Anthropic launched the roadshow for its initial public offering on Tuesday, November 10, offering 825 million Class A shares at $70 to $78 each on the Nasdaq under the ticker “ANT.” At those prices the public sale would raise between $57.75 billion and $64.35 billion, and a separate $26 billion private placement with seven chip and cloud suppliers lifts the total well past $80 billion. Pricing is expected on November 18, which would make it one of the largest stock offerings on record.
What Anthropic filed
The company’s own announcement gives the structure. Of the 825 million shares, 801,351,354 are new shares sold by Anthropic and 23,648,646 come from existing stockholders, whose proceeds go to them rather than the company. The underwriters, led by Goldman Sachs and Morgan Stanley, get a 30-day option to buy up to 123.75 million more shares. Anthropic stresses that the registration statement is not yet effective, so no shares can be sold until the SEC signs off.
Alongside the public sale, the updated filing describes a $26 billion purchase of non-voting Class N stock at the IPO price by AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, TechCrunch reports, with Google and Nvidia putting in $10 billion each. Including the underwriters’ option, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion.
The valuation question
Reports differ on what the range implies, because they count shares differently. TechCrunch puts the fully diluted valuation at $1.404 trillion at the top of the range. The Decoder, citing Reuters and the share count in the prospectus, puts it at up to $1.02 trillion. Both are above the $965 billion valuation from Anthropic’s private round in May and below the $1.5 trillion to $2 trillion figures that circulated earlier, which prospective backers reportedly pushed back on.
The founders keep control either way. All seven co-founders (Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah) are each selling 3,378,378 shares, worth just under $250 million apiece at the $74 midpoint, according to TechCrunch. Each also holds a supervoting Class F share, which together give the group a majority of the votes, and the Long-Term Benefit Trust elects a board majority. Buyers of Class A stock will have limited influence over the company.
The numbers investors will weigh
The updated filing adds fresh figures. Anthropic says its run-rate revenue reached $81 billion at the end of October, about $10 billion more than a month earlier. Third-quarter revenue was close to $17 billion, up 47% from the second quarter, though growth slowed from 144% the quarter before, The Decoder reports. SiliconANGLE puts the third-quarter operating loss at $536 million.
The costs are the other side. TechCrunch reports a nine-month net loss of $104 billion, compute and infrastructure commitments of $900.9 billion and nearly $132 billion in cash and short-term investments. We covered how those commitments first appeared in the original S-1 filing and the risk factors added in the first amendment.
How this offering compares
The scale invites comparison with two recent deals. SpaceX raised $75 billion in its June listing at a valuation near $1.75 trillion, The Decoder notes, so Anthropic’s public tranche alone would be slightly smaller, while the combined public and private raise would be larger. OpenAI, the closest rival, was reportedly valued at $1.25 trillion after a private raise that brought in $11 billion, well short of its original target.
The supplier placement is the unusual part. Several of the buyers sell Anthropic the chips, memory and cloud capacity behind its $900 billion of commitments, so part of the money raised flows back to them. Supporters see a sign of commitment from the supply chain; skeptics see the circular funding that has made investors wary of AI spending, a concern The Decoder links to the Nasdaq’s sharpest one-day drop in 19 months last Thursday. The weaker private-market signals we reported in our Ramp spending story are part of that backdrop.
For individual investors, TechCrunch reports that up to 20% of the offering is expected to go to retail buyers. Demand indications are already visible: board member Reed Hastings has signaled interest in buying $300 million of shares through his donor-advised fund.
What to watch next
- The final price on November 18 and whether demand pushes it above the $78 top of the range.
- First-day trading on the Nasdaq, expected around November 19.
- Whether the underwriters exercise their option on the extra 123.75 million shares.
- Any SEC comments that delay the registration statement becoming effective.
- Anthropic’s first quarterly report as a public company, and how it frames the $900.9 billion in commitments.
Key takeaways
- Anthropic is offering 825 million Class A shares at $70 to $78, raising up to $64.35 billion before the underwriters’ option.
- A $26 billion private placement with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC comes on top.
- Implied valuations range from about $1.02 trillion to $1.404 trillion depending on how shares are counted.
- Run-rate revenue hit $81 billion in October, but losses and compute commitments remain very large.
- The seven co-founders keep voting control through Class F shares and each sell about $250 million of stock.
Frequently asked questions
When will Anthropic stock start trading?
Anthropic is expected to price the offering on November 18, 2026, with trading on the Nasdaq under the ticker “ANT” expected around November 19.
How much is Anthropic worth at the IPO price?
It depends on the share count used. TechCrunch calculates $1.404 trillion on a fully diluted basis at $78, while Reuters-based figures cited by The Decoder put it at up to $1.02 trillion.
Can retail investors buy Anthropic shares?
Yes, once trading starts, and TechCrunch reports that up to 20% of the offering itself is expected to be allocated to retail investors through participating brokers.
