Anthropic's initial public offering is no longer a matter of leaks. On Tuesday, November 10, 2026, the maker of the Claude AI models filed a new amendment to its registration statement with the U.S. Securities and Exchange Commission, setting a price range for its shares for the first time — and launched its investor roadshow the same day.
The offering, as stated in the official filing
Anthropic is offering 825 million Class A shares: 801,351,354 new shares sold by the company and 23,648,646 sold by existing stockholders. The estimated price range is $70 to $78 a share, the stock is to list on the Nasdaq Global Select Market under the symbol "ANT," and the deal is led by Goldman Sachs and Morgan Stanley. Priced at the top of the range, the offering's gross size reaches about $64.35 billion, with underwriters holding an option to buy a further 123.75 million shares.
A parallel $26 billion deal — with an important clarification
Alongside the public offering, seven giants — AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC — have agreed to buy a combined $26 billion of stock at the same IPO price. Precision matters here: these are not purchases inside the public offering. They form a separate concurrent private placement of non-voting Class N shares, scheduled to close immediately after the IPO.
Staggering financials — and an "accounting" loss
The filing shows revenue of $33.24 billion for the nine months ended September 30, 2026, against just $2.545 billion in the same period a year earlier — growth of about 1,206%, or roughly 13-fold — with run-rate revenue reaching about $81 billion by the end of October.
Against that, the company booked a net loss of $104 billion for the period, a figure that needs unpacking: the actual operating loss was only $1.26 billion. Most of the rest is a non-cash accounting charge of about $94.3 billion from revaluing convertible notes, derivative liabilities and SAFEs — a charge that, on paper, grows larger the more valuable Anthropic itself becomes.
The valuation: below what the company once hoped
The prospectus prints no official valuation, but the arithmetic is straightforward: about 13.09 billion shares will be outstanding after the offering and the placement, implying a market value of roughly $916 billion to $1.02 trillion within the range. Counting stock options and unvested awards (fully diluted), CNBC calculates up to $1.405 trillion at the top of the range — up from the $965 billion post-money valuation of the company's May 2026 round, in which it raised $65 billion.
Even so, the number falls short of earlier ambitions. CNBC reported that Anthropic had been aiming for about $2 trillion until recently, and that some shareholders saw even $1.5 trillion as out of reach. Just a day earlier, Reuters revealed that a draft term sheet with higher terms — about 867 million shares at $70 to $80 — had been circulated to bankers and then withdrawn as "inaccurate," replaced by the figures now on file.
What happens next
CNBC, citing people familiar with the deal, expects pricing on November 18 and a first trading day on November 19. The filing itself fixes no date, and the registration statement is not yet effective — so the final price can still move with the roadshow and the market.
This article is general news information, not investment advice.
Sources: Anthropic's amended registration statement (Form S-1/A, Amendment No. 2) filed with the U.S. Securities and Exchange Commission on November 10, 2026, and reporting by CNBC and Reuters.
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