Anthropic IPO Price Range: $70-$78 for 6.3% of the Company
The Anthropic IPO price range is set at $70 to $78 a share. An amended Form S-1 filed with the United States Securities and Exchange Commission on 10 November 2026 covers 825 million Class A shares and a Nasdaq listing under the ticker ANT. The investor roadshow began the same day.
The offering is registered in the United States, priced in US dollars and would list on the Nasdaq Global Select Market. As of 11 November 2026, the registration statement had not been declared effective, no final price had been set and no first trading day had been confirmed by the company.
What the Filing Sets Out
Anthropic, PBC filed Amendment No. 2 to its Form S-1 on 10 November 2026 under registration number 333-299633. The amendment is the first version of the document to carry a price range; the original filing, lodged on 26 October 2026, left the price blank.
| Term | Detail |
|---|---|
| Class A shares offered by Anthropic | 801,351,354 |
| Class A shares offered by selling stockholders | 23,648,646 |
| Total shares offered | 825,000,000 |
| Underwriters’ option for additional shares | 123,750,000 |
| Estimated price range | $70.00 to $78.00 a share |
| Assumed price used in the filing | $74.00 (midpoint) |
| Exchange and ticker | Nasdaq Global Select Market, “ANT” |
| Estimated net proceeds to Anthropic | About $84.6 billion |
The $84.6 billion figure combines the shares Anthropic itself is selling with a separate $26.0 billion private placement, and is calculated at the $74.00 midpoint after underwriting discounts and estimated expenses. It rises to about $93.7 billion if the underwriters exercise their option in full. Anthropic receives nothing from the 23,648,646 shares being sold by existing stockholders.
Twenty-two banks are named on the cover, led by Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup.
The Offering Is 6.3% of the Company
The 825 million shares on offer represent about 6.3% of the company. The filing states that 13,086,672,593 shares will be outstanding across all five classes after the offering and the concurrent private placement, rising to 13,210,422,593 if the underwriters take their full option.
That share count is the figure most coverage of the price range leaves out, and it is the one that determines what the offering is worth and what a buyer gets. Anthropic’s earlier filings, including the October Form S-1 that disclosed an operating loss of $693 million for the first half of 2026, did not contain a price range or a post-offering share count of this kind.
Why Two Different Valuations Are Being Reported
Reported valuations for Anthropic differ because they count different things. Applied to the 13.09 billion shares the filing says will be outstanding, the range produces these figures:
| Price a share | Implied value of outstanding shares |
|---|---|
| $70.00 (bottom of range) | About $916 billion |
| $74.00 (midpoint) | About $968 billion |
| $78.00 (top of range) | About $1.02 trillion |
The widely reported figure of about $1.4 trillion is a fully diluted calculation. Fully diluted means the count also includes shares that do not exist yet but are promised through stock options, restricted stock units and reserved equity grants. Fortune reported on 11 November 2026 that the $1.4 trillion number includes stock options and other equity awards, and that counting only shares outstanding puts the top of the range at roughly $1 trillion.
Neither number is the final valuation. Both are arithmetic applied to a range that has not yet been priced.
Anthropic Will List as a Nasdaq “Controlled Company”
The filing states that Anthropic is considered a “controlled company” under Nasdaq Global Select Market corporate governance rules. The reason it gives is that the Long-Term Benefit Trust, as sole holder of a single share of Class T common stock, “generally has the power to elect a majority of the authorized members of our board of directors.”
That designation lets a company opt out of some Nasdaq governance requirements. Anthropic says in the amended Form S-1 that it does not expect to rely on the exemption except for its nominating and corporate governance committee, which will not consist entirely of independent directors. It states that its board currently has a majority of independent directors and that its audit and compensation committees are entirely independent.
Voting rights are split across five classes of stock:
| Class | Shares after the offering | Voting rights |
|---|---|---|
| Class A (the shares being sold) | 7,427,991,791 | One vote a share |
| Class N | 5,658,680,800 | No votes, except where law requires |
| Class F | 1 | 50.1% of total voting power |
| Class T | 1 | Elects a majority of the board |
| Class E | 0 | Certain limited matters only |
The single Class F share goes to Anthropic Founders, LLC, whose sole members will initially be the company’s seven co-founders: Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. It carries 50.1% of total voting power on matters put to stockholders generally and has no economic rights. The filing notes that if preferred stock were issued, Class A voting power would be diluted while the Class F share’s 50.1% would stay fixed.
Class N shares, held mainly by strategic business partners, generally convert to Class A when sold or transferred to an unaffiliated third party. Class A shares are not convertible.
The $104 Billion Loss Is Mostly Not Cash
Anthropic reported a net loss of $104.0 billion for the nine months to 30 September 2026, on revenue of $33.2 billion. Those interim figures are unaudited. Revenue for the same period a year earlier was $2.5 billion, making the increase about thirteenfold.
The loss is dominated by a single non-cash item. Of the $104.0 billion, $94.3 billion is a change in the fair value of convertible notes, derivative liabilities and simple agreements for future equity. The filing attributes that change primarily to the rise in the company’s own enterprise valuation during the period, which increases the carrying value of its convertible notes.
Stripping that out changes the shape of the result considerably:
- Operating loss, nine months to 30 September 2026: $1.26 billion, narrowed from $5.22 billion in the same period of 2025.
- Compute and infrastructure costs: $18.8 billion, the largest single expense line.
- Interest income: $2.36 billion.
- Stock-based compensation: $3.3 billion.
- Full-year 2025 net loss: $41.97 billion, on revenue of $4.59 billion.
In other words, the headline loss grew while the operating loss shrank. A reader comparing the $104 billion figure with the $8.1 billion operating loss reported in the September prospectus coverage is comparing two different measures.
Seven Suppliers Will Buy $26 Billion of Nonvoting Stock
Immediately after the offering closes, seven companies will buy an aggregate $26.0 billion of Class N stock at the IPO price, severally and not jointly. At the $74.00 midpoint, the filing sets out these amounts:
| Purchaser | Shares | Approximate amount |
|---|---|---|
| Google LLC | 135,135,135 | $10.0 billion |
| NVIDIA Corporation | 135,135,135 | $10.0 billion |
| Advanced Micro Devices | 33,783,783 | $2.5 billion |
| Broadcom Inc. | 13,513,513 | $1.0 billion |
| Micron Technology | 13,513,513 | $1.0 billion |
| Microsoft Corporation | 13,513,513 | $1.0 billion |
| TSMC Partners, Ltd. | 6,756,756 | $500 million |
Each of these companies is a supplier of chips, memory or cloud capacity to Anthropic, or in Google’s case an existing investor funding part of a previously committed obligation. The shares carry no votes, are not registered in the offering, count as restricted securities, and are not subject to the lock-up agreements that bind other holders. Underwriters take no discount or commission on them.
What the Money Has to Cover
The filing discloses purchase commitments and lease agreements with an aggregate committed spend of approximately $900.9 billion as of and after 30 September 2026, substantially all of it for compute and infrastructure. Of that total, about $451.6 billion is expected to be incurred before 31 December 2030, with substantially all of the remainder falling between 2031 and 2045.
About $70.7 billion of those commitments falls due in the twelve months following 30 September 2026. Set against estimated net proceeds of about $84.6 billion at the midpoint, the offering and the private placement together would cover roughly one year of committed compute spending. Anthropic has separately contracted for capacity through deals such as its $11.6 billion agreement with Akamai Technologies.
The filing says proceeds are intended for general corporate purposes, including working capital, operating expenses, capital expenditure on compute and infrastructure, and hiring, plus tax withholding on the settlement of certain restricted stock units. It states that the company has no agreements or commitments for any material acquisitions at this time.
Against the commitments, remaining performance obligations, meaning contracted revenue not yet recognised, stood at $13.8 billion as of 30 September 2026, about 75% of which the company expects to recognise within twelve months.
The Terms Sent to Banks Were Retracted First
The price range in the 10 November filing is not the first set of numbers to reach the market. Reuters reported on 9 November 2026 that Anthropic had emailed banks a copy of its registration paperwork indicating roughly 866.7 million Class A shares at $70 to $80 a share, then sent a follow-up message saying those pricing figures were inaccurate. Reuters reported that the second email did not specify which details were wrong, and that Anthropic declined to comment.
The filed terms are lower on both counts: 825 million shares and a $78 ceiling rather than $80. This account rests on Reuters’ reporting; the retraction itself is not described in the filing.
What Happens Next, and What Is Not Yet Set
Several steps remain before trading can begin, and the filing fixes none of their dates.
- The roadshow: began 10 November 2026, when the amended filing was made public.
- SEC effectiveness: the registration statement must be declared effective before shares can be sold. The filing states the offering will commence “as soon as practicable” after that point.
- Final pricing: set by Anthropic and the underwriters after the roadshow, and not limited to the filed range.
- First day of trading: follows pricing, on a date Anthropic has not announced.
CNBC reported that Anthropic plans to price on 18 November 2026 and begin trading on 19 November, citing people familiar with the plans who were not authorised to speak publicly. Those dates are reported rather than confirmed, and the company has not published them.
Two further items are already scheduled. Holders of roughly 15.5 billion shares and share equivalents have signed market standoff or lock-up agreements restricting sales for 180 days after the date of the prospectus, extending to 365 days for the co-founders and certain holders of more than 0.5% of fully diluted shares. Of those, about 3.6 billion shares may become eligible for sale before the 180-day period ends. The filing also records that certain board members and entities affiliated with them have indicated an interest in buying up to $303 million of Class A stock in the offering, and notes these indications are not binding commitments.
The filing lists allocation to retail investors as a risk factor, describing a “potential allocation to retail investors of a minority of shares” of Class A stock sold in the offering. It does not give a retail allocation percentage.
Frequently Asked Questions
What Is the Anthropic IPO Price Range?
Anthropic’s amended Form S-1, filed with the US Securities and Exchange Commission on 10 November 2026, estimates an initial public offering price of $70.00 to $78.00 a share for 825 million Class A shares. The final price is set after the roadshow and may fall outside that range.
What Ticker Will Anthropic Trade Under?
Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The application had not been completed as of 11 November 2026.
When Will Anthropic Shares Start Trading?
No date has been announced by the company. CNBC reported a plan to price on 18 November 2026 and start trading on 19 November, citing unnamed people familiar with the matter. Trading cannot begin until the SEC declares the registration statement effective.
Why Do Reports Give Anthropic Different Valuations?
They use different share counts. On the 13.09 billion shares the filing says will be outstanding after the offering, the range implies about $916 billion to $1.02 trillion. The frequently cited figure of about $1.4 trillion is calculated on a fully diluted basis, which also counts stock options and other equity awards.
How Much of Anthropic Is Being Sold?
The 825 million Class A shares on offer equal about 6.3% of the 13,086,672,593 shares the filing says will be outstanding after the offering and the concurrent private placement.
Did Anthropic Really Lose $104 Billion?
That is the net loss reported for the nine months to 30 September 2026, but $94.3 billion of it is a non-cash revaluation of convertible notes, derivative liabilities and SAFEs, which the filing links to the rise in the company’s own valuation. The operating loss for the period was $1.26 billion, down from $5.22 billion a year earlier. The interim figures are unaudited.
