Anthropic Sets IPO Price Range at $70 to $78, Targeting a Raise of Up to $64.4 Billion

Anthropic set a price range of $70 to $78 per share for its initial public offering in an updated prospectus filed with the US Securities and Exchange Commission on Tuesday, November 10, 2026, and launched the roadshow for the share sale, Reuters reported.

The filing covers 825 million Class A shares. Anthropic itself is selling 801,351,354 shares, and selling stockholders are offering another 23,648,646 shares. The company receives no proceeds from the shares sold by those stockholders. At the top of the range, the offering would raise up to $64.4 billion. That price would value Anthropic at about $1.4 trillion on a fully diluted basis and about $1 trillion on a non-diluted basis. Investopedia independently reported the same filing, with more than 800 million shares sold by the company, shareholders selling about 25 million more, and an implied valuation above $1 trillion.

A $26 billion placement sits beside the public sale

In a concurrent private placement, Advanced Micro Devices, Broadcom, Google, Micron Technology, Microsoft, NVIDIA and TSMC Partners agreed to buy an aggregate $26 billion of Class N stock at the IPO price. That placement closes immediately after the IPO, subject to conditions. Together with the private placement, the total offering would raise up to $90.4 billion.

The underwriters also hold an option to buy up to 123,750,000 additional shares from Anthropic at the IPO price, less the underwriting discount. Goldman Sachs and Morgan Stanley are leading the syndicate of underwriting banks. Certain Anthropic board members and affiliated entities have indicated interest in buying up to $303 million of shares in the offering. Anthropic was last valued at $965 billion in a private funding round.

Terms were redrawn after a retracted draft

Hours before the updated filing, details circulated to investment banks late on Monday, November 9, were retracted. That earlier draft proposed about 867 million shares at up to $80 each, raising as much as $69.3 billion including shares sold by existing shareholders. The filed terms are smaller on share count, price and total raise.

"What we are seeing is essentially a reassessment of Anthropic's value in a more challenging AI environment," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The company continues to post impressive growth, but investors are increasingly focused on the cost of generating that growth," she said.

Growth in the filing, and the cost behind it

The filing reports third quarter revenue of $16.96 billion, up 47 percent from the previous quarter. Run-rate revenue was roughly $81 billion as of October 31, up $10 billion from September 30. Against that growth, the filing puts Anthropic purchase commitments and lease agreements at approximately $900.9 billion, substantially all related to compute and infrastructure. About $451.6 billion of that is expected to be incurred before December 31, 2030, and about $70.7 billion is due in the 12 months after September 30, 2026.

Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The pricing story is a new development on the IPO first covered on October 26, 2026, when Anthropic filed its public registration statement. The prospectus is preliminary, its terms may change, and the securities cannot be sold until the registration statement becomes effective. Anthropic, led by chief executive Dario Amodei, was founded in 2021 by researchers who left OpenAI. Its best known product is the Claude chatbot.