Anthropic has set the terms for one of the largest initial public offerings in history, pricing 825 million shares of Class A common stock at $70 to $78 each in an amended filing with the Securities and Exchange Commission on Tuesday and launching its investor roadshow the same day.
The offering would raise $57.8 billion to $64.4 billion before underwriting discounts. Anthropic itself is selling 801,351,354 shares, while existing stockholders — the company's seven co-founders, at 3.38 million shares each — are selling the remaining 23,648,646. Underwriters have a 30-day option to buy up to 123.75 million additional shares, which would take the total to about $74 billion at the top of the range.
The shares are expected to list on the Nasdaq Global Select Market under the ticker "ANT." The company expects to price the offering on November 18 and begin trading on November 19, CNBC reported, citing people familiar with the details.
The filing also includes a $26 billion concurrent private placement of non-voting Class N shares to seven strategic partners — Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC — with Google and Nvidia agreeing to buy $10 billion each.
Based on the roughly 13.09 billion shares that will be outstanding after the offering, the price range implies an equity value of about $916 billion to $1.02 trillion, or about $1.4 trillion on a fully diluted basis — below the $1.5 trillion figure that had circulated earlier, after investors balked during the recent sell-off in AI stocks.
The filing shows the business behind the valuation: Anthropic reported revenue of $17 billion in the three months ended September 30, and $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier.
The co-founders will keep control after the listing. A single Class F share, to be issued to a company owned by the co-founders, will carry a fixed majority of the vote. The registration statement is not yet effective, so no shares can be sold until the SEC declares it effective.
