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Anthropic’s November 10 amended SEC filing set an expected price range of $70 to $78 per share for its planned Nasdaq IPO and launched the investor roadshow. The filing reports rapid revenue growth alongside large infrastructure commitments, but the often-reported $1.404 trillion valuation uses a fully diluted share count that differs from the filing’s post-offering share count.
Anthropic set an expected price range of $70 to $78 per share for its planned initial public offering and began meeting investors on November 10, according to its amended registration statement filed with the U.S. Securities and Exchange Commission. The company behind Claude plans to list on the Nasdaq Global Select Market under the symbol ANT; the final share price and trading date remain undetermined.
The filing covers 825 million Class A shares: 801,351,354 newly issued by Anthropic and 23,648,646 sold by existing stockholders. At the proposed range, the shares offered would bring in gross proceeds of about $57.75 billion to $64.35 billion, before expenses. Anthropic would receive no proceeds from the shares sold by existing holders. Underwriters led by Goldman Sachs and Morgan Stanley may buy up to 123,750,000 additional shares from the company within 30 days.
Separately, seven technology companies—AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC—have agreed to buy $26 billion of non-voting Class N shares at the IPO price in a private placement expected to close after the offering. At the $74 midpoint, the filing estimates net proceeds of about $84.6 billion from the IPO and private placement combined, or about $93.7 billion if underwriters purchase all additional shares. The company says it expects retail allocations to represent 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 $17.0 billion. Its nine-month net loss was $104.0 billion, 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. The filing also lists about $900.9 billion in compute and infrastructure commitments, with roughly $70.7 billion due within 12 months.
Anthropic sets its IPO range What the filing shows
The November 10 filing sets a proposed share price and starts the investor roadshow. Strong revenue growth sits alongside major infrastructure commitments and a valuation shaped by how shares are counted.
A large offering, with different proceeds
Most offered shares are new shares; existing holders sell a smaller portion.
- 801,351,354 newly issued shares
- Receives no proceeds from shares sold by existing holders
- May receive up to 123,750,000 additional shares bought by underwriters
- 23,648,646 shares included in the offering
- Proceeds from these shares go to the selling holders
- Goldman Sachs and Morgan Stanley lead the underwriting
Revenue growth and reported losses
The filing reports results for the first nine months of 2026 against the same period a year earlier.
| Measure | 2026 | Comparison or context |
|---|---|---|
| Revenue | $33.2B | $2.5B in the same period a year earlier |
| Net loss | $104.0B | $94.3B attributed to revaluations of convertible notes and similar instruments |
| Operating loss | $1.3B | Separate from the reported net loss |
Valuation depends on share count
The filing-based estimate uses post-offering shares outstanding; the higher reported figure uses a fully diluted count.
From filing to trading
The roadshow gives Anthropic and its underwriters a chance to present the offering before final pricing.
The November 10 amendment sets an expected $70–$78 per share range.
The roadshow began November 10.
Final price and Nasdaq trading date remain undetermined; the planned symbol is ANT.
IPO Scale Meets Infrastructure Costs
The offering would raise a substantial amount of capital for a company whose filing describes exceptionally large planned spending on computing capacity and infrastructure. Anthropic says it may use proceeds for working capital, compute and infrastructure investments, hiring and retention, potential acquisitions, and tax withholding on employee stock awards. It says no acquisitions have been agreed.
The reported valuation also depends on how the share count is defined. Multiplying the filing’s 13,086,672,593 shares outstanding after the offering and private placement by the proposed price range gives an implied value of about $916 billion to $1.021 trillion. News reports have cited a figure around $1.404 trillion at the top of the range on a fully diluted basis, which counts additional potential shares such as options and unvested awards. These figures use different share-count assumptions; the $1.404 trillion figure is not stated as the filing’s value based on outstanding shares.
For prospective investors, the filing sets out a fast-growing business and sizable financing plans, but also highlights the scale of its infrastructure commitments and governance arrangements. The figures describe the company’s reported results and proposed transaction; they do not establish future performance or returns.
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From Confidential Filing to Roadshow
Anthropic first submitted a draft registration statement confidentially on June 1, 2026, according to the source material. It made its Form S-1 public on October 26, amended it on November 2, and filed the latest amendment with the price range on November 10. The roadshow is the series of investor meetings that takes place before the final IPO price is set.
The filing identifies CEO Dario Amodei and President and Chairperson Daniela Amodei as selling 3,378,378 shares each. The source says each beneficially owns more than 240 million shares. It also describes a governance structure in which a Long-Term Benefit Trust elects a majority of the board and a single founder share carries 50.1% of general voting power. The Class A shares offered to the public therefore do not carry control in proportion to their number alone.
““general corporate purposes””
— Anthropic, in its amended Form S-1
The final IPO price, exact trading date and share allocations are not yet known from the material provided. The proposed range is an expectation, and the underwriters’ option to buy additional shares may or may not be exercised. The source also does not establish how the stock will trade after listing.
The valuation difference reflects distinct share-count methods. The filing’s post-offering outstanding count supports the roughly $916 billion to $1.021 trillion range at $70 to $78 per share. The higher reported figure uses a fully diluted basis, including potential future shares. The source excerpt identifies options, unvested stock awards and other future shares as relevant, but does not provide the complete breakdown behind the approximately 18.0 billion shares implied by the $1.404 trillion figure.
The filing reports both a large net loss and a much smaller operating loss, with much of the difference attributed to valuation changes in convertible notes and similar instruments. The extent to which those accounting effects may change in later reporting periods is not established here.
Investor Meetings Before Pricing
Anthropic’s roadshow began on November 10, giving the company and underwriters a chance to present the offering to potential investors. The next key steps are the final pricing decision and the start of Nasdaq trading under the symbol ANT. The source material does not give a specific date for either milestone.
Before trading begins, investors will be able to assess the final offer terms, including the price, any exercise of the underwriters’ additional-share option, and the resulting share count. The filing and subsequent offering disclosures may also clarify final allocations and proceeds.
Key Questions
What price range did Anthropic set for its IPO?
Anthropic set an expected range of $70 to $78 per share in its November 10, 2026 amended SEC filing.
How many shares are included in the offering?
The proposed offering includes 825 million Class A shares: 801,351,354 new shares sold by Anthropic and 23,648,646 shares sold by existing stockholders. Underwriters may buy up to 123,750,000 additional shares from Anthropic.
Why do reported valuations differ?
Using the filing’s 13,086,672,593 shares outstanding after the offering and private placement, the proposed price range implies about $916 billion to $1.021 trillion. Reports of about $1.404 trillion use a fully diluted share count that includes potential future shares.
What did Anthropic report about revenue and losses?
For the first nine months of 2026, Anthropic reported $33.2 billion in revenue and a $104.0 billion net loss. The filing reports a $1.3 billion operating loss and attributes $94.3 billion of the net loss to revaluations of convertible notes and similar instruments.
When will Anthropic shares begin trading?
The source material does not specify a trading date. Anthropic began its investor roadshow on November 10; the final price and listing schedule remain to be announced.
Source: Thorsten Meyer AI
