Anthropic sets IPO price range at $70 to $78 as roadshow begins

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Anthropic launched the investor roadshow for its initial public offering on November 10, 2026, and set an expected price range of $70.00 to $78.00 per share of Class A common stock. The company announced the launch on its own newsroom the same day, and filed Amendment No. 2 to its Form S-1 registration statement with the Securities and Exchange Commission, which carries the full offering terms. The shares are expected to list on the Nasdaq Global Select Market under the ticker ANT, the symbol Anthropic applied for when it first filed publicly in October.

The offering covers 825,000,000 Class A shares. Anthropic itself is selling 801,351,354 of them, while certain existing stockholders are selling the remaining 23,648,646, and the company will receive nothing from the selling stockholders' portion. The underwriters will have a 30-day option to buy up to 123,750,000 additional shares from Anthropic. At the $74.00 midpoint, the 825 million shares alone represent about $61.05 billion of stock, and the amount rises to roughly $64.35 billion at the top of the range before the option is counted.

The IPO also comes with a $26.0 billion concurrent private placement of non-voting Class N shares to seven strategic partners, led by Google and NVIDIA at $10.0 billion each, priced at the same per-share price as the public offering and contingent on the IPO closing. Anthropic estimates its net proceeds from the IPO and the placement together at about $84.6 billion at the midpoint, or about $93.7 billion if the underwriters exercise their option in full. The filing reports revenue of $17.0 billion for the three months ended September 30, 2026.

The registration statement has been filed but is not yet effective, so no shares can be sold and no offers to buy can be accepted until the SEC declares it effective. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are named in the announcement as the firms distributing the preliminary prospectus, and the S-1/A lists twenty-two underwriting firms in total.

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ANTHROPIC IPO OFFERING TERMS IN THE AMENDED S-1.

The second amendment to the S-1, filed on November 10, 2026, fills in the numbers that the original October filing left blank. The table below collects the main terms exactly as the prospectus and the company's announcement state them.

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Item	Figure in the filing
Expected price range	$70.00 to $78.00 per Class A share
Class A shares offered	825,000,000
Sold by Anthropic	801,351,354
Sold by existing stockholders	23,648,646
Underwriters' option	Up to 123,750,000 extra shares, 30 days
Concurrent private placement	$26.0 billion of Class N stock
Shares outstanding after the deal	13,086,672,593 (all classes)
Class A outstanding after the deal	7,427,991,791
Estimated net proceeds at $74.00	About $84.6 billion
Exchange and ticker	Nasdaq Global Select Market, ANT

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The share counts after the offering are calculated by Anthropic at the $74.00 midpoint and include the private placement shares. They exclude 1,774,342,693 shares underlying outstanding options and 1,026,660,010 shares underlying unvested restricted stock units, together with other smaller items that the prospectus lists separately. Only about 6.3% of the post-offering share count is being sold to the public in the IPO itself, or about 7.2% if the underwriters' option is fully exercised, which leaves the free float small relative to the company's size.

The filing also says that certain board members and entities affiliated with them have indicated an interest in buying up to $303 million of Class A shares at the IPO price. Those indications are not binding, and the underwriters could sell them more, fewer or no shares.

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ANTHROPIC IPO PROCEEDS AND VALUATION AT $70, $74 AND $78.

Anthropic's announcement does not state a valuation, and the prospectus does not publish one either. The figures below are Data Studios calculations based on the share counts in the S-1/A. The market value column multiplies the price by the 13,086,672,593 shares the filing expects to be outstanding at the midpoint; because the private placement is fixed in dollars, its share count moves slightly with the final price, so the low and high figures are close approximations. The last column adds the shares underlying outstanding options and unvested RSUs, which gives an upper-bound view since options carry exercise prices that the calculation ignores.

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IPO price	Gross value of 825M shares	Anthropic's share of IPO	Market value, outstanding shares	With options and RSUs
$70.00	$57.75 billion	$56.09 billion	About $916 billion	About $1.11 trillion
$74.00	$61.05 billion	$59.30 billion	About $968 billion	About $1.18 trillion
$78.00	$64.35 billion	$62.51 billion	About $1.02 trillion	About $1.24 trillion

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At the top of the range, the market value on outstanding shares crosses $1 trillion, while the bottom of the range places it near $916 billion. If the underwriters buy all 123,750,000 option shares, Anthropic raises roughly another $8.66 billion at $70.00 and $9.65 billion at $78.00 before fees, and the total number of shares outstanding rises to 13,210,422,593.

Adding the gross value of Anthropic's own IPO shares to the $26.0 billion placement gives about $85.3 billion at the midpoint before underwriting discounts and expenses. The company's own estimate of $84.6 billion in net proceeds sits just below that, which is consistent with the deduction of fees, although the per-share underwriting discount is still left blank on the prospectus cover.

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THE $26 BILLION CLASS N PRIVATE PLACEMENT FROM GOOGLE, NVIDIA AND FIVE OTHERS.

The concurrent private placement turns several of Anthropic's suppliers and cloud partners into shareholders at the IPO price. The prospectus lists each purchaser with a share count calculated at $74.00, so the exact number of shares will change once the final price is set while the dollar commitments stay the same.

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Purchaser	Shares at $74.00	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

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The seven purchases add up to 351,351,348 Class N shares at the midpoint. The prospectus says Google's purchase funds part of its previously committed investment obligations under what the filing calls the Google 2026 NPA. Class N shares carry no voting rights except where the law requires them, are held mainly by strategic business partners, and generally convert into Class A stock when sold or transferred to an unaffiliated third party. The placement shares are restricted securities under the Securities Act and are not covered by the underwriters' lock-up agreements.

The purchaser list maps closely onto the hardware and cloud chain behind large AI models. NVIDIA and AMD design the GPUs used for training and inference, Google builds TPUs and runs a cloud that offers Claude models, Micron makes high-bandwidth memory, TSMC manufactures advanced chips, Microsoft offers Claude in Microsoft Foundry, and Broadcom has worked with Anthropic on chip financing. Data Studios covered one of those arrangements in its report on the Broadcom AI chip lease financing structure.

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ANTHROPIC SHARE CLASSES, VOTING CONTROL AND THE LONG-TERM BENEFIT TRUST.

Public investors will buy Class A shares, which carry one vote per share, yet the S-1/A shows that ordinary voting power will be heavily concentrated. The single Class F share is held by a Founder LLC whose initial members are Anthropic's seven co-founders, and it carries votes equal to 50.1% of the total voting power on matters submitted to stockholders generally, including the election of directors other than the Class T directors.

The single Class T share is held by Anthropic's Long-Term Benefit Trust (LTBT). It has no economic rights, but it generally elects and removes the Class T directors, who will form a majority of the board. Because of that power, Anthropic states that it will be a controlled company under Nasdaq rules, although it says it expects to rely on the related exemption only for its nominating and corporate governance committee. Class E shares, of which none will be outstanding after the deal, carry one vote per share on certain limited matters.

For a buyer of ANT shares, the practical result is that the Class A float will hold a minority of the voting power, board control will sit with directors chosen by the LTBT, and the founders' LLC will control a majority of the general vote. The excerpt of the prospectus reviewed for this report does not describe a sunset date for the Class F voting power.

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HOW INVESTORS CAN BUY ANTHROPIC SHARES AND WHICH LOCK-UPS APPLY.

Shares can only be bought once the registration statement becomes effective and the offering is priced. The prospectus says the offering includes public offerings in Australia, Canada, certain member states of the European Economic Area, Japan, Switzerland and the United Kingdom, although Anthropic does not intend to list its shares on exchanges in those countries. Retail access outside the United States runs through the brokers and selling agents that Anthropic has named, which Data Studios listed in its report on the Anthropic IPO retail offer and its authorized brokers in 14 countries.

The lock-up terms will shape how much stock reaches the market after the debut. Holders of about 15.5 billion Class A-equivalent shares are generally restricted from selling for up to 180 days, while the co-founders and certain holders of more than 0.5% of the fully diluted shares face restrictions of up to 365 days. About 3.6 billion of the shares under the 180-day restriction may become eligible for sale earlier under conditions set out in the prospectus. The Class N placement shares sit outside the underwriters' lock-ups, although they remain restricted securities.

On the use of proceeds, Anthropic lists general corporate purposes including working capital, operating expenses and capital expenditures for compute and infrastructure, as well as hiring and retention. It also mentions possible acquisitions or investments, while stating that it has no material agreements for any, and the settlement of tax withholding obligations tied to certain RSUs. Nothing in the roadshow announcement or the S-1/A changes Claude plans, prices or usage limits, so the offering has no immediate effect on Claude subscribers or API customers.

The background to these terms is in two earlier Data Studios reports, one on the original S-1 filing and the ANT ticker and one on the first amended S-1 with $17 billion in third-quarter revenue. This report is financial journalism and does not constitute investment advice.

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ANTHROPIC IPO: FIGURES IN THE FILING AND DETAILS STILL MISSING.

The roadshow launch fixes the main parameters of the Anthropic listing. The price range is $70.00 to $78.00, the deal covers 825 million Class A shares plus a 123.75 million share option, the company expects about 13.09 billion shares outstanding afterward, and a $26.0 billion placement brings Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC in as non-voting shareholders. On those counts, the outstanding shares would be worth between roughly $916 billion and $1.02 trillion across the range, and the public float would be close to 6% of the company.

Several details are still missing from the official documents. Anthropic has not announced a pricing date or a first trading date, the per-share underwriting discount is blank on the prospectus cover, and the selling stockholders are not named in the sections reviewed. The final price will also set the exact number of placement shares and therefore the final share count. Until the SEC declares the registration statement effective and the deal is priced, the valuation figures in this report remain calculations on the filing's midpoint assumptions.

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DATA STUDIOS

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