Anthropic IPO terms: 825 million shares at $70 to $78 on Nasdaq as ANT

Anthropic put numbers on its stock market debut on November 10, 2026. The company said it will offer 825,000,000 shares of Class A common stock at an expected $70.00 to $78.00 each, listed on the Nasdaq Global Select Market under the symbol "ANT". Multiply it out and the top of the range raises about $64.4 billion. That is the cleanest set of facts so far in an IPO that has produced a lot of rumor, and several of the loudest rumors now look wrong.

What the filing and the announcement say

Anthropic's roadshow announcement is short and precise. The offering is 825,000,000 shares: 801,351,354 sold by Anthropic and 23,648,646 sold by existing stockholders. Underwriters have a 30-day option to buy up to 123,750,000 additional shares. The announcement names Goldman Sachs and Morgan Stanley as the sources of the prospectus. And it says the registration statement has been filed with the SEC "but is not yet effective", so nobody can buy shares yet.

One line deserves attention because it is easy to miss. Anthropic states that it "will not receive any proceeds from the sale of shares by the selling stockholders." Of the 825 million shares, about 23.6 million, or 2.9%, are secondary shares whose money goes to existing holders, not to the company. At the top of the range that slice is worth roughly $1.8 billion by our arithmetic, and the primary raise for Anthropic itself is therefore about $62.5 billion at $78. Those are our calculations from the filed share counts, not figures Anthropic published.

The valuation the range implies

The announcement does not state a valuation. Gizmodo, in a piece published November 9 and updated November 10, reports that the New York Times estimated a fully diluted valuation of about $1.26 trillion to $1.41 trillion at this price range. The same article says the expected valuation has come down from the $2 trillion that earlier reporting floated, and that investors had settled on about $1.5 trillion as more realistic before the range was set. CNBC, as cited by Gizmodo, had said $1 trillion to $1.25 trillion was "more likely."

So the market did a lot of the work of cutting the number before the paperwork did. For context, Gizmodo notes that SpaceX was valued at $1.77 trillion when it listed in June. Anthropic would be priced below that, but still among the largest new listings ever.

The numbers in the offering documents

Gizmodo also reports figures from the regulatory filing disclosed on the day. Nvidia has committed to buy $10 billion of Anthropic shares in a separate deal. Anthropic had $33 billion in revenue from January to September 2026, according to its filings, as Gizmodo reports them. And the filings say AI could pose "catastrophic or existential risks to humanity", language that has now been put in front of public-market investors.

We have not independently opened the prospectus for those lines, so we attribute them to Gizmodo's reading. The revenue figure fits the trajectory in the amended S-1 we covered earlier, which put third-quarter revenue near $17 billion and showed growth slowing. The Neuron's November 11 digest adds a claim that seven tech giants have reportedly committed $26 billion alongside the offering. We could not verify that total, and a separate search found only the Nvidia commitment, so we treat the $26 billion as unconfirmed.

The timeline and the market it lands in

The Wall Street Journal, as cited by Gizmodo, reported that shares could become available as soon as November 19 or 20. That would be roughly nine days after the roadshow began, a compressed schedule that suggests the underwriters want to price before the market mood shifts again.

The mood has not been kind. Gizmodo reports that the Nasdaq had its worst month in a while in October as chipmakers and neoclouds fell, and that Nvidia, which peaked at $243.37 a share on October 6, closed at $178.67 on November 9. Axios called this "the AI industry's week from hell" in a November 11 headline, pairing the IPO with Nvidia and the midterm elections. We could not open the Axios text, so we cite only the headline.

Our earlier reporting on investor doubts about the November roadshow noted that the S-1 amendment then left October revenue blank. The roadshow filing closes some of those gaps, but the doubts now center on price, not on whether the offering happens.

What it means for the race

A listing at this size changes the financing structure of the frontier race. The labs have so far funded multi-gigawatt compute buildouts with private rounds, strategic investments from chipmakers and cloud providers, and debt. A public float of $64 billion gives Anthropic a new source of capital and a quarterly disclosure schedule, which means rivals and regulators will see its revenue, margins and commitments on a regular rhythm. OpenAI filed confidentially in June and, per Gizmodo, will not list before the end of the year, so Anthropic goes first and sets the price discovery for both.

The offering also puts the safety-and-governance story in front of retail and institutional investors in one document. The filing's own risk-factor language about catastrophic harm is unusual for a company asking for $64 billion, and it will be quoted for years. We track how the company defines that threshold in our coverage of the amended S-1 and its recursive self-improvement language.

What we would do

We do not give investment advice, and nothing here is a view on whether $70 to $78 is the right price. For readers following the race, three things are worth tracking over the next ten days. Watch whether the range moves, because a raise or a cut will be the market's real verdict. Watch the day the registration statement goes effective, since the final prospectus carries the numbers that count. And watch the first quarterly report, which will show whether the slowing growth in the amended S-1 reverses or continues.