Anthropic, the company behind the Claude AI models, plans to sell 825 million shares at $70 to $78 each in its Nasdaq IPO under the ticker ANT, according to an updated SEC filing on November 10, 2026. At the top of the range the base deal raises about $64.4 billion. That would make it the second-largest IPO on record after SpaceX, and it values Anthropic at roughly $1 trillion on shares outstanding, about $1.3 trillion fully diluted at the $74 midpoint, or up to $1.4 trillion fully diluted at the top. The investor roadshow started on November 10, and trading is expected late next week. Seven chip and cloud companies led by Google and Nvidia will also buy $26 billion of stock at the IPO price.[1][3][4]
 | |
| Company | Anthropic, PBC (public benefit corporation, Delaware) |
|---|---|
| Exchange | Nasdaq Global Select Market |
| Ticker | ANT |
| Price range | $70.00 to $78.00 a share |
| Shares offered | 825,000,000 Class A (801.35m new, 23.65m from existing holders) |
| Option shares | Up to 123,750,000 more |
| Base raise | $57.75bn to $64.35bn |
| Private placement | $26.0bn (Google, Nvidia, AMD, Broadcom, Micron, Microsoft, TSMC) |
| Lead banks | Goldman Sachs, Morgan Stanley |
| Last private value | $965bn (May 2026) |
| Filings | S-1 Oct 26; S-1/A Nov 2 and Nov 10, 2026 |
What the new filing says
Anthropic filed its second amended registration statement (Form S-1/A) with the US Securities and Exchange Commission on Tuesday, November 10. It is the first version to include a price range, following the first public S-1 on October 26 and an amendment on November 2.[2] The company is selling 801,351,354 new Class A shares and existing shareholders are selling another 23,648,646, for 825 million in total. The estimated price is "between $70.00 and $78.00" a share, and Anthropic has applied to list on the Nasdaq Global Select Market under the symbol "ANT".[1]
CNBC, which reported the range within minutes, worked out the same headline figures: up to $64.35 billion at the top of the range and a value of up to $1.405 trillion on a fully diluted basis, against the $965 billion the company was valued at in its May funding round.[3] TheBull also puts the May Series H at $965 billion.[10]
The underwriters can buy up to 123,750,000 extra shares from Anthropic if demand is strong. The filing lists 22 banks, with Goldman Sachs and Morgan Stanley first.[1][10] Separately, some board members and their affiliates have said they may buy up to $303 million of shares in the IPO. These indications are not binding.[1]
Why the headlines show different numbers
Readers will see $61 billion, $64.4 billion, $90 billion, $1 trillion, $1.1 trillion, $1.3 trillion and $1.4 trillion in different headlines on the same day. They describe different things, and all of them can be traced to the filing.
| Figure | Where it appears | What it measures |
|---|---|---|
| $64.4bn | Reuters, Bloomberg, CNBC[3][4] | 825m shares x $78, the base deal at the top of the range |
| About $61bn | The Wall Street Journal (via Quartz), CNN[19][18] | 825m shares x the $74 midpoint = $61.05bn (our maths) |
| About $90bn | Bloomberg[15] | Base deal plus the $26bn private placement ($90.35bn at $78) |
| About $1 trillion | Reuters[4] | About 13.09bn shares outstanding after the deal x $78 = $1.02trn (our maths)[1] |
| About $1.1 trillion | CNN[18] | CNN's figure at the midpoint once options and unvested stock are counted |
| About $1.3 trillion ($1.33trn) | The Wall Street Journal (via Quartz), Yahoo Finance[19][17] | Fully diluted value near the $74 midpoint. CNBC's $1.405trn at $78 implies about 18.0bn fully diluted shares, and 18.0bn x $74 is about $1.33trn (our maths) |
| Up to $1.4 trillion | CNBC, The New York Times[3][16] | Fully diluted value at $78, which also counts options, RSUs and other rights |
| $69.3bn | Reuters, AFR, Bloomberg[5][6] | An earlier set of terms sent to banks by mistake and withdrawn (see below) |
Why do CNN and the Journal differ at the same midpoint? They appear to count different sets of options and future shares. Neither number is in the filing as a headline figure, so treat both as estimates built from it.
Anthropic itself does not get all of the $64.4 billion, because 23.65 million of the shares belong to selling shareholders. The filing estimates net proceeds to the company, including the placement and after fees, at about $84.6 billion at the $74 midpoint, or about $93.7 billion if the extra option shares are sold too.[1]
The $26 billion Big Tech placement
Alongside the public offer, seven companies have agreed to buy $26 billion of non-voting Class N stock at the IPO price. At the $74 midpoint, Google and Nvidia would each put in about $10 billion, AMD $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each and TSMC about $500 million. Google's part funds some of an investment it had already committed to.[1][3]
The placement only closes if the IPO is completed. The banks earn no fee on it, and the shares are not registered in the offering or covered by the underwriters' lock-up, although they are restricted securities that cannot be sold freely at once.[1]
The terms sent by mistake
Before the official filing, Anthropic sent banks a set of terms and then pulled them back. The Australian Financial Review, following a Reuters report, said the company told bankers it planned to raise $69.3 billion at $70 to $80 a share, "before quickly retracting those figures citing inaccuracies".[5] Bloomberg described the episode as a "filing snafu" that jolted investors, and The Information reported that Anthropic's outside counsel had sent the banks the wrong documents.[6][7]
The figures in the November 10 filing are lower: a top price of $78 rather than $80 and a base raise of $64.35 billion rather than $69.3 billion.[1][5] The company has not commented publicly on what the first document contained.
How it compares with the biggest IPOs
SpaceX holds the record. Its June 2026 listing raised $75 billion, according to NPR, and CNBC puts the total at $85.7 billion. Before that, the record belonged to Saudi Aramco, whose 2019 listing raised $29.4 billion.[9][3] Anthropic's base deal of $57.75 billion to $64.35 billion would be about twice Aramco's figure and the second largest IPO on record.
For a longer look at Elon Musk's company, see our explainer on Starlink Mobile and SpaceX's plan to take on the big carriers.
Revenue and losses
The filing shows revenue of $33.24 billion for the nine months to September 30, 2026, up from $2.55 billion a year earlier, an increase of about 1,200%. Full-year revenue was $41 million in 2023, $386 million in 2024 and $4.59 billion in 2025.[1][3]
The net loss for the nine months was $104.0 billion, compared with $25.1 billion a year earlier. Most of it is an accounting charge: $94.3 billion came from changes in the fair value of convertible notes, derivative liabilities and SAFEs. The operating loss was much smaller at $1.26 billion, down from $5.22 billion. Compute and infrastructure cost $18.8 billion, or 57% of revenue, compared with 172% a year earlier.[1][3]
The company had more than 11,900 customers paying $100,000 or more a year as of September 30, more than 1,900 paying $1 million or more and about 250 paying $10 million or more.[1][8] Its newest models, released the day before the price range, are covered in Claude Fable 5.2 and Mythos 5.2 explained.
Valuation debate
The range is well below the figures discussed earlier in the autumn. CNBC reported that Anthropic had been looking towards a $2 trillion valuation until recently and that some shareholders saw even $1.5 trillion as a "stretch" after the post-election tech sell-off.[3] On November 6, Bloomberg reported that some IPO buyers saw a value as low as $1.1 trillion.[14]
Not everyone is cautious. Morningstar's most optimistic case puts Anthropic's value at $3 trillion, with a base-case fair value of about $1.7 trillion, according to the AFR and ShareCafe. Morningstar says that would need revenue growth of more than 60% a year for five years.[5][8]
When will Anthropic start trading?
Anthropic has not given a date, and the filing leaves the pricing date blank.[1] IFR, as reported by The Defiant, said the IPO would launch on Tuesday, November 10, which normally marks the start of the investor roadshow.[11] Bloomberg reported in October that the company was aiming to list before the US Thanksgiving holiday on November 26, and FourWeekMBA reported a target of November 19 or 20 for the first day of trading.[12][13] Treat those dates as reported plans, not confirmed ones.
Roadshow begins, trading expected late next week
Anthropic launched its IPO roadshow on Tuesday, November 10, the round of investor meetings that comes before the final price is set.[19][22] Two people with knowledge of the plan told CNN the IPO is expected late next week, although they said the date could move, and Anthropic declined to comment on timing.[18] The Wall Street Journal reported that the company is aiming for its shares to start trading on Thursday or Friday next week, which would be November 19 or 20.[20][21]
We checked SEC EDGAR at about 14:30 GMT. The last filing is still Amendment No. 2 to the S-1, accepted at 11:29 GMT on November 10, so the "new filing" in today's headlines is the same document described above.[2] The registration statement must be declared effective before any shares can be sold.[19]
| Step | Status (Nov 10, 14:35 GMT) |
|---|---|
| Price range set ($70 to $78) | Done, Amendment No. 2[1] |
| Investor roadshow | Started November 10[19][22] |
| SEC declares the registration effective | Not yet |
| Final IPO price | Not yet; usually the evening before trading |
| First trade on Nasdaq as ANT | Reported for late next week (Nov 19 or 20)[18][20] |
Can ordinary investors buy at the IPO price?
The filing says Anthropic expects part of the offer to go to retail investors through Charles Schwab, Fidelity, Robinhood, SoFi, Trade-PMR and E*TRADE from Morgan Stanley, which will act as selling group members. It expects retail allocations, in the US and other countries, to make up to 20% of the Class A shares, depending on demand. Each platform sets its own rules.[1] Anyone else can only buy once the shares start trading on Nasdaq.
Who controls Anthropic after the IPO
Public investors will get one vote per Class A share, but they will not control the company. A single Class F share held by an LLC of the seven co-founders, including chief executive Dario Amodei and president Daniela Amodei, carries 50.1% of the votes on most matters. A separate Long-Term Benefit Trust holds a Class T share that lets it elect directors who make up a majority of the board. Because of this, Anthropic will be a "controlled company" under Nasdaq rules.[1]
The company itself has agreed not to sell more shares until the earlier of two dates: just after its results for the quarter to March 31, 2027, or 180 days after the IPO.[1]
Frequently asked questions
What is the Anthropic IPO price range?
$70 to $78 a share, set in the S-1/A filed on November 10, 2026. The final price can be outside the range.[1][3]
What is Anthropic's ticker symbol?
ANT, on the Nasdaq Global Select Market.[1]
How much will the Anthropic IPO raise?
$57.75 billion to $64.35 billion in the base deal, up to $74 billion if all option shares are sold at $78, plus a separate $26 billion placement.[1][3]
Is it bigger than the SpaceX IPO?
No. On current terms it is smaller than SpaceX's $75 billion but far bigger than Saudi Aramco's $29.4 billion.[9]
When does Anthropic start trading?
No date is confirmed. CNN and The Wall Street Journal both report late next week, with the Journal naming Thursday or Friday (November 19 or 20).[18][20]
What is Anthropic worth at the IPO price?
About $916 billion to $1.02 trillion on shares outstanding. Fully diluted, it is about $1.33 trillion at the $74 midpoint (The Wall Street Journal's figure) and up to $1.405 trillion at $78. CNN puts the midpoint at about $1.1 trillion on its own count.[1][3]
Is Anthropic profitable?
No. It made an operating loss of $1.26 billion and a net loss of $104 billion in the first nine months of 2026.[1]
Elsewhere today
Another big money story from the same day: China's trade surplus passes $1 trillion.
References
- "Anthropic, PBC Form S-1/A (Amendment No. 2)". US Securities and Exchange Commission. November 10, 2026.
- "Anthropic, PBC filing index (CIK 0002130357)". SEC EDGAR. Checked November 10, 2026.
- "Anthropic sets price range of $70 to $78 in upcoming IPO as AI lab marches towards Nasdaq". CNBC. November 10, 2026.
- "Anthropic sets modest $1 trillion IPO valuation target in test of Wall Street's AI fervor". Reuters. November 10, 2026.
- "Anthropic prices itself at $US80 a share, before quickly retracting". Alex Gluyas, Australian Financial Review. November 10, 2026.
- "Anthropic Filing Snafu Jolts Investors in Run-Up to Mega IPO". Bloomberg. November 10, 2026.
- "Anthropic's Outside Counsel Sent Banks Wrong Documents Before Launching IPO". The Information. November 10, 2026.
- "Anthropic IPO Eyes Trillions, Morningstar Predicts Surge". ShareCafe. November 10, 2026.
- "SpaceX blasts off with a record-breaking $75 billion IPO". NPR. June 11, 2026.
- "What We Know About The Anthropic IPO Leading In To Debut". TheBull. November 10, 2026.
- "Anthropic to Launch Nasdaq IPO Tuesday, IFR Reports". The Defiant. November 10, 2026.
- "Anthropic Targets Mega-IPO Before Thanksgiving Holiday". Bloomberg. October 1, 2026.
- "Anthropic IPO: Shares Aim to Start Trading 19 or 20 November". FourWeekMBA. November 9, 2026.
- "Anthropic IPO Buyers See Valuation as Low as $1.1 Trillion". Bloomberg. November 6, 2026.
- "Anthropic Targets $90 Billion Haul With IPO, Big Tech Placement". Bloomberg. November 10, 2026.
- "Anthropic Targets Valuation of Up to $1.4 Trillion for Blockbuster I.P.O.". The New York Times. November 10, 2026.
- "Anthropic values itself at nearly $1.3 trillion, according to new IPO filing". Zunaira Zaki, Yahoo Finance. November 10, 2026.
- "We've never seen anything like the Anthropic IPO". Allison Morrow and Hadas Gold, CNN. November 10, 2026.
- "Anthropic targets an IPO valuation of up to $1.4 trillion, less than expected". Cris Tolomia, Quartz. November 10, 2026.
- "Anthropic targets $1.4 trillion IPO". Stevie Bonifield, The Verge. November 10, 2026.
- "Anthropic to Seek $1.3 Trillion Valuation in IPO". The Wall Street Journal. November 10, 2026.
- "Anthropic Reveals IPO Price as AI Market Jitters Grow". Gizmodo. November 10, 2026.