Anthropic IPO: $70–$78 range, could price higher, FT reports

Anthropic has set a price range of $70 to $78 a share for an offering of 825 million Class A shares and has applied to list on the Nasdaq Global Select Market under the ticker ANT, according to Amendment No. 2 to its S-1, filed with the SEC on Nov. 10, 2026. The filing puts run-rate revenue at about $81 billion as of Oct. 31; CNBC and TechCrunch put the fully diluted value at up to about $1.4 trillion at the top of the range, and CNBC's sources expect trading around Nov. 19, a date Anthropic has not confirmed.

Update, Nov. 11, 2026

The Financial Times reports, citing people familiar with the matter, that underwriters led by Goldman Sachs and Morgan Stanley could price the offering above the $70-to-$78 range set in Tuesday's amendment, which could push the valuation to $1.5 trillion or more. Bloomberg Law, citing the FT, reported the same $1.5 trillion-or-more figure. Bloomberg has separately reported that the deal was fully covered, with orders from prospective investors for all the available shares, when it launched. Those are reports about banker discussions and demand, not a new SEC filing and not a final price. Our earlier reading of the $70-to-$78 range, following CNBC and TechCrunch, put the fully diluted value at up to about $1.4 trillion at the top of the range. Nothing is priced until the offering is priced; CNBC's sources have said that is expected on Nov. 18, with trading around Nov. 19, dates Anthropic has not confirmed. Anthropic, whose Claude models we cover in our guide to AI models, has not posted an updated range.

What's in the amended filing

The Nov. 10 amendment is the first public S-1/A to fill in the share count and price range, which were still blank in the Nov. 2 amendment. Anthropic is selling 801,351,354 of the 825 million shares; selling stockholders are offering the other 23,648,646, and Anthropic will not receive those proceeds. The company has also granted underwriters a 30-day option to buy up to 123,750,000 additional shares.

At the top of the range, the 825 million-share offering would raise $64.35 billion gross (our math: 825 million × $78). At $70, the same share count is $57.75 billion gross (our math). Because selling stockholders are part of that total, Anthropic's own 801,351,354 shares would raise about $62.51 billion gross at $78, or about $56.09 billion at $70 (our math), before underwriting discounts and expenses. Those figures are offer proceeds, not a valuation.

The same amendment says Anthropic has agreed to sell an aggregate $26.0 billion of non-voting Class N common stock, at the IPO price, in a concurrent private placement to Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC Partners. At the $74 midpoint used in the filing, Google and Nvidia would each buy about $10.0 billion of that stock. The placement is scheduled to close immediately after the IPO, is contingent on the offering, and those shares will not be registered in it. Anthropic estimates net proceeds from its own IPO shares plus the private placement at about $84.6 billion at the $74 midpoint, or about $93.7 billion if the underwriters' option is exercised in full, after estimated discounts and expenses.

TSMC's board also approved buying up to $500 million of Anthropic stock at the IPO price.

The registration statement is not yet effective, and the price remains an estimate until the offering is priced. Anthropic announced the roadshow the same day.

After last night's retraction

The new range arrives a few hours after Anthropic told bankers that pricing details in a filing sent to them were inaccurate. Reuters had reported that a copy of that document showed about 867 million shares at $70 to $80, a top-end raise of as much as $69.3 billion, before Anthropic walked those figures back and said an updated filing would follow. Today's amendment is that update: about 42 million fewer shares in the offering (Reuters described the earlier share count as approximate), and a ceiling $2 lower. It is tighter than the retracted terms, not a confirmation of them.

The $1.4 trillion fully diluted figure is CNBC's and TechCrunch's reading at the top of the new range, not a number Anthropic prints as a headline valuation in the amendment. It sits well below the $2 trillion target some investors had discussed earlier this fall, and in the same neighborhood as the valuation ranges prospective investors were debating as of Nov. 6. A market capitalization based only on shares outstanding after the deal would be a different, lower number; we are not substituting one for the other.

What the run-rate jump shows

The more useful new number in the filing may be the run-rate. Anthropic defines run-rate revenue as an operating metric: the estimated annualized value of its revenue-generating activity as of a measurement date. It was about $81 billion as of Oct. 31, 2026, up $10 billion from Sept. 30. That is a one-month step-up reported after a week in which AI and chip stocks sold off and the IPO's valuation talk moved lower. It is not the same as the $33.2 billion of revenue Anthropic reported for the nine months through Sept. 30, and it is not a forecast for 2027. Our explainer on Anthropic's S-1 covers how those earlier financials are put together, including why the large reported net loss is mostly a fair-value charge.

Codema's Deals & IPOs coverage of AI company offerings and registration statements follows this filing and the roadshow.

What to watch

• Whether the registration statement is declared effective, without which the shares cannot be sold.
• The final IPO price, which can land inside or outside the $70-to-$78 range once the roadshow is done.
• A listing date. CNBC, citing people familiar with the plans who were not authorized to speak publicly, said Anthropic is planning to price on Nov. 18 and start trading on Nov. 19. Anthropic has not confirmed either date.