Last updated: 23 October 2026 · By Analyst, Platizio Global
Anthropic and OpenAI were still private on 23 October 2026, so neither has a share price or stock ticker. Each has confidentially submitted a draft registration statement (Form S-1) to the US Securities and Exchange Commission (SEC), Anthropic on 1 June 2026 and OpenAI by 8 June, but neither had filed one publicly on EDGAR, the SEC’s filing system. US IPO shares are generally not offered to the public in India, so resident Indians would buy after listing, under the Liberalised Remittance Scheme (LRS), through a GIFT City app or an overseas broker.
Key takeaways
- No public S-1 was on EDGAR at 3:40 pm IST on 23 October 2026, so under the SEC’s 15-day rule no roadshow could begin before 7 November (our calculation).
- Anthropic has not announced a date; Bloomberg reported on 1 October that it could list before US Thanksgiving (26 November). OpenAI said on 8 June “it may be a while”.
- Both companies say transfers of their shares without their approval are void, which puts “pre-IPO” vehicle units and tokens at risk.
- Microsoft and Amazon disclose stakes in their filings; buying their shares does not buy Anthropic or OpenAI shares.
Anthropic and OpenAI IPO status (23 October 2026)
| Anthropic | OpenAI | |
|---|---|---|
| Draft S-1 | Submitted confidentially on 1 June 2026 | “We recently submitted a confidential S-1” (8 June 2026) |
| Public S-1 on EDGAR | None | None |
| Reported timing (not company statements) | Bloomberg, 1 October: roadshow possibly from the week of 9 November, trading before 26 November | AFP, 15 October: IPO pushed “till 2027” |
| Last private valuation (company statement) | US$965 billion after a US$65 billion Series H (28 May 2026) | US$852 billion after a US$122 billion round (31 March 2026) |
Both are private-round valuations, not market prices. Bloomberg’s sources said the timetable could still change.
How soon could they list?
SEC staff review a confidential draft privately, on condition that the company will “publicly file its registration statement and nonpublic draft submissions at least 15 days prior to any road show” (SEC guidance, 3 March 2025). SpaceX first traded 23 days after its public S-1, in June 2026 (EDGAR and Nasdaq; our calculation).
What this means for the earliest listing. With no public S-1 at 3:40 pm IST on 23 October, no roadshow could begin before 7 November, even if one were filed later that day (our calculation). A roadshow in the week of 9 November, as Bloomberg reported, would need a public S-1 by 29 October at the latest. At SpaceX’s pace, trading would begin about three weeks after the public filing.
Can Indians buy at the IPO?
Generally no. The closest precedent, SpaceX’s final prospectus of 11 June 2026, said its shares “have not been, and will not be, offered or sold to the public or any member of the public in India”, except through private placements. GIFT City apps generally do not offer allotments either.
After listing, buying works like any US share (US IPOs from India): open an account, then send money under LRS, up to US$250,000 per person a financial year, including money sent to GIFT City.
“Pre-IPO” SPVs and tokens
A special purpose vehicle (SPV) pools investors’ money to buy one private company’s shares; investors own its units, not the shares. Anthropic says it does “not permit special purpose vehicles (SPVs) to acquire Anthropic stock”, and that a sale or transfer of its stock not approved by its board “is void” (notice of 11 February 2026, updated 29 June). OpenAI says any attempted transfer of its equity without its written consent “is void”, and that SPV, token and “forward” deals “may result in the invalidation of the underlying equity” (16 July 2025). Fees and the lack of a resale market add risk. Whether a resident Indian may buy such units under the Foreign Exchange Management (Overseas Investment) Rules, 2022 needs legal review.
Some crypto exchanges offer contracts on estimated private valuations; none is a share. LRS does not allow remittances “for margins or margin calls to overseas exchanges/ overseas counterparty” (RBI), and the legal status of crypto tokens in India is unsettled.
Listed companies with stakes (for illustration only)
| Company or fund | What its filing or holdings file says |
|---|---|
| Microsoft (MSFT) | OpenAI: “an approximate 25% interest on an as-converted basis” (10-K, 29 July 2026). Anthropic: “a $3.2 billion gain from our investment in Anthropic” in April–June 2026 (results release, 29 July) |
| Amazon (AMZN) | Anthropic: US$8.0 billion of convertible notes (2023–2025) and US$10.0 billion of preferred stock (April–June 2026), carried at about US$190.4 billion on 30 June 2026 (our sum). OpenAI: US$50.0 billion of Series C preferred stock, the last US$21.3 billion invested after 30 June (10-Q, 31 July 2026) |
| ARK Innovation ETF (ARKK) | 4.56% in OpenAI Group PBC Series C shares, valued by the fund at US$272.9 million (holdings file dated 23 October 2026) |
Buying these shares or fund units does not make you an Anthropic or OpenAI shareholder: each stake sits inside a much larger business or portfolio, and private-share values are estimates, not market prices.
What it means for your US investments
If either lists, the usual US-share rules apply:
- Tax collected at source (TCS): nil on the first ₹10 lakh of LRS remittances a financial year, across banks; banks collect 20% on the amount above it (section 394(1), Income-tax Act, 2025), credited in your return (TCS on LRS).
- Capital gains: long-term only after more than 24 months, at 12.5% without indexation plus surcharge and cess; earlier gains at slab rates.
- Schedule FA: report shares held at any time in the calendar year, at any value (Schedule FA reporting).
- US estate tax and currency: a non-resident’s US assets above US$60,000 can face estate tax of up to 40%, and rupee moves change your returns.
Sources
- Anthropic: Anthropic confidentially submits draft S-1 (1 June 2026) — https://www.anthropic.com/news/confidential-draft-s1-sec
- OpenAI: Confidential submission of draft S-1 to the SEC (8 June 2026) — https://openai.com/index/openai-submits-confidential-s-1/
- US Securities and Exchange Commission, Division of Corporation Finance: Enhanced Accommodations for Issuers Submitting Draft Registration Statements (3 March 2025) — https://www.sec.gov/about/divisions-offices/division-corporation-finance/draft-registration-statement-processing-procedures-expanded
- SEC EDGAR: company search for “Anthropic” (checked 3:40 pm IST, 23 October 2026) — https://www.sec.gov/cgi-bin/browse-edgar?company=anthropic&type=&dateb=&owner=include&count=100&action=getcompany
- SEC EDGAR: Space Exploration Technologies Corp., final prospectus (Form 424B4), 11 June 2026 — https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm
- Anthropic: Anthropic raises $65B Series H at $965B valuation (28 May 2026) — https://www.anthropic.com/news/series-h
- OpenAI: OpenAI raises $122 billion to accelerate the next phase of AI (31 March 2026) — https://openai.com/index/accelerating-the-next-phase-ai/
- Anthropic (Claude Help Center): Unauthorized Anthropic stock sales and investment scams (first published 11 February 2026, updated 29 June 2026) — https://support.claude.com/en/articles/13704655-unauthorized-anthropic-stock-sales-and-investment-scams
- OpenAI: Unauthorized OpenAI Equity Transactions (16 July 2025) — https://openai.com/policies/unauthorized-openai-equity-transactions/
- SEC EDGAR: Amazon.com, Inc. Form 10-Q for the quarter ended 30 June 2026 — https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm
- SEC EDGAR: Microsoft Corporation Form 10-K for the year ended 30 June 2026 (filed 29 July 2026) — https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm
- Bloomberg: Anthropic Targets November IPO After Delays, Eyes SpaceX-Sized Debut (1 October 2026; paywalled, read as reported by Crypto Briefing on 1 October 2026) — https://www.bloomberg.com/news/articles/2026-10-01/anthropic-said-to-target-mega-ipo-before-thanksgiving-holiday
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