Anthropic has put a price on its stock market debut. On Nov. 10, 2026, the Claude maker launched the roadshow for its initial public offering and set a range of $70.00 to $78.00 per share. Orders already add up to multiple times the stock on offer, Bloomberg reported, according to Quartz on Nov. 11.
The updated filing also names seven companies that have agreed to buy $26.0 billion of Anthropic stock alongside the IPO. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC are on that list, according to the amended S-1 filed with the SEC on Nov. 10.
Update (Nov 11, 2026)
Nasdaq said in a Data Technical News notice dated Nov. 11, 2026, that Anthropic, PBC Class A common stock is expected to be listed and begin trading on the Nasdaq Global Select Market under the ticker symbol ANT on November 19, 2026. An update in the same notice, as of November 11, says Anthropic, PBC (ANT) will begin publicly trading on November 19, 2026. The notice lists CUSIP 03703U107 and a listing date of Thursday, November 19, 2026. That matches what CNBC, citing people familiar with the details, reported on Nov. 10: Anthropic plans to price the IPO on Nov. 18 and start trading on Nov. 19.
The IPO terms
The offer is 825,000,000 shares of Class A common stock, Anthropic says. Anthropic itself sells 801,351,354 of them. Existing stockholders sell the other 23,648,646, and Anthropic gets no money from those. The banks running the sale also get a 30-day option to buy up to 123,750,000 more shares. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT.
Across the price range, the 825 million shares would raise $57.75 billion to $64.35 billion, TechCrunch reports. TechCrunch puts the implied valuation at $1.404 trillion on a fully diluted basis at the top of the range. That compares with the $965 billion valuation Anthropic reached in a May fundraise, TechCrunch says.
Goldman Sachs and Morgan Stanley lead the deal, and 20 other banks are listed with them on the filing's cover.
Who buys the $26 billion private placement
The private placement is a separate sale of Class N common stock at the same price as the IPO. The filing lists these buyers and amounts, based on the $74.00 midpoint:
- Google: about $10.0 billion
- Nvidia: about $10.0 billion
- AMD: about $2.5 billion
- Broadcom: about $1.0 billion
- Micron: about $1.0 billion
- Microsoft: about $1.0 billion
- TSMC Partners: about $500 million
The sale depends on the IPO and on other conditions, including stockholder approval, and is set to close right after it, the filing says. Google's part funds a portion of an investment it had already committed to under a 2026 note purchase agreement with Anthropic. The banks get no fee on these shares, and the shares are not covered by the lock-up agreements. The IPO itself does not depend on the private placement.
Separately, some Anthropic board members and related entities have said they may buy up to $303 million of Class A shares in the IPO. The filing notes these are not binding.
What the money buys
Anthropic estimates net proceeds of about $84.6 billion from the IPO and the private placement together at the $74.00 midpoint, per the S-1/A. That rises to about $93.7 billion if the banks use their full option.
The filing says the money is for "general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel." Anthropic may also buy or invest in other businesses, but says it has no agreements or commitments for any material deal now. It plans to use about $3.8 billion to pay tax withholding tied to settling restricted stock units.
The latest quarter
The filing's quarterly table shows revenue of $16.956 billion for the three months ended Sept. 30, 2026. That is up from $11.555 billion in the June quarter and $1.382 billion a year earlier, per the S-1/A.
Card data gives another view of business demand. Ramp's November AI Index says 44.8% of US businesses on Ramp paid Anthropic in October, up 1.1 points.
Costs grew too. Compute and infrastructure cost $9.863 billion in the September quarter. Anthropic posted an operating loss of $567 million, after operating income of $974 million in the June quarter. The roadshow video also claims Claude Mythos got Claude running on AMD GPUs in about three days.
The net loss for the quarter was $23.291 billion. Most of that is one line: a $21.936 billion charge for the change in fair value of convertible notes, derivative liabilities, and SAFEs.
What Bloomberg and CNBC report about demand
Bloomberg says demand came from large, anchor-style expressions of interest, and that terms may still change, Quartz reports. Bloomberg also reports a livestream on Friday, Nov. 13, with CEO Dario Amodei and JPMorgan Chase CEO Jamie Dimon. A representative for Anthropic did not respond to Bloomberg, Quartz says.
CNBC, citing people familiar with the details, reports that Anthropic plans to price the IPO on Nov. 18 and start trading on Nov. 19. The same people told CNBC that Anthropic is targeting about 20% of the offering for retail investors and that the order book was already covered at the range.
Lock-ups and what comes next
Co-founders and certain stockholders who held more than 0.5% of fully diluted shares before the IPO face transfer limits for up to 365 days after the prospectus date, with some exceptions, the filing says. Other holders under lock-up or market standoff agreements face up to 180 days.
The next dated step is the planned pricing on Wednesday, Nov. 18, 2026, as reported by CNBC. Nasdaq said on Nov. 11 that the shares will begin publicly trading on Thursday, Nov. 19, 2026. Until the SEC declares the registration effective, Anthropic says, the shares cannot be sold.
The same S-1/A also says Anthropic has met the AI research and development threshold in its Responsible Scaling Policy, based on what it expects from future models. We explain that disclosure in our post on Anthropic's AI R&D threshold.
For earlier coverage, see our posts on Anthropic's S-1, how much stock retail investors may get and OpenAI's $11 billion first close.
Sources
- Anthropic: Anthropic launches roadshow for proposed initial public offering (Nov. 10, 2026)
- Anthropic PBC Form S-1/A, filed Nov. 10, 2026 (SEC)
- TechCrunch: Anthropic sets IPO price range of $70 to $78 per share
- CNBC: Anthropic sets price range of $70 to $78 in upcoming IPO
- Quartz, citing Bloomberg: Anthropic IPO is said to be multiple times oversubscribed
- Nasdaq Trader: Data Technical News #2026-28, Anthropic, PBC Initial Public Offering on Nasdaq Global Select Market (Nov. 11, 2026)
