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Anthropic IPO: $70 to $78 a Share, Roadshow Launched

Nitish Garg · Founder & CEO, CellCog · 10 November 2026 · 9 min read · 1,952 words
At a glanceQuick answers
What is Anthropic's IPO price range?
$70.00 to $78.00 a share, per the amended S-1 Anthropic filed on November 10, 2026.
How many shares are in the IPO?
825,000,000 Class A shares: 801,351,354 sold by Anthropic and 23,648,646 sold by existing stockholders.
How much will it raise?
$57.8 billion to $64.4 billion at the range, by our arithmetic, plus a $26.0 billion private placement with seven companies.
Editorial illustration on a near-white ground titled Anthropic sets its IPO price: a price tag hanging on a string, beside a large $70 to $78 labelled a share, per its SEC filing, and a smaller line, 825 million shares offered.
Fig 0Anthropic's amended S-1 sets a range of $70.00 to $78.00 a share for 825,000,000 shares. Made by CellCog's image agent, running GPT Image 2.5.

Anthropic launched the roadshow for its initial public offering on November 10, 2026, and put a price on it. “The initial public offering price is expected to be between $70.00 and $78.00 per share,” the company said in its announcement. An amended S-1 with the same range reached the SEC at 11:29 UTC.

The offering is 825,000,000 shares of Class A stock. At the range, that is $57.8 billion to $64.4 billion, by our arithmetic. Seven companies, led by Google and Nvidia, have agreed to buy another $26.0 billion of stock in a private sale at the IPO price. This page sets out what the filing says, what the range implies, and what is still not set.

On this page · 10 sectionsOpen
  1. What Anthropic filed
  2. The $26 billion private placement
  3. What the range implies
  4. Fully diluted: where $1.405 trillion comes from
  5. The October revenue figure
  6. How this compares with the earlier reports
  7. What is not set
  8. What to watch
  9. Where CellCog sits
  10. Sources
Key points5 · 9 min full read
  1. A price tag hanging on a string.
    Anthropic launched its IPO roadshow on November 10, 2026 and filed an amended S-1 that sets a price range of $70.00 to $78.00 a share.
  2. A tall stack of certificates next to a short one.
    The offering is 825,000,000 Class A shares: 801,351,354 sold by Anthropic and 23,648,646 sold by existing stockholders. Underwriters can buy up to 123,750,000 more.
  3. Seven coins in a row, two large and five small.
    Seven companies agreed to buy $26.0 billion of stock in a private placement at the IPO price: Google and Nvidia about $10.0 billion each, AMD $2.5 billion, and four more.
  4. A money bag with an upward arrow.
    Anthropic expects net proceeds of about $84.6 billion from both sales at the $74.00 midpoint. The public shares alone raise $57.8 billion to $64.4 billion at the range, by our arithmetic.
  5. A wall calendar with a question mark.
    Not set yet: the final price and the first trading day. The registration statement is not yet effective, so no shares can be sold.

§ 01What Anthropic filed

Animated diagram of where the money in the Anthropic IPO comes from, per its amended S-1 filed November 10 2026. The public offering is 825,000,000 shares at 70 to 78 dollars: 801.4 million sold by Anthropic, 23.6 million sold by existing stockholders, with up to 123.75 million more for the banks, raising 57.8 to 64.4 billion dollars at the range. The private placement is 26.0 billion dollars at the IPO price: Google 10.0, Nvidia 10.0, AMD 2.5, Broadcom 1.0, Micron 1.0, Microsoft 1.0 and TSMC Partners 0.5. Anthropic expects net proceeds of 84.6 billion dollars from both sales at the 74 dollar midpoint.
Fig 1The public offering, the private placement and the expected proceeds.

“Today Anthropic, PBC launched the roadshow for its proposed initial public offering of its Class A common stock,” the announcement reads. A roadshow is the stretch before pricing when a company and its banks present the deal to investors. Anthropic posted the news on X at 11:33 UTC, with the standard warning that the registration statement “has been filed with the SEC but has not yet become effective”.

Item Figure
Price range $70.00 to $78.00 a share
Shares offered 825,000,000 Class A
Sold by Anthropic 801,351,354
Sold by existing stockholders 23,648,646
Underwriters’ 30-day option Up to 123,750,000 more shares
Exchange and ticker Nasdaq Global Select Market, ANT
Private placement $26.0 billion of Class N stock, at the IPO price
Net proceeds Anthropic expects About $84.6 billion at the $74.00 midpoint
All classes of stock outstanding after both sales 13,086,672,593 shares
Table 1Anthropic’s IPO terms, per the amended S-1 (November 10, 2026)

Two points on the public sale:

  • Anthropic does not get all of it. “Anthropic will not receive any proceeds from the sale of shares by the selling stockholders.”
  • The banks. The announcement names Goldman Sachs and Morgan Stanley as the places to get the preliminary prospectus.

§ 02The $26 billion private placement

The filing says seven companies “have agreed, severally and not jointly, to purchase an aggregate of $26.0 billion of our Class N common stock in a private placement at a price per share equal to the initial public offering price”.

Private placement by buyer, billions of dollars (amended S-1)Bar chart of the 26.0 billion dollar private placement by buyer, in billions of dollars, per Anthropic's amended S-1: Google 10.0, Nvidia 10.0, AMD 2.5, Broadcom 1.0, Micron Technology 1.0, Microsoft 1.0, TSMC Partners 0.5.Google10.0Nvidia10.0AMD2.5Broadcom1.0Micron Technology1.0Microsoft1.0TSMC Partners0.5Private placement by buyer, billions of dollars (amended S-1)Bar chart of the 26.0 billion dollar private placement by buyer, in billions of dollars, per Anthropic's amended S-1: Google 10.0, Nvidia 10.0, AMD 2.5, Broadcom 1.0, Micron Technology 1.0, Microsoft 1.0, TSMC Partners 0.5.Google10.0Nvidia10.0AMD2.5Broadcom1.0Micron Technology1.0Microsoft1.0TSMC Partners0.5
Fig 2Private placement by buyer, billions of dollars (amended S-1)

Three details:

  • Google’s share is not all new money. The filing describes Google as “funding a portion of its previously committed investment obligations under the Google 2026 NPA”.
  • The sale depends on the IPO. It “is contingent upon, and is scheduled to close immediately subsequent to, the completion of this offering”.
  • These shares sit outside the public sale. They “will not be registered in this offering and will not be subject to lock-up agreements with the underwriters”.

Separately, some board members and related entities “have indicated an interest in purchasing shares of our Class A common stock in this offering”, for up to $303 million. The filing says these indications are not binding agreements.

§ 03What the range implies

At a price of 825,000,000 public shares raise All shares outstanding are worth
$70.00 $57.8 billion About $916 billion
$74.00 (midpoint) $61.1 billion About $968 billion
$78.00 $64.4 billion About $1.02 trillion
Table 2What $70 to $78 implies (our arithmetic on the filing’s share counts)

How to read the table:

  • The middle column counts every public share. That includes the 23,648,646 shares sold by existing stockholders, whose proceeds do not go to Anthropic.
  • The option adds more. If the underwriters take all 123,750,000 extra shares, the public sale at $78.00 comes to about $74.0 billion.
  • The last column is a simple count. It multiplies the price by 13,086,672,593 shares. That count leaves out stock options and stock awards that have not yet turned into shares. The next section adds them.
  • Earlier valuation talk used a wider count. On November 6 the Financial Times reported investor talk of $1.25 trillion to $1.75 trillion. The fully diluted figures below, about $1.26 trillion to $1.405 trillion, sit inside that band. Our running record of the IPO reports has the earlier reports.

Anthropic gives its own estimate. Net proceeds from both sales “will be approximately $84.6 billion” at the $74.00 midpoint, “or approximately $93.7 billion if the underwriters’ option to purchase additional shares of our Class A common stock is exercised in full”.

§ 04Fully diluted: where $1.405 trillion comes from

CNBC reported that Anthropic “could end up being worth up to $1.405 trillion on a fully diluted basis”. The filing does not print that figure. It can be rebuilt from the filing’s own list of shares that the outstanding count leaves out.

Shares in a fully diluted count, in millions (our sum from the S-1)Bar chart of the shares in a fully diluted count of Anthropic, in millions, summed by us from the amended S-1: outstanding after both sales 13,087; stock options 1,774; stock awards not yet settled 1,074; reserved for future grants 2,049; issued after September 30 29. Total 18,013 million shares.Outstanding after both sales13087Stock options1774Stock awards not yet settled1074Reserved for future grants2049Issued after September 3029Shares in a fully diluted count, in millions (our sum from the S-1)Bar chart of the shares in a fully diluted count of Anthropic, in millions, summed by us from the amended S-1: outstanding after both sales 13,087; stock options 1,774; stock awards not yet settled 1,074; reserved for future grants 2,049; issued after September 30 29. Total 18,013 million shares.Outstanding after both sales13087Stock options1774Stock awards not yet settled1074Reserved for future grants2049Issued after September 3029
Fig 3Shares in a fully diluted count, in millions (our sum from the S-1)
  • Stock options: 1,774,342,693 shares, at an average exercise price of $2.91.
  • Stock awards not yet settled: 1,026,660,010 shares, plus 47,041,287 granted after September 30.
  • Reserved for future grants: 1,920,580,692 shares under the 2026 equity plan and 128,038,713 under the employee stock purchase plan. Nobody has been granted these yet.
  • Issued after September 30: 561,963 and 848,882 shares for acquisitions, and 27,991,850 shares to match employee donations.

Added to the 13,086,672,593 shares outstanding, these come to 18,012,738,683 shares. At $78.00 that is about $1.405 trillion, which matches CNBC’s figure. At $70.00 it is about $1.26 trillion.

Three cautions:

  • This is our reconstruction. CNBC does not show its working. The sum above is the one that lands on its number.
  • It counts shares that do not exist yet. Without the shares reserved for future grants, the top of the range is about $1.25 trillion.
  • It leaves one reserve out. The filing also lists 933,698,210 shares reserved for a donation matching plan. Adding them would give about $1.48 trillion, which does not match CNBC.

§ 05The October revenue figure

The amendment also fills in a number that earlier drafts left blank. “Run-Rate Revenue was approximately $81 billion as of October 31, 2026, up $10 billion from September 30, 2026.”

Two cautions from the filing itself:

  • It is not reported revenue. The filing says Run-Rate Revenue “is not a substitute for revenue prepared in accordance with GAAP or a forecast of revenue”.
  • It scales up a short window. The measure “annualizes our consumption-based fees for a trailing 28-day period and our subscription-based fees for a single month”.

At $78.00, the company would be valued at about 13 times that run-rate on shares outstanding, and about 17 times on the fully diluted count. Both figures are our arithmetic.

§ 06How this compares with the earlier reports

Reuters reported the $70 to $78 band from a draft about an hour before the filing (report). The night before, it had reported a $70 to $80 range that Anthropic then called inaccurate. The filing settles the question: $70.00 to $78.00, on 825,000,000 shares. Reuters’ figure of “as much as $64.4 billion” matches 825,000,000 shares at $78.00.

§ 07What is not set

  • The final price. The range is an estimate. The price is set after the roadshow.
  • The first trading day. The filing leaves the delivery date blank.
  • The effective date. “These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.”
  • The option. Whether the underwriters buy the extra shares is decided after pricing.

§ 08What to watch

  • The pricing announcement, and whether it lands inside the range.
  • An amendment that moves the range or the share count.
  • The first day of trading as ANT on Nasdaq.

Related on this blog: Anthropic IPO Prospectus: $70-$78 a Share, Reports Checked and Anthropic S-1: $16.3B Half-Year Revenue, Ticker ANT.

§ 09Where CellCog sits

CellCog runs its AI employees on Anthropic’s Claude Opus 5.5, so Anthropic’s health matters to us. This page reports what the filing says. It is not investment advice.

§ 10Sources

Frequently asked6 questions

Q1What is Anthropic's IPO price range?

$70.00 to $78.00 a share. Anthropic announced the range on November 10, 2026 and filed it with the SEC the same day in an amended S-1.

Q2How many shares is Anthropic selling?

The offering is 825,000,000 Class A shares. Anthropic is selling 801,351,354 of them and existing stockholders are selling 23,648,646. Underwriters have a 30-day option on up to 123,750,000 more.

Q3How much will the Anthropic IPO raise?

At $70.00 to $78.00 a share, 825,000,000 shares come to $57.8 billion to $64.4 billion, by our arithmetic. Anthropic estimates net proceeds of about $84.6 billion from the IPO and the private placement together, at the $74.00 midpoint.

Q4Who is buying in the private placement?

Seven companies: Google and Nvidia at about $10.0 billion each, AMD at about $2.5 billion, Broadcom, Micron Technology and Microsoft at about $1.0 billion each, and TSMC Partners at about $500 million, per the filing.

Q5When does Anthropic start trading?

No date is set. The filing leaves the delivery date blank and the registration statement is not yet effective. The stock is to list on the Nasdaq Global Select Market under the ticker ANT.

Q6What valuation does the price range imply?

About $916 billion to $1.02 trillion on the 13,086,672,593 shares outstanding after both sales, by our arithmetic. Counting stock options, unsettled stock awards and shares reserved for future grants, about $1.26 trillion to $1.405 trillion. This page is not investment advice.

Published 10 November 2026 All Category basics →