Anthropic Sets IPO Price Range at $70 to $78 a Share

Anthropic has disclosed, for the first time, how much it wants investors to pay for its stock. In an amended S-1 filed with the Securities and Exchange Commission on November 10, the Claude maker set an initial public offering price range of $70.00 to $78.00 a share for 825,000,000 shares of Class A common stock, implying a total equity value of roughly $916 billion to just over $1.02 trillion once the offering and a connected $26 billion private placement are included.

What Anthropic's November 10 filing actually changed

Anthropic, PBC filed Amendment No. 2 to its Form S-1 registration statement (Registration No. 333-299633) with the SEC on November 10, 2026. It is the company's third public filing tied to this offering, following the original S-1 made public on October 26 and a first amendment filed November 2 that added nine months of 2026 financial results. This second amendment is the one that matters most to anyone asking "what is Anthropic's IPO price," because it is the first document in which the company has put an actual dollar figure on its shares rather than leaving the price line blank, as the earlier versions did.

The cover page of the prospectus, dated November 10, 2026 and still marked "Subject to Completion," states that the IPO price is currently estimated to fall between $70.00 and $78.00 per share. That range is not a guess by outside analysts; it is the number Anthropic and its underwriters put into a document filed directly with the SEC, which makes it the strongest piece of hard evidence yet about how this deal is actually being priced, as opposed to the market chatter that has driven coverage since the valuation cut reported last week.

The price range and what it implies for valuation

The filing states that Anthropic will have 13,086,672,593 shares of Class A, Class N, Class T, Class E and Class F common stock outstanding after the offering and the concurrent private placement close (13,210,422,593 if underwriters exercise their option to buy more shares in full). Multiplying that total share count by the disclosed price range gives an implied aggregate equity value of approximately $916.1 billion at $70 a share and approximately $1.02 trillion at $78 a share — a calculation this article derived directly from the figures in the prospectus, not a figure Anthropic itself states as a "valuation."

That range sits below the $1.5 trillion to $1.6 trillion figure that circulated after last week's stock sell-off, and further below the more than $2 trillion some reports floated earlier this year when Anthropic first disclosed it was preparing to go public. Whether the final price lands at the top, bottom or outside of the $70–$78 range depends on investor demand during the roadshow, and the range itself can still move before the deal prices — something Anthropic flags explicitly on the cover page by marking the prospectus "subject to completion."

A bigger deal than the headline price suggests

At the midpoint of the new range, $74 a share, the base 825 million Class A shares being sold would be worth roughly $61 billion — among the largest single blocks of stock ever sold in a US IPO. Most of that, 801,351,354 shares, is new stock being sold by Anthropic itself; the remaining 23,648,646 shares are being sold by existing stockholders who are cashing out a portion of their stakes. Underwriters also have the standard option to buy up to another 123,750,000 shares at the IPO price, less underwriting discounts, which would push the maximum deal size past 948 million shares if fully exercised.

Anthropic's own estimate in the filing is that combined net proceeds from the Class A sale and the Class N private placement described below will run to about $84.6 billion, or roughly $93.7 billion if underwriters take their full over-allotment. Anthropic first disclosed its intent to list on the Nasdaq Global Select Market under the ticker ANT in its October filing, and that plan is unchanged in this amendment. That is capital the company says it plans to use for general corporate purposes, including continued investment in compute infrastructure, a theme that has run through every version of the S-1 since the original filing went public in late October.

The $26 billion side deal with AMD, Google, Microsoft and Nvidia

Alongside the public offering, the amended S-1 discloses a concurrent private placement in which Advanced Micro Devices, Broadcom, Google LLC, Micron Technology, Microsoft, Nvidia and TSMC Partners have each agreed, severally, to buy a combined $26.0 billion of Anthropic's non-voting Class N common stock at a price equal to whatever the IPO ultimately prices at. For Google specifically, the filing says its purchase funds part of an investment obligation it had already committed to under what Anthropic calls the "Google 2026 NPA." The underwriters will not collect any discount or commission on these Class N shares, and the placement is contingent on the public offering actually closing.

This is a new disclosure that did not appear in the October 26 S-1 or the November 2 amendment in this form, and it matters beyond the headline dollar figure: it ties several of the largest chipmakers and cloud providers directly into Anthropic's cap table at the same valuation public investors are being asked to pay, through a structure that keeps their voting power separate from Class A shareholders.

Who is underwriting the deal

The filing's cover page lists Goldman Sachs & Co. LLC and Morgan Stanley as lead underwriters, followed by J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho, MUFG, TD Securities, BTIG, Cantor, Capital One Securities, Macquarie Capital and Societe Generale — 22 banks in total, a syndicate size befitting an offering of this scale. Separately, the filing says certain Anthropic board members and affiliated entities have indicated interest in buying up to $303 million of Class A stock in the offering at the IPO price.

What the filing still does not say: the actual date

Despite setting a price range for the first time, the amended S-1 leaves the two blanks that would answer the question most people are actually typing into Google this week — when does Anthropic stock start trading, and when does the roadshow begin. The section describing when underwriters will deliver shares "against payment in New York, New York, on or about" is left blank in the filing, as is the date on the "Prospectus dated" line at the front of the document. Those blanks are typically filled in only once a deal has priced, shortly before trading begins.

Several financial outlets, citing Bloomberg, have reported this week that Anthropic could begin its investor roadshow around the week of November 9 and is targeting a Nasdaq debut before the Thanksgiving holiday on November 26. Anthropic has not confirmed a roadshow date or a first-trading-day target in any filing or public statement, so that timeline should be read as reported, not confirmed. The same reports note a standard SEC-related constraint: a company that first filed confidentially, as Anthropic did earlier this year, generally cannot begin its roadshow until at least 15 days after its registration statement is made fully public, which in Anthropic's case would allow a roadshow to start no earlier than around November 10 — the same day this price-range amendment was filed.

A "controlled company" with an unusual board structure

The amended filing reiterates that Anthropic will be a "controlled company" under Nasdaq's governance rules once it lists, because the Long-Term Benefit Trust, which holds all of the company's Class T common stock, generally has the power to elect a majority of Anthropic's board. The Trust is described in the prospectus as an independent body of financially disinterested trustees charged with balancing Anthropic's commercial goals against its stated public-benefit purpose, a structure Anthropic (a public benefit corporation founded in 2021) has pointed to since before it first announced its S-1 filing. Class A shares, the stock being sold in this IPO, carry one vote each; Class N shares, the stock being sold to AMD, Google, Microsoft, Nvidia and the other private-placement buyers, carry none.

The financial picture behind the price tag

The amendment also updates Anthropic's financials through the nine months ended September 30, 2026. Revenue for that period came to $33.24 billion, up from $2.55 billion in the same nine months of 2025. Net loss for the same nine months was $104.0 billion, but the filing's own breakdown shows that figure is dominated by a $94.3 billion non-cash charge tied to the changing fair value of convertible notes, derivative liabilities and SAFEs issued before the IPO — an accounting mechanism that marks those pre-IPO instruments up as the company's implied valuation rises, rather than cash leaving the business. Operating loss on its own, a narrower measure that strips out that revaluation effect, was $1.26 billion for the nine months, versus $8.06 billion for all of 2025, suggesting the underlying business lost less money, not more, even as the headline net-loss number grew.

How this fits with last week's valuation cut

This filing arrives roughly three days after reports described a sell-off-driven cut in Anthropic's expected valuation to the $1.5 trillion–$1.6 trillion range. The price range Anthropic has now put into an actual SEC filing implies a lower figure still — between about $916 billion and $1.02 trillion — though it's worth being precise about what is and isn't comparable here. The earlier $1.5–1.6 trillion figures were market estimates built on private secondary-market trades and banker chatter, not a number Anthropic had disclosed itself. This week's $70–$78 range is the company's own first disclosed pricing guidance, filed directly with regulators, and it could still move before the deal actually prices. Combined with coverage of Anthropic's newest Claude model releases, which the company has leaned on to make its case to investors, the picture emerging is of a company trying to justify a high but notably lower valuation than the trillion-dollar-plus figures that dominated headlines over the summer.

Frequently asked questions

What is Anthropic's IPO price range? According to the S-1/A filed November 10, 2026, Anthropic expects to price its Class A shares between $70.00 and $78.00 each.

How many shares is Anthropic selling? 825,000,000 Class A shares in the base offering — 801,351,354 from the company and 23,648,646 from selling stockholders — plus an underwriters' option for up to 123,750,000 more.

What valuation does that imply? Based on the 13.09 billion total shares the filing says will be outstanding across all stock classes after the deal, the price range implies an equity value of roughly $916 billion to $1.02 trillion.

Who is buying the $26 billion private placement? AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC Partners have each agreed to buy non-voting Class N stock at the IPO price, for a combined $26.0 billion.

When will Anthropic actually start trading? The filing does not say. Reports citing Bloomberg say the roadshow could begin around the week of November 9 with a debut targeted before Thanksgiving, but Anthropic has not confirmed any date.

What ticker will Anthropic use? ANT, on the Nasdaq Global Select Market, pending SEC effectiveness of the registration statement.

What's next

The next concrete signal to watch for is either a further amended S-1 that fills in the blank pricing and delivery dates, or public confirmation that the roadshow has begun. Under SEC rules, Anthropic's registration statement must be declared effective before any shares can actually be sold, and the company has not yet said when it expects that to happen. Investors and reporters tracking the deal are watching Anthropic's SEC filer page directly for the next amendment, since — as this week has shown — the company has been updating its own numbers faster than secondary reporting can keep up with them.

Written byTheo Park

Theo Park runs the AI desk at Pandromeda. He follows model launches from the frontier labs and the open-weight community, tracks the assistants and developer tools built on them, and explains what each release changes on pricing, capability and safety. His reporting leans on primary sources: model cards, technical reports, API documentation and the companies' own announcements.

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