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Anthropic Launches IPO Roadshow, Offering 825 Million Shares at $70 to $78

The company's own announcement sets the share count and price range; CNBC, citing people familiar, reports a Nov. 18 pricing and a fully diluted value of up to about $1.4 trillion.

DailyMech Staff

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Anthropic Launches IPO Roadshow, Offering 825 Million Shares at $70 to $78
lapping / Pixabay — Pixabay Content License

Aerial view of Frankfurt's financial-district skyline, with glass towers, construction cranes, and a red Sparkasse logo on a central building

Illustrative photo of Frankfurt's skyline; it is not Anthropic, this IPO, or a U.S. exchange. Building marks are visible, including a Sparkasse "S" on a central tower, a Deutsche Bank slash on one of the dark towers at right, and smaller bank marks on more distant buildings.

Anthropic said Tuesday it has launched the roadshow for its proposed initial public offering of Class A common stock. The offering consists of 825,000,000 shares: 801,351,354 offered by Anthropic and 23,648,646 by certain existing stockholders, at an expected $70.00 to $78.00 per share. Anthropic said it will not receive any proceeds from the selling stockholders' shares and expects to grant underwriters a 30-day option to buy up to 123,750,000 more shares.

The company has applied to list on the Nasdaq Global Select Market under the symbol "ANT," a plan it first disclosed on Oct. 26. Its registration statement has been filed with the SEC but has not yet become effective.

CNBC, citing people familiar with the details, reported that Anthropic plans to price on Nov. 18 and begin trading Nov. 19. Bloomberg separately reported a Nov. 18 pricing, citing deal terms it reviewed. Anthropic's announcement gives no dates, so these are reported plans, not confirmed ones.

At a glance

Item Detail Source/status
Shares offered 825 million Class A (801.35M company, 23.65M existing holders) Anthropic announcement
Expected price $70.00–$78.00 per share Anthropic announcement
Underwriter option Up to 123.75M more shares, 30 days Anthropic (expects to grant)
Listing Applied for Nasdaq Global Select, "ANT" Anthropic; already disclosed Oct. 26
Timing Price Nov. 18, trade Nov. 19 CNBC, people familiar; not confirmed
Valuation Up to about $1.4T fully diluted at top of range CNBC ($1.405T), Bloomberg
Private placement $26B Class N to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, TSMC Reported from the filing (CNBC, TechCrunch, Bloomberg)
Status Registration not yet effective Anthropic

What the announcement leaves to reporting

Anthropic's newsroom post does not state a valuation, a dollar raise, a pricing or trading date, a retail allocation, or any private placement. Those come from news outlets, several citing an amended SEC filing DailyMech could not open.

CNBC reported that at the top of the range Anthropic could be worth up to $1.405 trillion on a fully diluted basis, up from the $965 billion valuation it announced in a May funding round. Bloomberg put the fully diluted figure at about $1.4 trillion, and the market value based on shares outstanding at about $1 trillion.

Reuters, citing the latest draft prospectus, said the IPO could raise as much as $64.4 billion; Bloomberg, citing the filing, gave the same base-offering figure. It includes shares sold by existing holders, so it is not what Anthropic itself would receive.

CNBC's sources said Anthropic is targeting a retail allocation of about 20% and that its book is already covered at the range on an allocable basis. CNBC also said the amended filing shows run-rate revenue of roughly $81 billion at the end of October.

The $26 billion placement

CNBC, TechCrunch and Bloomberg reported, citing the company or the filing, that Anthropic agreed to sell $26 billion of Class N common stock in a private placement at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. TechCrunch reported that Google and Nvidia are investing $10 billion apiece and described the Class N shares as non-voting.

CNBC said the placement shares will not be registered in the offering and will not be subject to underwriter lock-ups. The placement does not appear in Anthropic's roadshow announcement.

Official terms, the retracted leak and earlier talk

The official terms are Anthropic's: 825 million shares at an expected $70.00 to $78.00.

On Nov. 9, Reuters reported that a filing copy circulated to bankers showed about 867 million shares at $70 to $80. Anthropic then told bankers the pricing details were inaccurate, according to Reuters. An earlier one-line Reuters alert had cited a raise of as much as $69.3 billion. None of those were official terms.

Valuation talk is a third trail. Reuters reported on Nov. 5 that some investors saw a discussed $1.5 trillion valuation as the high end, after expectations earlier in the year as high as $2 trillion. CNBC reported last week that shareholders said even $1.5 trillion was in doubt. The fully diluted figure CNBC and Bloomberg reported Tuesday is below those earlier reported numbers.

What to watch

Whether the registration becomes effective and a final price is set; whether the reported Nov. 18 and Nov. 19 dates hold; any further amendments; and whether the private placement closes as described.

How we reported this

DailyMech read Anthropic's Nov. 10 announcement and newsroom listing in full, along with CNBC, TechCrunch, Bloomberg's report as reprinted by Business Standard, and a short Reuters exclusive reprinted by Investing.com. Attempts to open the new SEC amendment returned server errors, so filing details are attributed to those outlets. The Nov. 9 and Nov. 5 context comes from Reuters reprints DailyMech read for its Nov. 9 coverage. DailyMech contacted no one.

Published and fact-checked November 10, 2026.

Sources

DailyMech used AI tools to help research and draft this article; it was fact-checked by our editors.

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