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Anthropic launched its IPO roadshow on Nov. 10, 2026, proposing to sell Class A shares for $70 to $78 each on Nasdaq under the symbol ANT. Its filing reports $33.2 billion in revenue for the first nine months of 2026, a $104.0 billion net loss dominated by a noncash accounting charge, and about $900.9 billion in compute and infrastructure commitments. The final price, trading date and share allocation remain unsettled.
Anthropic, the company behind Claude, set an expected price of $70 to $78 per share for its proposed Nasdaq initial public offering and began its investor roadshow on November 10, 2026. Its amended registration statement says the company plans to list under the symbol ANT; the final offer price and first trading date have not been announced.
The amended Form S-1 lists 825 million Class A shares in the offering. Anthropic would sell 801,351,354 of them, while existing stockholders would sell 23,648,646. The company says it will receive no proceeds from the shares sold by those stockholders. At the proposed price range, the offering would generate $57.75 billion to $64.35 billion in gross proceeds, before underwriting costs and other expenses.
Underwriters led by Goldman Sachs and Morgan Stanley may purchase up to 123.75 million additional shares from Anthropic within 30 days. Separately, seven technology companies—AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC—have agreed to buy $26 billion of non-voting Class N shares at the IPO price in a private placement set to close after the offering. At the $74 midpoint, Anthropic estimates net proceeds of about $84.6 billion from the IPO and placement combined, rising to about $93.7 billion if the underwriters buy all additional shares.
Anthropic says it expects retail investors to receive up to 20% of the Class A shares offered. The filing lists CEO Dario Amodei and President and Chairperson Daniela Amodei as each selling 3,378,378 shares. The company says it would use proceeds for general corporate purposes, including compute and infrastructure investment, working capital, hiring and retention, possible acquisitions and tax withholding on employee stock awards. It identifies no agreed acquisition.
Inside Anthropic’s IPO Filing The company behind Claude
Anthropic began its IPO roadshow on November 10, 2026, proposing a Nasdaq listing under ANT. The final price, trading date and share allocation remain unsettled.
What the offering includes
The proposed sale combines new shares, stockholder sales and a separate private placement.
825 million shares are planned; Anthropic would sell most of them and receive no proceeds from stockholder sales.
AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC agreed to buy $26 billion of non-voting Class N shares.
Underwriters may buy up to 123.75 million additional shares within 30 days.
Revenue and reported losses
The filing’s net loss reflects a major valuation-related accounting charge as well as operating results.
- $33.2 billion revenue in the first nine months of 2026
- $17.0 billion revenue in the third quarter
- $1.3 billion operating loss
- $104.0 billion net loss for the same nine months
- $94.3 billion attributed to revaluations of convertible notes and similar instruments
- The noncash charge does not erase the reported net loss
Valuation depends on the share count
The filing’s outstanding-share count produces a different estimate from reported fully diluted figures.
| Basis | Shares counted | Implied value |
|---|---|---|
| Filing count after transaction | About 13.09 billion | About $916 billion–$1.021 trillion |
| Reported fully diluted estimate | About 18.0 billion implied | About $1.404 trillion at the range’s top |
From filing to trading
The process has moved from registration toward pricing, with key terms still pending.
The Scale Behind Anthropic’s Listing
The proposed sale would give public-market investors a chance to buy shares in a company whose business and infrastructure needs are both growing rapidly. Anthropic reported $33.2 billion in revenue for the first nine months of 2026, compared with $2.5 billion in the same period a year earlier; third-quarter revenue was $17.0 billion. Those figures put the proposed listing among the largest public offerings, while the planned use of proceeds points to the cost of expanding the computing capacity behind Claude and other services.
The filing reports about $900.9 billion in signed compute and infrastructure commitments, including about $70.7 billion due within 12 months. That is a long-term obligation on a scale that makes Anthropic’s access to computing resources and its ability to fund them central issues for investors. The filing supplies the commitments total, but investors will need to weigh the timing, terms and expected business returns alongside reported revenue.
The headline loss also needs care. Anthropic recorded a $104.0 billion net loss for the first nine months of 2026, but its operating loss was $1.3 billion. The filing attributes $94.3 billion to revaluations of convertible notes and similar instruments as the company’s value rose. That accounting item does not make the net loss disappear; it does mean the figure reflects more than operating costs and revenue.
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How the Valuation Numbers Differ
News reports have put Anthropic’s implied valuation at about $1.404 trillion at the top of the range, describing it as fully diluted. That figure is not stated in the filing as a valuation. Using the filing’s count of 13,086,672,593 shares outstanding after the offering and private placement produces a different calculation: multiplying that count by $70 to $78 yields roughly $916 billion to $1.021 trillion.
The two estimates use different share counts. A fully diluted calculation can include shares that are not currently outstanding, such as options and unvested awards. Dividing $1.404 trillion by $78 implies about 18.0 billion shares, roughly 4.9 billion more than the filing’s stated post-offering outstanding count. The supplied source material points to options, unvested stock awards and other potential future shares as possible components of the gap. These are different valuation conventions, not two figures that can be compared without explaining their share-count assumptions.
Anthropic’s filing process began with a confidential draft submitted to the SEC on June 1, 2026. The company made its S-1 public on October 26, amended it on November 2, and added the proposed price range on November 10. The latest amendment and roadshow mark a move from registration and disclosure toward pricing and a public-market debut.
““general corporate purposes””
— Anthropic, in its amended Form S-1
The proposed range is not the final IPO price. Pricing, the first day of trading and share allocations remain undetermined in the supplied material, and the stock’s market performance after listing cannot be known in advance. Anthropic’s expectation that retail investors may receive up to 20% leaves the eventual allocation open.
The widely reported $1.404 trillion figure depends on a fully diluted share count that is not the same as the 13.09 billion shares the filing says will be outstanding after the transaction. The supplied material does not provide a complete reconciliation of every potential future share included in the reported figure. The ultimate valuation will also depend on the final share price and the share-count convention used.
The filing reports a large total for compute and infrastructure commitments, but the material provided here does not set out the detailed schedule and conditions for every commitment. It also remains unclear how much of the planned spending will translate into future revenue or when the company might reach profitability.
Roadshow Leads to Final Pricing
Anthropic is meeting prospective investors during its roadshow, where it will present the offering and gauge demand. The next key milestone is the final IPO price, followed by confirmation of allocations and the start of trading under ANT. The company’s filing and the offering process should supply further details as those steps are completed; the supplied source does not specify an exact trading date.
Investors will be able to compare the final price with Anthropic’s reported financial results, proposed share count and planned uses of proceeds. They will also be able to assess the difference between the operating loss and the larger net loss, as well as the company’s infrastructure commitments and voting arrangements.
Key Questions
When did Anthropic announce its IPO price range?
Anthropic added a proposed range of $70 to $78 per share to its amended SEC registration statement on November 10, 2026, the day it began its roadshow.
What is Anthropic’s proposed stock ticker?
The company says it plans to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The first trading date was not stated in the supplied material.
Why do reported valuation estimates differ?
The filing’s post-offering count of about 13.09 billion shares implies a value of roughly $916 billion to $1.021 trillion across the proposed price range. Reports citing about $1.404 trillion use a fully diluted count that includes potential future shares; the supplied material does not give a complete reconciliation of that count.
Why is Anthropic’s reported net loss much larger than its operating loss?
For the first nine months of 2026, Anthropic reported a $104.0 billion net loss and a $1.3 billion operating loss. The filing attributes $94.3 billion of the net loss to revaluations of convertible notes and similar instruments.
How much could retail investors receive?
Anthropic says it expects retail allocations to represent up to 20% of the Class A shares offered. The final allocation has not been disclosed.
Source: Thorsten Meyer AI
