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Anthropic’s November 10 amended SEC filing set an expected price of $70 to $78 per share for its Nasdaq IPO and disclosed financial, infrastructure and governance details. The filing’s outstanding-share count implies a valuation of about $916 billion to $1.02 trillion; higher figures reported elsewhere use a fully diluted share count. The final price, trading date and allocation details remain unsettled.
Anthropic, the company behind the Claude AI models, set an expected IPO price range of $70 to $78 a share in an amended registration statement filed with the U.S. Securities and Exchange Commission on November 10, 2026, and began meeting with investors. The proposed Nasdaq listing, under the symbol ANT, would be among the largest public offerings, though its final price and valuation have not been set.
The filing calls for the sale of 825 million Class A shares. Anthropic would issue 801,351,354 of them, while existing shareholders would sell 23,648,646 and receive the proceeds from those shares. At the proposed range, the offering would generate gross proceeds of about $57.75 billion to $64.35 billion, before expenses. Underwriters led by Goldman Sachs and Morgan Stanley can buy up to 123.75 million additional shares from Anthropic within 30 days.
The filing also describes a separate private placement of $26 billion in non-voting Class N shares to AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC. At the $74 midpoint, Google and NVIDIA would each buy about $10 billion in shares, according to the filing. Anthropic estimates net proceeds of about $84.6 billion from the IPO and placement combined at that midpoint, or about $93.7 billion if underwriters take all additional shares. It says proceeds may go to working capital, compute and infrastructure, hiring and retention, possible acquisitions and tax withholding on employee stock awards.
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. The company recorded a net loss of $104 billion for the nine-month period, while its 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 increased. These figures describe different measures: the net loss includes that accounting impact, while the operating loss reflects the company’s operating results.
Anthropic’s IPO filing Key details before pricing
Anthropic proposed a Nasdaq listing under ANT, with a $70–$78 share-price range. The final price, trading date and allocation remain unsettled.
What the offering means
The proposed sale would raise capital for Anthropic’s expansion, while existing shareholders would sell some shares.
- Anthropic would issue 801,351,354 Class A shares.
- Proceeds could support compute, hiring and other corporate needs.
- Shareholders would sell 23,648,646 shares.
- Anthropic would not receive proceeds from those sales.
Revenue and reported losses
The filing shows rapid revenue growth alongside large reported losses.
| Measure | Reported figure | What it reflects |
|---|---|---|
| Revenue | $33.2 billion | First nine months of 2026 |
| Net loss | $104 billion | Includes $94.3 billion from revaluations |
| Operating loss | $1.3 billion | Operating results for the same period |
From filing to investor meetings
The November amendment added the proposed price range as Anthropic began its roadshow.
Who controls the company?
The filing describes governance arrangements that give voting influence to designated holders.
Long-Term Benefit Trust
The trust elects a majority of directors.
Founder share
One founder share carries 50.1% of general voting power.
Class A shares
Shareholders provide capital without voting power proportionate to their economic stake.
Funding Claude’s Compute Expansion
The proposed sale would give Anthropic access to substantial capital as it expands the computing capacity and infrastructure needed to develop and serve its AI models. The filing reports about $900.9 billion in signed compute and infrastructure commitments, including roughly $70.7 billion due within 12 months. The filing’s disclosures include the scale of the company’s financing plans and its commitments.
The filing’s 13.09 billion shares outstanding after the offering and placement, multiplied by the proposed $70 to $78 range, implies a value of about $916 billion to $1.02 trillion. News reports have cited up to about $1.404 trillion on a fully diluted basis. That higher calculation uses roughly 18 billion shares, including potential future shares such as options and unvested awards. The filing’s outstanding-share calculation and the reported fully diluted figure use different share counts; neither is the final market value, which will depend on the trading price.
The offering would make Anthropic a public company and subject it to public-market scrutiny. The filing says a Long-Term Benefit Trust elects a majority of directors, while a single founder share carries 50.1% of general voting power. Class A shareholders would provide capital without voting power proportionate to their economic stake.
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From Confidential Draft to Roadshow
Anthropic’s filing traces several steps toward the offering. The company submitted a confidential draft of its registration statement on June 1, 2026, made its Form S-1 public on October 26 and filed an amendment on November 2. The November 10 Amendment No. 2 added the expected price range, and the company launched its roadshow, a series of meetings with prospective investors before final pricing.
The company says it expects retail investors to receive allocations representing up to 20% of the Class A shares offered. That is a maximum described in the filing, not a guaranteed allocation. Chief Executive Officer Dario Amodei and President and Chairperson Daniela Amodei are each listed as selling 3,378,378 shares. The filing says each beneficially owns more than 240 million shares. Anthropic would not receive proceeds from shares sold by existing holders.
The filing reports revenue growth alongside plans for substantial spending on computing capacity. It also identifies potential uses of IPO proceeds, including acquisitions, but says none had been agreed to at the time of the filing. The proposed price range, share counts and use-of-proceeds plans are disclosures made ahead of the sale; they do not establish the price at which the stock will ultimately trade.
““general corporate purposes””
— Anthropic’s amended registration statement
Price, Allocation and Trading Date
The proposed $70 to $78 range is not the final IPO price. The filing and source material do not establish when the shares will begin trading, how the offered shares will be allocated in practice or how the stock will perform once trading starts. Those details may change as the roadshow proceeds and the offering is priced.
The valuation figures also depend on how shares are counted. The filing’s total of 13.09 billion shares outstanding after the offering and private placement does not include every potential future share used in fully diluted calculations. Reports citing about $1.404 trillion at the top of the range use a larger share count. The exact components of that reported fully diluted count are not fully detailed in the available source material, so the figures should not be treated as directly interchangeable.
Anthropic’s stated infrastructure commitments are large, but the source material does not provide a full schedule for all obligations or detail the conditions attached to them. It also does not establish how much of the proceeds will ultimately go to each planned use. The company’s future costs, revenue and ability to meet its commitments remain uncertain.
Roadshow Before Final Pricing
Anthropic’s investor roadshow is the next stage described in the filing. The company and underwriters will meet prospective buyers before setting the final IPO price and share allocation. The underwriters may also decide whether to exercise their option to buy up to 123.75 million additional shares within the stated 30-day period.
Once the offering is priced and the shares begin trading on Nasdaq under ANT, investors will be able to see the public-market price. The timing of the first trading day and the final allocation details were not specified in the available source material. Anthropic’s next public disclosures and the final offering terms should clarify those points.
Key Questions
What price range did Anthropic propose for its IPO?
The November 10 amended filing set an expected range of $70 to $78 per Class A share. The final price has not been announced.
How many shares are part of the offering?
The filing lists 825 million Class A shares: 801,351,354 newly issued by Anthropic and 23,648,646 sold by existing shareholders. Underwriters can buy up to 123.75 million additional shares from the company.
Why do reported Anthropic valuations differ?
Using 13.09 billion shares outstanding after the offering and placement, the proposed price range implies about $916 billion to $1.02 trillion. Reports citing up to about $1.404 trillion use a larger, 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 in the same period 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.
When will Anthropic shares start trading?
The filing identifies Nasdaq and the proposed symbol ANT, but the available source material does not give a confirmed first trading date. The final date and price remain pending.
Source: Thorsten Meyer AI
