The Pulse

Anthropic starts IPO roadshow with expected $70–$78 share price

Anthropic has begun a roadshow for a proposed initial public offering of 825,000,000 Class A shares. The company expects a price of $70.00 to $78.00 per share and has applied to list on Nasdaq under the symbol ANT.

AI.info Team · · fact-checked · against 2 sources ↓ · Published 12 Nov 2026

Anthropic has begun a roadshow for a proposed initial public offering of 825,000,000 Class A shares. The company expects an offering price of $70.00 to $78.00 per share, according to its November 10 announcement.

Shares and listing plans

The company plans to offer 801,351,354 shares, while certain existing stockholders would offer 23,648,646 shares. The company will not receive proceeds from the shares sold by those stockholders.

Anthropic also expects to give underwriters a 30-day option to buy up to an additional 123,750,000 Class A shares. It has applied to list the shares on the Nasdaq Global Select Market under the symbol ANT.

The securities registration statement filed with the U.S. Securities and Exchange Commission has not yet become effective. The securities cannot be sold, and offers to buy cannot be accepted, before it does.

The offering will be made only through a prospectus. Goldman Sachs and Morgan Stanley are listed as sources for copies of the preliminary prospectus.

Private investment and proceeds

A separate private placement would bring in an aggregate of $26.0 billion through sales of Class N common stock at the IPO price, according to the registration statement. The buyers are Google, NVIDIA, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners.

The purchases are contingent on completion of the offering and other conditions. They would take place immediately after the offering is completed.

At an assumed $74.00 per share, the midpoint of the expected offering range, Google and NVIDIA would each purchase approximately $10.0 billion of Class N shares. The filing also sets out proposed purchases by the other participants in the placement.

Anthropic estimates it would receive approximately $84.6 billion in net proceeds from its shares in the public offering and the private placement combined, or approximately $93.7 billion if the underwriters exercise their additional-share option in full. That estimate assumes a $74.00 offering price and deducts estimated underwriting discounts, commissions and offering expenses payable by the company.

The company intends to use the proceeds for general corporate purposes, including working capital, operating expenses, capital expenditures, compute and infrastructure investments, and hiring and retention. It may also use some proceeds for acquisitions or investments in businesses, products, services or technologies. Another portion is intended to cover anticipated tax withholding and remittance obligations related to the settlement of certain outstanding restricted stock units.

Financial results and voting rights

For the nine months ended September 30, 2026, Anthropic reported revenue of $33.2 billion, up 1,206% from the same period a year earlier. The company does not expect revenue to keep growing at comparable rates and said it could not assure continued growth.

Its net loss for the same nine-month period was $104.0 billion. That loss included $94.3 billion in changes in fair value of convertible notes, derivative liabilities and SAFEs, primarily driven by an increase in the fair value of outstanding convertible promissory notes, the filing says.

The filing describes Class A shares as carrying one vote each on matters submitted to stockholders generally. A separate Class F share, to be held by a limited liability company whose initial sole members will be the seven co-founders, is entitled to 50.1% of the total voting power on matters submitted to stockholders generally, including the election of directors other than Class T directors.