Anthropic sets IPO range at $70 to $78 a share, up to $64.4 billion
The maker of Claude named a price range for its IPO. With a private placement, the company and holders could raise up to $90.4 billion.
Event: November 10, 2026
Primary source: November 10, 2026
Published here: November 10, 2026 at 04:57 PM UTC
Read: 2 min
What happened
On November 10 Anthropic filed an updated IPO prospectus with the SEC. The company and some holders are selling 825 million Class A shares at $70 to $78. At the top that is up to $64.4 billion. The stock is set to trade on Nasdaq as ANT. Goldman Sachs and Morgan Stanley lead the deal.
Why it matters to you
It is one of the largest IPOs ever and a test of what markets will pay for AI. By Reuters' math, the top of the range values the company at about $1.4 trillion fully diluted, about $1 trillion without options. Demand for this stock will color the whole AI sector.
What to check and watch
The prospectus gives no pricing or first trading date. Watch whether the range moves after the roadshow. This is an overview, not advice.
Where it’s happening
LIVEDrag to spin. Green dots: the exchange is trading right now (regular hours, holidays not counted). Shadow: where it is night now. Borders: Natural Earth, quakes: USGS. Layer idea: God’s Eye View (MIT).
What happened. Anthropic, the maker of the Claude chatbot, filed Amendment No. 2 to its Form S-1. That is the prospectus for its initial public offering. For the first time it includes a price range: $70 to $78 per Class A share.
Who sells. The company sells 801.35 million shares and selling holders 23.65 million, 825 million in total. Underwriters can buy up to 123.75 million more from the company. Anthropic gets no money from the shares holders sell.
Big partners. At the same time there is a $26 billion private placement of non-voting Class N shares at the IPO price. Buyers: Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Google and Nvidia take 135.1 million shares each. Reuters says the total with the IPO is up to $90.4 billion.
The business. Revenue for the first nine months of 2026 was $33.2 billion, versus $4.6 billion for all of 2025. The nine-month net loss was $104 billion, but $94.3 billion of it is a revaluation of convertible notes, which rise in value as the company's valuation rises. Reuters says annualized revenue was about $81 billion as of October 31.
Who is in charge. Class A shares carry one vote. A majority of the board is elected by an independent Long-Term Benefit Trust through a special Class T share. Buyers on the exchange do not control the board.
The money goes to compute, infrastructure and hiring. There are no commitments for large acquisitions now. Reuters notes Anthropic was valued at $965 billion in its last private round.
Confirmed facts
- Anthropic filed Amendment No. 2 to Form S-1 with the SEC on November 10, 2026.[1][2]
- Price range $70 to $78 per Class A share, 825 million shares in total.[1][2]
- The company sells 801,351,354 shares, selling holders 23,648,646, underwriters' option 123.75 million shares.[1]
- Ticker ANT on the Nasdaq Global Select Market, lead banks Goldman Sachs and Morgan Stanley.[1][2]
- A $26 billion Class N private placement: Google, Nvidia, AMD, Broadcom, Micron, Microsoft, TSMC.[1][2]
- Nine-month 2026 revenue $33,242 million, net loss $104,039 million.[1]
- Change in fair value of convertible notes, derivatives and SAFEs was minus $94,324 million for nine months.[1]
- By Reuters' math, valuation up to $1.4 trillion fully diluted and about $1 trillion without options.[2]
- Reuters: annualized revenue about $81 billion as of October 31, per the filing.[2]
Implications
- ConfirmedANT does not trade yet and the final price is not set.
- Our readingGoogle, Nvidia and other suppliers buying in shows how tightly the AI supply chain is linked. This is our reading.
- Our readingStrong IPO demand could lift AI stocks, weak demand could weigh on them. This is our reading.
Still unknown
- When the price is set and trading starts
- Whether pricing lands inside, above or below the range
- How many shares go to retail investors
Who it affects
United States, World. People who follow AI, tech stocks and IPOs
Sources
- U.S. Securities and Exchange Commission (EDGAR): Anthropic, PBC: Amendment No. 2 to Form S-1 November 10, 2026 · official
- Reuters: Anthropic eyes $1.4 trillion IPO valuation in test of Wall Street's AI fervor November 10, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
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