Takeaway: On November 10, 2026, Anthropic, PBC announced that it had launched the roadshow for a proposed initial public offering of Class A common stock. The company’s own post, and Amendment No. 2 to its Form S-1 filed the same day, state the terms that our November 9 coverage of a retracted bank circulation said to wait for: 825,000,000 Class A shares, of which 801,351,354 are being offered by Anthropic and 23,648,646 by existing stockholders, at an expected price of $70.00 to $78.00 a share. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. The registration statement has been filed with the U.S. Securities and Exchange Commission but has not become effective. The announcement is not an offer to sell, and the shares cannot be sold until the registration statement is effective. This is a public kickoff with a stated range. It is not a priced deal.
The official range is tighter, and the share count is lower, than the figures Reuters reported from a filing circulated to banks on November 9 and then withdrawn as inaccurate. The $26.0 billion concurrent private placement of non-voting Class N stock, which appeared in that earlier circulation, is now in the public amendment, with named purchasers and dollar amounts at an assumed $74.00 midpoint. Those placements still close only if the IPO is completed and other conditions are met. They are not money in the door today.
What Anthropic officially announced
The November 10 company post is short and specific. The proposed offering is 825 million Class A shares. Anthropic is selling 801,351,354 of them. Certain existing stockholders are selling 23,648,646, and Anthropic will not receive any proceeds from that secondary sale. The company also expects to grant the underwriters a 30-day option to buy up to an additional 123,750,000 Class A shares. The expected IPO price is between $70.00 and $78.00 per share. Prospectus copies may be obtained from Goldman Sachs & Co. LLC or Morgan Stanley & Co. LLC. The post repeats that a registration statement is on file and is not yet effective.
Those figures match the cover of the November 10 amendment. Until a later filing or a priced prospectus changes them, they are the terms the company has put in a public document, not a leaked draft and not a reporter’s reconstruction of banker emails.
How the official terms differ from the retracted circulation
On November 9, Reuters reported that a representative of Anthropic had emailed banks a filing showing about 866.7 million Class A shares at $70 to $80, implying $69.3 billion of proceeds at the top of that range, then sent a follow-up saying the pricing details were inaccurate. Anthropic declined to comment, and Reuters could not say what was wrong. The official amendment answers that question with new numbers, not with an explanation of the error.
| Item | Retracted circulation, per Reuters (Nov. 9) | Official announcement and S-1/A (Nov. 10) |
|---|---|---|
| Class A shares in the base offering | About 866.7 million, including a secondary sale | 825,000,000 |
| Sold by Anthropic | About 843.3 million | 801,351,354 |
| Sold by existing stockholders | About 23.3 million | 23,648,646 |
| Indicated price range | $70 to $80 per share (later called inaccurate) | $70.00 to $78.00 per share |
| Implied proceeds at the top of the range, base offering | $69.3 billion, as reported by Reuters | $64.35 billion, which is 825 million shares times $78; this includes secondary shares whose proceeds do not go to Anthropic |
| Underwriters’ 30-day option | Not set out in the Reuters account we covered | Up to 123,750,000 additional Class A shares from Anthropic |
| Roadshow | Expected to start Tuesday, November 10, in Reuters’ November 9 report | Launched, according to Anthropic’s November 10 post |
The official top-end figure for the 825 million-share base offering is lower than the retracted $69.3 billion, and the range no longer reaches $80. That is a comparison of a withdrawn circulation with a public filing. It is not proof that Anthropic “cut” a deal it had already priced. There was no priced deal on November 9, and there is still no priced deal now.
What the range implies for proceeds — and what it does not
Simple arithmetic on the official share count and range is enough for the base offering. 825,000,000 shares times $70.00 is $57.75 billion. The same count times $78.00 is $64.35 billion. Those totals include the 23,648,646 secondary shares. Anthropic does not receive that portion. The company’s own primary sale, 801,351,354 shares, would gross about $56.09 billion at $70.00 and about $62.51 billion at $78.00, before underwriting discounts and expenses. The 30-day option, if exercised in full, would add 123,750,000 primary shares, or about $8.66 billion at $70.00 and about $9.65 billion at $78.00, again before fees.
The amendment’s own proceeds estimate is a net figure, and it folds in the concurrent private placement. The filing says Anthropic estimates net proceeds to the company from the IPO and the Class N placement together at approximately $84.6 billion, based on an assumed $74.00 midpoint, after estimated underwriting discounts and commissions (which apply only to the Class A offering) and estimated offering expenses — or approximately $93.7 billion if the underwriters’ option is exercised in full. Those are the company’s estimates at the midpoint, not a promise of what buyers will pay or of what will be left after the deal is priced.
The filing also states the share counts it expects to be outstanding after the offering and the concurrent placement, assuming the conversions and issuances listed in the prospectus: 7,427,991,791 Class A shares, 5,658,680,800 Class N shares, one Class T share, and one Class F share, for a total of 13,086,672,593 shares (or 13,210,422,593 if the option is exercised in full). Multiplying that base count by the ends of the range produces about $916.1 billion at $70.00 and about $1.021 trillion at $78.00. That is arithmetic on the amendment’s stated post-offering count. It is not a company-stated valuation, it does not add in every reserved or unissued award a later reader might want to include, and it will move if the price, the share count, or the placement changes. We are not adopting third-party fully diluted figures that use a different denominator.
The $26.0 billion Class N placement is now in the public filing
The November 10 amendment says that, immediately after the IPO and subject to stated conditions, Google LLC, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., Micron Technology, Inc., Microsoft Corporation, and TSMC Partners, Ltd. will purchase, severally and not jointly, an aggregate of $26.0 billion of Anthropic’s Class N common stock at the IPO price. Class N shares have no voting rights except as otherwise required by law. The underwriters receive no discount or commission on this sale, and the shares will be restricted securities, not registered in the offering and not subject to underwriter lock-ups.
At the assumed $74.00 midpoint, the filing assigns the $26.0 billion as follows: Google and NVIDIA would each purchase 135,135,135 shares for approximately $10.0 billion; AMD would purchase 33,783,783 shares for approximately $2.5 billion; Broadcom, Micron, and Microsoft would each purchase 13,513,513 shares for approximately $1.0 billion; and TSMC would purchase 6,756,756 shares for approximately $500 million, a total of 351,351,348 Class N shares. Those share counts would change if the IPO is priced away from $74.00, because the dollar commitments are fixed and the price is not. The sale is contingent on completion of the offering and other conditions. It should not be described as a closed investment.
Governance: Class F voting and a trust-elected board majority
The company post flags a “novel capital and corporate governance structure.” The amendment fills that in. Anthropic is a Delaware public benefit corporation. A single share of Class F common stock, to be held by a limited liability company organized by the seven co-founders, will be entitled to an aggregate number of votes equal to 50.1% of the total voting power on matters submitted to stockholders generally, including the election of directors other than the Class T directors. Class F has no economic rights.
Separately, the Long-Term Benefit Trust, through a single share of Class T common stock, generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of the board. Class T has no economic rights and does not otherwise vote on ordinary stockholder matters. Class A buyers get one vote per share. In practical terms, public holders will not control the board and will not hold a majority of the voting power. That is a structural fact of the filing, not a prediction about how the trust or the founders will vote.
Financial figures the amendment itself states
The prospectus is also the source for the operating numbers now being repeated in coverage of the roadshow. Revenue was $17.0 billion for the three months ended September 30, 2026, and $33.2 billion for the nine months ended September 30, 2026, up from $2.5 billion in the same nine-month period of 2025. The filing says the company does not expect revenue to keep growing at comparable rates. Net loss for the nine months was $104.0 billion. That total includes a $94.3 billion change in the fair value of convertible notes, derivative liabilities, and simple agreements for future equity; the operating loss for the same period was $1.3 billion, down from $5.2 billion a year earlier. Those are different measures, and the fair-value line is not the same thing as cash spent on compute.
As of September 30, 2026, the filing reports $95.6 billion of cash and cash equivalents and $36.3 billion of short-term investments, or $131.8 billion combined, and says Anthropic had raised an aggregate of $141.1 billion of capital. It also reports purchase commitments and lease agreements, including short-term commitments and leases not yet commenced, with an aggregate committed spend of approximately $900.9 billion, substantially all related to compute and infrastructure. Of that, approximately $451.6 billion is expected to be incurred before December 31, 2030, and approximately $70.7 billion is due in the 12 months following September 30, 2026.
The amendment also discloses an operating metric it calls Run-Rate Revenue, which it says was approximately $81 billion as of October 31, 2026, up $10 billion from September 30, 2026. The filing is explicit that this is not a GAAP number and not a forecast: it annualizes consumption-based fees from a trailing 28-day window, multiplied by 13, plus a month of subscription fees, multiplied by 12. It can include amounts from customers later restricted or terminated, and the company says it expects the growth rate of this metric to decline. Treat it as the company’s defined snapshot, not as $81 billion of recognized annual revenue.
What is still not settled
The roadshow has started. The price has not. The registration statement is not effective. The company has not, in the November 10 post, named a first trading day. Some press coverage has pointed to around November 19, citing CNBC; that timing is not in Anthropic’s announcement, and a mid-November window can still move. Earlier investor discussion of a valuation around $1.5 trillion, and of figures closer to $1 trillion, remains a record of what people were telling reporters before this range was published. It is not company guidance, and it should not be mixed into the official $70-to-$78 terms.
The same week Anthropic was starting the roadshow, it also launched Claude Whiteboards and Claude Sheets in beta and made Claude Data generally available, a day after Claude Fable 5.2 and Mythos 5.2. Those are product stories. They are not terms of the offering. They are useful only as context that the company is still shipping frontier models and workplace tools while it markets a very large public and strategic raise.
This article is a report on a company announcement and an SEC filing. It is not an offer, a solicitation, or investment advice. Anyone considering the shares will have to read the prospectus when it is available, and no sale can occur until the registration statement is effective.
Official terms at a glance
| Item | What the November 10 announcement and S-1/A say |
|---|---|
| Issuer | Anthropic, PBC, a Delaware public benefit corporation. |
| Security and ticker | Class A common stock; applied to list on the Nasdaq Global Select Market as ANT. |
| Base offering | 825,000,000 shares: 801,351,354 from Anthropic and 23,648,646 from selling stockholders. |
| Expected price range | $70.00 to $78.00 per share. Not a final IPO price. |
| Underwriters’ option | 30-day option for up to 123,750,000 additional Class A shares from Anthropic. |
| Concurrent placement | $26.0 billion of non-voting Class N stock, at the IPO price, to Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and TSMC, contingent on the offering and other conditions. |
| Estimated net proceeds at a $74 midpoint | About $84.6 billion from the IPO and the placement combined, or about $93.7 billion if the option is exercised in full, after estimated discounts and expenses. |
| Registration status | Filed with the SEC; not yet effective. The announcement is not an offer to sell. |
| Trading date | Not stated in the company announcement. |
FAQ: Anthropic’s IPO roadshow
Has Anthropic officially launched its IPO roadshow?
Yes. The company’s November 10, 2026 post says Anthropic, PBC launched the roadshow that day for a proposed offering of Class A common stock. That is the public confirmation that was still only an expectation in Reuters’ November 9 report.
What is the official price range?
The company and the November 10 amendment say the initial public offering price is expected to be between $70.00 and $78.00 per share. That is an estimated range, not a priced deal, and it can change before shares are sold.
How many shares are being offered?
The base offering is 825,000,000 Class A shares: 801,351,354 from Anthropic and 23,648,646 from existing stockholders. Underwriters may also have a 30-day option to buy up to 123,750,000 more shares from the company.
Is $64.35 billion Anthropic’s valuation?
No. $64.35 billion is 825 million shares times the top of the $78.00 range — the implied gross proceeds of the base offering, including secondary shares. A company-level figure needs a share count for the whole capital structure. The amendment’s stated post-offering count of 13,086,672,593 shares times $78.00 is about $1.021 trillion, which is arithmetic, not a company-stated valuation.
Is the $26 billion placement a done deal?
Not yet. The filing says Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and TSMC have agreed to buy an aggregate $26.0 billion of Class N stock at the IPO price, to close immediately after the offering if stated conditions are met. It is not a closed investment, and the share counts in the filing are calculated at an assumed $74.00 midpoint.
When will the stock start trading?
Anthropic’s announcement does not give a first trading day. It has applied to list on Nasdaq as ANT. Some outlets have reported a date around November 19, citing CNBC. That is reporting, not a date in the company post, and the window can still move.
Will public shareholders control the company?
Not under the structure described in the amendment. A Class F share held by a founder LLC will carry 50.1% of the voting power on ordinary matters, and Class T directors elected by the Long-Term Benefit Trust will constitute a majority of the authorized board. Class A shares have one vote each.
Is this the same story as the retracted $69.3 billion filing?
No. The November 9 story was about a circulation to banks whose pricing Anthropic then called inaccurate. This story is about the official roadshow launch and the amendment that states a 825 million-share offering at $70.00 to $78.00. The earlier retracted figures should not be treated as the live terms.
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