Anthropic on Tuesday set an estimated IPO price range of $70.00 to $78.00 a share and launched the roadshow for its proposed offering of Class A common stock, the company said in a statement and in an amended registration statement filed with the SEC. CNBC reported the range, as did Reuters, in a Channel NewsAsia carry.
The offering consists of 825 million Class A shares, of which Anthropic is selling 801,351,354 shares and selling stockholders are offering an additional 23,648,646 shares, the company and the filing said. Anthropic will not receive proceeds from the selling stockholders’ shares. It also expects to grant underwriters a 30-day option to buy up to 123,750,000 additional shares from the company. Anthropic has applied to list the Class A shares on the Nasdaq Global Select Market under the symbol ANT, the filing said.
The company estimated that net proceeds to it from the Class A sale and a concurrent private placement would be about $84.6 billion at a $74.00 midpoint price, or about $93.7 billion if the underwriters’ option is exercised in full, after estimated discounts, commissions, and expenses, the filing said. In the private placement, Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and TSMC Partners, Ltd. have agreed to buy an aggregate $26.0 billion of Class N common stock at the IPO price, the filing said. The placement is contingent on the offering, is scheduled to close immediately afterward, will not be registered as part of the offering, and will not be subject to lock-up agreements with the underwriters, the filing said.
Reuters, citing the filing, said the range would value Anthropic at up to about $1.02 trillion. That figure matches the filing’s count of shares outstanding after the offering and the private placement, at the $78.00 high end, excluding the underwriters’ option. CNBC said the company could be worth up to about $1.405 trillion on a fully diluted basis.
On Monday, The Wall Street Journal reported that Anthropic was targeting a stock-market debut next Thursday or Friday, according to an Investing.com write-up of the Journal’s account. The Journal did not give calendar dates. Read against that Monday timetable, a Thursday or Friday debut the following week would fall as soon as Nov. 19 or 20. Goldman Sachs and Morgan Stanley are the representatives of the underwriters, the filing said.
Details of the deal were briefly circulated to investment banks before being retracted late Monday, according to emails seen by Reuters, Channel NewsAsia reported. Some major investors had been pushing for a valuation below the roughly $1.5 trillion discussed last week, as the Journal reported Monday and as AI Tech Daily reported last week.
Sources
- Anthropic: Launching our roadshow (November 10, 2026)
- SEC EDGAR: Anthropic, PBC Form S-1/A (Amendment No. 2), file no. 333-299633, accession 0001628280-26-072484 (November 10, 2026)
- CNBC: Anthropic sets price range of $70 to $78 in upcoming IPO, by Ashley Capoot (November 10, 2026)
- Channel NewsAsia carry of Reuters: Anthropic targets $1 trillion IPO valuation in test of Wall Street’s AI fervor (November 10, 2026)
- Investing.com write-up of The Wall Street Journal: Anthropic targets next-week IPO despite AI market volatility, WSJ reports, by Louis Juricic (November 9, 2026)
- AI Tech Daily: Major investors doubt Anthropic can IPO at $1.5 trillion, WSJ and Reuters report (November 6, 2026)
- AI Tech Daily: Anthropic’s amended S-1 shows third-quarter revenue of $16.96 billion and a $23.29 billion net loss (November 2, 2026)