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Anthropic, PBC has set a price range of $70.00 to $78.00 a share for its initial public offering, according to Amendment No. 2 to its Form S-1, accepted by the SEC at 06:29 ET on Tuesday, 10 November 2026.
The Claude developer is offering 825 million Class A shares — 801,351,354 new shares and 23,648,646 sold by existing holders — and has applied to list on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley are the representatives of the underwriters.
At the top of the range, the offering would raise $64.35 billion before underwriting discounts: about $62.51 billion for Anthropic and about $1.84 billion for selling stockholders.
If the banks take their option to buy a further 123,750,000 new shares from the company, the total could reach $74.00 billion. Those figures are Invezz calculations from the filed share counts and prices; $74.00 billion is also the maximum in the fee table. The underwriting discount is still blank.
The terms are tighter than those in a document Reuters said was emailed to banks on 9 November and then withdrawn, which pointed to about 866.7 million shares at $70 to $80, raising up to $69.3 billion. Those figures were never filed on EDGAR. Tuesday’s amendment is the first time a range and a share count have appeared in Anthropic’s registration statement.
The filing also confirms a concurrent private placement Reuters had described.
Immediately after the IPO, and subject to stated conditions, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners have agreed, severally, to buy an aggregate $26.0 billion of Class N common stock at the IPO price, including about $10.0 billion each from Google and Nvidia at the prospectus midpoint of $74. Anthropic will receive those proceeds, with no underwriting commission.
The shares will not be registered in this offering and are not covered by the lock-ups that apply to most existing holders.
At that $74 midpoint, Anthropic estimates net proceeds from the new Class A shares and the private placement at about $84.6 billion, or about $93.7 billion if the extra-share option is exercised in full, after estimated discounts and expenses.
It intends to use the money for general corporate purposes, including compute and infrastructure, and about $3.8 billion of tax withholding on certain restricted stock units.
Using only the filing’s post-offering share counts at the $74 midpoint, the implied equity value is about $857 billion at $70, $906 billion at $74 and $955 billion at $78. That is an Invezz calculation on 12,239,831,631 basic shares outstanding — Class A plus Class N as they appear in the capitalization table for accounting purposes. It is not fully diluted, and the filing does not state a valuation. The figure excludes 846.8 million Class N shares held by a wholly owned subsidiary, as well as options, unvested RSUs and remaining convertible notes.
How retail investors can get exposure
Anthropic says it currently expects allocations to retail investors, in the United States and in other countries, to represent up to 20% of the Class A shares in this offering, depending on demand. It anticipates offering a portion, at its request, through Charles Schwab, Fidelity, Robinhood, Trade-PMR, SoFi and E*TRADE from Morgan Stanley, including on their online platforms, at the IPO price. Those firms would act as selling group members.
The filing does not name RetailBook and does not guarantee an allocation. Most investors who do not receive one will have to wait until ANT starts trading on Nasdaq. The practical steps are in our guide on how to buy Anthropic stock.
The offering also includes public offers in Australia, Canada, parts of the European Economic Area, Japan, Switzerland and the United Kingdom, with no local listing planned in those markets.
The filing does not set a pricing or first-trade date; the delivery line is still blank. Bloomberg has reported that the roadshow, and a live-streamed event with chief executive Dario Amodei and JPMorgan’s Jamie Dimon, could begin as early as Friday, 13 November. Yahoo Finance has calculated that the earliest pricing could be that Friday and the earliest first trade Monday, 16 November — Yahoo’s own calculation, not a confirmed date. The Wall Street Journal has said a debut could come as early as 19–20 November. None of those dates is in the filing.
Directors, officers and holders of substantially all of the stock are subject to lock-ups of up to 180 days, or up to 365 days for the seven co-founders and some large holders, with earlier automatic releases. A single Class F share, to be held by a co-founder vehicle, will carry 50.1% of the voting power on most matters, and Anthropic will be a controlled company on Nasdaq.
📘 Want to be ready if you do not get an allocation? Our step-by-step guide on how to buy Anthropic stock covers how to open and fund a brokerage account before ANT starts trading.
📅 We’re tracking the price, valuation and timetable on our Anthropic IPO date, valuation and ticker hub.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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