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Anthropic’s November 10, 2026, amended SEC filing sets an expected IPO price of $70 to $78 per share, and the company began meeting investors. The filing reports $33.2 billion in revenue for the first nine months of 2026, a $1.3 billion operating loss and about $900.9 billion in compute and infrastructure commitments. The final price, trading date and allocation of shares remain unknown.
Anthropic set an expected price range of $70 to $78 per share for its planned Nasdaq initial public offering and began its investor roadshow on November 10, 2026, according to its amended registration statement filed with the U.S. Securities and Exchange Commission. The offering would bring the company behind Claude to public investors, while the filing lays out rapid revenue growth, substantial infrastructure commitments and a governance structure that limits the voting power attached to ordinary public shares.
Anthropic plans to offer 825 million Class A shares. Of those, 801,351,354 are being sold by the company and 23,648,646 by existing stockholders; Anthropic says it will receive no proceeds from the shares sold by those holders. At the stated range, the offered shares would raise $57.75 billion to $64.35 billion gross, before expenses. The underwriters, led by Goldman Sachs and Morgan Stanley, may buy up to 123,750,000 additional shares within 30 days.
The filing also describes a private placement of $26 billion in non-voting Class N shares to AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC, at the IPO price, closing after the offering. At the $74 midpoint, the company estimates combined net proceeds of about $84.6 billion from the IPO and placement, or about $93.7 billion if underwriters purchase all additional shares. The stated uses include working capital, compute and infrastructure investment, hiring and retention, possible acquisitions, and tax withholding on employee stock awards. The filing says no acquisitions have been agreed.
Anthropic reported $33.2 billion in revenue for the first nine months of 2026, compared with $2.5 billion in the same period a year earlier; third-quarter revenue was $17 billion. It recorded a net loss of $104 billion for the nine months, including a $1.3 billion operating loss. The filing attributes $94.3 billion to revaluations of convertible notes and similar instruments as the company’s valuation rose. These figures reflect different accounting measures: the net loss includes those revaluations, while the operating loss does not.
Beyond Claude What the IPO filing says
Anthropic’s November 10 filing sets a preliminary share price range and reveals the costs, capital plans and governance behind its public offering.
A fast-growing business with heavy costs
Revenue rose from $2.5 billion in the same period a year earlier, while accounting measures show sharply different losses.
- $33.2 billion in the first nine months of 2026
- $17 billion in the third quarter
- $1.3 billion operating loss
- $104 billion net loss, including $94.3 billion from revaluations
How the offering is funded
The filing combines a public share sale with a separate private placement.
Anthropic plans to offer 825 million Class A shares at the preliminary price range.
$26 billion in non-voting Class N shares is planned for seven named technology companies.
Proceeds may support infrastructure, hiring, working capital, acquisitions and employee stock tax withholding.
Public shares, limited voting power
The proposed structure gives public investors economic exposure without equivalent influence over governance.
| Feature | What the filing says |
|---|---|
| Board selection | Long-Term Benefit Trust elects a majority of the board |
| General voting power | A single founder share carries 50.1% |
| Class A shares | Public offering shares |
| Class N shares | Private placement shares with no voting rights |
Valuation depends on the share count
The filing’s outstanding-share calculation and a reported fully diluted valuation use different bases.
What happens next
The investor roadshow began November 10, 2026, before the offering price is set.
The Cost of Scaling Claude
The filing gives prospective investors a view of the resources Anthropic says it will need to expand its AI business. Its reported revenue growth is striking, but revenue alone does not show whether growth can continue or how much it will cost to serve customers and develop models. The gap between the $104 billion net loss and $1.3 billion operating loss also makes the accounting treatment of rising company value material to interpreting the results.
Anthropic lists about $900.9 billion in compute and infrastructure commitments, with approximately $70.7 billion due within 12 months. These commitments point to a large long-term demand for computing capacity and related infrastructure. The filing does not establish that all commitments are immediate cash expenses, nor does the supplied information specify their full timing and conditions. Investors will need to weigh the scale and duration of those obligations against revenue, available proceeds and the company’s ability to meet its plans.
The proposed share structure also matters to public buyers. Anthropic says a Long-Term Benefit Trust elects a majority of the board, while a single founder share carries 50.1% of general voting power. Class A investors would therefore gain exposure to the company without equivalent control over board selection or general voting decisions. The non-voting Class N placement adds another share class to the capital structure.
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How the Valuation Is Counted
Anthropic first submitted a confidential draft registration statement on June 1, 2026, according to the supplied account of the filing timeline. It made its S-1 public on October 26, amended it on November 2, and added the price range on November 10. The current document is Amendment No. 2. The roadshow consists of meetings with prospective investors before the offering price is set.
Reports cited in the source material put Anthropic’s valuation at as much as $1.404 trillion on a fully diluted basis. That figure is reported by news outlets and is not the value stated in the filing for shares outstanding after the offering. The filing’s count of 13,086,672,593 shares across all classes, multiplied by the proposed $70–$78 range, implies roughly $916 billion to $1.02 trillion. At the $74 midpoint, that calculation is about $968 billion.
The difference comes down to the share count used. A fully diluted valuation can include shares that may be issued in the future, such as stock options and unvested awards. The source material estimates that the reported $1.404 trillion top-end figure corresponds to about 18 billion shares at $78, roughly 4.9 billion more than the post-offering outstanding count. Because the source text ends while listing instruments that may account for the difference, it does not provide a complete reconciliation. The two figures use different bases and should not be treated as interchangeable.
““general corporate purposes””
— Anthropic, in its amended registration statement
The $70–$78 range is preliminary. The final IPO price, exact trading date and share allocation are not confirmed in the supplied material. The filing says retail allocations are expected to represent “up to 20%” of the Class A offering, but it does not establish what share retail buyers will actually receive.
The distinction between the outstanding-share valuation and the reported fully diluted valuation also remains only partly explained here. The source material identifies options, unvested awards and other potential future shares as possible components, but cuts off before completing its account of the filing’s share calculations. The $1.404 trillion figure is attributed to news reports, not presented as the filing’s valuation based on the post-offering outstanding share count.
The reported infrastructure commitments total about $900.9 billion, but the supplied material does not give a full breakdown of counterparties, conditions or payment schedules. The filing also names uses for the IPO proceeds without specifying, in the material provided, how much would go to each category. Those details affect how readers assess future cash needs and the company’s capacity to execute its expansion plans.
Roadshow Before Trading Begins
Anthropic’s roadshow is underway. Company executives are meeting potential investors before the offering price is set. The underwriters may exercise their option to buy additional shares within 30 days, while the private placement of Class N shares is expected to close immediately after the IPO, according to the filing summary.
The next milestones are the final offer price, confirmed share allocation and the start of trading under the Nasdaq symbol “ANT”. Those terms will show where the final price lands within or outside the announced range and how many shares are sold. Until then, the valuation figures remain calculations based on stated prices and differing share counts, rather than a final public-market value.
Key Questions
What price range did Anthropic set for its IPO?
Anthropic set an expected range of $70 to $78 per share in an amended SEC filing dated November 10, 2026. The final price has not been announced in the supplied material.
How much revenue did Anthropic report?
The company reported $33.2 billion in revenue for the first nine months of 2026, compared with $2.5 billion in the same period a year earlier. Third-quarter revenue was reported as $17 billion.
Why do valuation reports differ?
The filing’s share count after the offering, multiplied by the proposed price range, implies about $916 billion to $1.02 trillion. News reports cite as much as $1.404 trillion using a fully diluted share count that includes potential future shares. The supplied source does not fully reconcile the difference.
Will public shareholders control Anthropic?
The filing describes governance provisions under which a Long-Term Benefit Trust elects a majority of the board and a founder share carries 50.1% of general voting power. The Class A offering therefore does not give public investors voting control under the stated arrangements.
Source: Thorsten Meyer AI
