TL;DR
Get everyday essentials delivered free with Prime
- Fast, free delivery on millions of items
- Prime Video, Amazon Music and more included
- Member-only deals all year
Anthropic set a proposed IPO price range of $70 to $78 per share and began its investor roadshow on November 10, 2026. The filing details rapid revenue growth and large infrastructure commitments, while valuation estimates differ depending on which potential shares are counted.
Anthropic set a proposed price range of $70 to $78 per share for its planned Nasdaq initial public offering and began its investor roadshow on November 10, according to an amended registration statement filed with the U.S. Securities and Exchange Commission. The filing outlines a large share sale, fast revenue growth and substantial infrastructure commitments, while leaving the final offer price and trading date undecided.
The company plans to offer 825 million Class A shares. Anthropic would sell 801,351,354 shares and receive the proceeds from that portion; existing stockholders would sell the remaining 23,648,646. At the proposed range, the offering’s gross value would be about $57.75 billion to $64.35 billion, before expenses. Underwriters led by Goldman Sachs and Morgan Stanley may purchase up to 123.75 million additional shares from Anthropic within 30 days.
The filing also describes a private placement of $26 billion in non-voting Class N shares to AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC, priced at the IPO price and expected to close after the offering. At the $74 midpoint, Anthropic estimates combined net proceeds from the IPO and private placement of about $84.6 billion, rising to about $93.7 billion if underwriters buy all additional shares. The company says it expects retail investors to receive allocations representing “up to 20%” of the Class A shares offered.
Anthropic reported $33.2 billion in revenue for the first nine months of 2026, compared with $2.5 billion in the same period a year earlier. Third-quarter revenue was $17 billion. Its nine-month net loss was $104 billion, but the operating loss was $1.3 billion; the filing attributes $94.3 billion of the net loss to revaluations of convertible notes and similar instruments as the company’s value rose.
Anthropic sets its IPO range What the filing reveals
Anthropic began its investor roadshow on November 10, 2026, with a proposed share price of $70 to $78. The filing pairs rapid revenue growth with major infrastructure commitments and valuation questions.
The Numbers Behind Anthropic’s IPO
The price range puts a public-market valuation in view for one of the leading developers of AI models, while the filing gives investors a detailed look at both growth and costs. Anthropic’s reported revenue expansion is substantial, but the filing also points to a large financing need: it lists about $900.9 billion in compute and infrastructure commitments, including roughly $70.7 billion due within 12 months.
Valuation estimates depend on the share count used. Applying the proposed $70 to $78 range to the 13.09 billion shares outstanding after the offering and private placement gives an implied value of about $916 billion to $1.02 trillion. News reports have cited as much as $1.404 trillion on a fully diluted basis, which includes shares that could be issued in the future, such as options and unvested awards. The SEC filing does not state that $1.404 trillion figure as its valuation.
Popular right now
Ninja Foodi 10-Qt DualZone Smart XL Air Fryer, 6-in-1, DZ550
Vitamix 5200 Blender with 64 oz. Container, Black
Ninja DualZone Air Fryer 10 Qt Smart 6-in-1 Grey
As an affiliate, we earn on qualifying purchases.
From Filing to Investor Roadshow
Anthropic submitted a confidential draft registration statement on June 1, 2026, made its S-1 public on October 26 and amended it on November 2, according to the source material. The November 10 amendment added the proposed price range, and the company began meeting investors in its roadshow. The filing identifies the proposed Nasdaq ticker as ANT.
Anthropic says it would use proceeds for general corporate purposes, including working capital, compute and infrastructure investments, hiring and retention, potential acquisitions and tax withholding related to employee stock awards. The filing says no acquisition has been agreed. CEO Dario Amodei and President and Chairperson Daniela Amodei are each listed as selling 3,378,378 shares.
Governance terms described in the filing give public Class A shareholders limited control. A Long-Term Benefit Trust elects a majority of the board, and a founder share carries 50.1% of general voting power. The company also says the private-placement Class N shares carry no voting rights.
““general corporate purposes””
— Anthropic, in its SEC registration statement
Price, Allocation and Valuation Questions
The proposed range is not the final IPO price. The filing and source material do not establish the exact first trading date, how shares will be allocated among investors or how the stock will perform after listing. The final valuation will depend on the price and the share-count basis used.
The reported $1.404 trillion fully diluted valuation is attributed to news reports, not stated as a figure in the SEC filing. The source material says the difference from a calculation based on outstanding shares reflects potential future shares, but the final number of shares used in a fully diluted valuation can depend on assumptions. Investors also do not yet know how Anthropic’s exceptionally large infrastructure commitments will develop over time.
Final Pricing and Nasdaq Debut
Anthropic’s roadshow is the next stage in the offering, as company executives present the business to prospective investors. The company and underwriters are expected to set a final share price after those meetings. The final prospectus and listing details should clarify the offer terms, share allocation and expected start of trading on Nasdaq under ANT.
Key Questions
What is Anthropic’s proposed IPO price?
The amended SEC filing sets a proposed range of $70 to $78 per Class A share. The final offer price has not been set.
How many shares does Anthropic plan to sell?
The planned offering is 825 million Class A shares: about 801.4 million sold by Anthropic and 23.6 million sold by existing stockholders. Underwriters may also buy up to 123.75 million additional shares from the company.
Why do valuation estimates differ?
Using 13.09 billion shares outstanding after the offering and private placement gives an implied value of about $916 billion to $1.02 trillion across the proposed price range. Reports citing about $1.404 trillion use a fully diluted share count that includes potential future shares.
What did Anthropic report about revenue and losses?
Anthropic reported $33.2 billion in revenue for the first nine months of 2026, up from $2.5 billion a year earlier. Its net loss was $104 billion, including $94.3 billion from revaluations of convertible notes and similar instruments; its operating loss was $1.3 billion.
The source material does not give an exact trading date. Anthropic has begun its investor roadshow, and the final pricing and listing schedule remain to be announced.
Source: Thorsten Meyer AI
