the company's structure.
Has Anthropic reported a profit or loss?
There is currently no Profit/Loss by Year chart or key figure showing whether Anthropic has reported a profit or loss. When such information becomes available, the company’s earnings performance should primarily be tracked under Key Figures and in the Profit/Loss by Year chart.