Anthropic sets its IPO price range at $70 to $78 a share and launches its roadshow for a Nasdaq listing as “ANT”, with Google agreeing to buy $10bn of stock alongside
825 million Class A shares, most of them new. An exhibit to the filing shows Google buying $10bn of non-voting stock at the IPO price; CNBC reports seven suppliers taking $26bn in all, with pricing planned for 18 November.
Why it matters: This is the first time Anthropic has put a price on its own shares in public, after a week of reports that investors doubted a November listing. The filing caps the offering at about $74bn including the option, and its chip and cloud suppliers are buying in at the same price.
Anthropic launched the roadshow for its initial public offering on 10 November and filed an amended registration statement (S-1/A) with the SEC the same morning. Its release says: “The proposed offering consists of 825,000,000 shares of Class A common stock.” Anthropic is offering 801,351,354 of them and certain existing stockholders 23,648,646. “The initial public offering price is expected to be between $70.00 and $78.00 per share.” Underwriters have a 30-day option to buy up to 123,750,000 more shares. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol “ANT”. The registration statement has been filed but “has not yet become effective”.
The filing's fee table uses a maximum of $78.00 a share and a total maximum offering of $74,002,500,000, including the option. An exhibit, made as of 10 November, shows Google LLC agreeing to buy $10bn of non-voting Class N common stock at the IPO price.
CNBC reports that seven companies will buy $26bn of Class N stock in a private placement: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. TechCrunch reports Google and Nvidia are investing $10bn apiece, and that run-rate revenue reached $81bn by the end of October, per the updated filing. CNBC says Anthropic would net up to $64.35bn and be worth up to $1.405 trillion on a fully diluted basis; TechCrunch puts it at $1.404 trillion at the top of the range. Anthropic plans to price on 18 November and trade on 19 November, with about 20% for retail investors, CNBC reports, citing people familiar with the details. The Switchboard ran Reuters's report of investor doubts on 6 November and the FT's report that Anthropic was pressing ahead on 8 November; the filed range is what is new.
- Confirmed 825,000,000 Class A shares (801,351,354 from Anthropic, 23,648,646 from existing holders) at an expected $70.00 to $78.00 each, to list on Nasdaq as “ANT”, with a 123,750,000-share option. Anthropic
- Confirmed The S-1/A filed 10 November registers shares at a maximum of $78.00, for a total maximum offering of $74,002,500,000. SEC EDGAR, filing fee exhibit
- Confirmed Google LLC agrees to buy $10,000,000,000 of Class N common stock at the IPO price, in an agreement made as of 10 November 2026. SEC EDGAR, Exhibit 10.15
- Reported Seven suppliers will buy $26bn of Class N stock, and Anthropic plans to price on 18 November and trade on 19 November, CNBC reports. CNBC
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