Anthropic Sets IPO Range at $70 to $78 and Launches Its Roadshow

Anthropic launched the roadshow for its initial public offering on Tuesday, setting an expected price of $70.00 to $78.00 a share.

Anthropic, PBC filed Amendment No. 2 to its Form S-1 registration statement on Tuesday, November 10, 2026. A registration statement is the disclosure document a company files to sell shares to the public.

The company launched its roadshow the same day. A roadshow is the round of presentations where a company pitches its offering to investors before a final price is set.

Eight hundred twenty-five million shares, in two parts

The offering covers 825 million shares of Class A common stock in total. Anthropic itself is offering 801,351,354 shares, and certain existing stockholders are offering 23,648,646 shares.

Anthropic will not receive any proceeds from the shares sold by the existing stockholders. Only the company's own shares bring new money to Anthropic.

The underwriters have a 30-day option to buy up to an additional 123,750,000 shares from Anthropic. That option, called an overallotment, would enlarge the offering if demand allows.

What the range is worth, and who calculated it

At $78 a share, selling all 825 million shares would raise $64.35 billion before expenses, a TickerGrove calculation. Reuters put the same top-end figure at up to $64.4 billion.

Anthropic's own 801,351,354 shares at $78 would raise about $62.5 billion before expenses, a TickerGrove calculation. The selling stockholders' shares account for the rest of the total.

Reuters calculated a valuation of up to $1.02 trillion at the top of the range. That rests on 13.09 billion Class A and Class N shares outstanding after the offering and a concurrent placement.

On a fully diluted basis, Reuters calculated up to about $1.4 trillion. That count reaches beyond options and restricted stock to shares reserved for future equity plans, so the two bases are not interchangeable.

Counting only outstanding options and restricted stock would give a materially smaller diluted total. The filing itself states no valuation.

Reuters reported Anthropic was last valued at $965 billion in a May private funding round.

A $26 billion placement runs beside the offering

Seven technology partners have agreed to buy $26.0 billion of Class N common stock in a concurrent private placement. Class N shares are non-voting, and the placement price equals the initial public offering price.

Google and Nvidia account for about $10.0 billion each of that placement. AMD accounts for $2.5 billion, and Broadcom, Micron and Microsoft account for $1.0 billion each.

TSMC Partners accounts for the remaining $500 million. Together with the public offering at the top of the range, the combined gross total reaches up to $90.4 billion, Reuters reported.

At the $74 midpoint of the range, the amendment estimates net proceeds to Anthropic of about $84.6 billion, after underwriting discounts and estimated offering expenses. That net estimate covers the company's own offering shares plus the private placement.

If the underwriters exercise their option in full, that net estimate rises to about $93.7 billion. Neither net figure includes money from the selling stockholders' shares, which Anthropic does not receive.

Each partner is committed only for its own amount, severally and not jointly. The placement is scheduled to close immediately after the offering completes, and it is contingent on the offering. The offering is not contingent on the placement.

Growth is the pitch; the terms are not final

The filing puts Anthropic's Run-Rate Revenue at roughly $81 billion as of October 31, up $10 billion from September 30. The filing defines that metric as consumption fees for a trailing 28-day period, multiplied by 13, plus monthly subscription fees multiplied by 12. It is an operating measure, not reported revenue and not a forecast.

The growth context was already public from the prior amendment, filed on November 2. It covered a third quarter where revenue reached $16.96 billion, up 47% from the quarter before, Reuters reported.

Reuters reported that late on Monday, a draft with different terms circulated to banks and was then retracted. It showed about 867 million shares at $70 to $80, for up to $69.3 billion, and Anthropic called its pricing details inaccurate.

Those retracted figures are not the filed terms. The filed range, share counts and placement above are the terms investors are being shown on the roadshow.

The registration statement has been filed but has not yet become effective. No share may be sold until it does, and the final price will be set after the roadshow.

Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. Copies of the preliminary prospectus are available through Goldman Sachs and Morgan Stanley, the representatives of the underwriters.

What remains unknown

What remains unknown starts with the final price: the $70 to $78 range can still move before pricing. Demand on the roadshow, and whether the range holds, are both unstated.

Whether the underwriters exercise their option, and how the placement closes, are also unsettled. The amendment sets terms for a proposed offering, not a completed sale.

No pricing or first trading date is set in the filing. Reports of specific November dates are not filed terms, and they are not printed here as fact.

The pricing decision is the next test

What to watch: the final prospectus. Its price will show whether investors accepted a valuation near the $1.02 trillion outstanding-share calculation Reuters made.

The overallotment decision and the placement closing are the other tests. Together they decide whether the combined raise approaches the $90.4 billion top-end total Reuters reported.