🔔 SPECIAL EDITION · TUESDAY, NOV 10, 2026
Anthropic, the company behind the Claude AI models, just put a price tag on its IPO. It plans to sell shares at $70 to $78 each and list on the Nasdaq as ANT (SEC filing). Missed our first look at the filing? Catch up on revenue, losses and who controls the company (IPO Stream).
Image: Anthropic (official logo from anthropic.com)
Every figure links to its source. "Our math" means we multiplied the filing's numbers ourselves.
🔢 The deal at a glance
Term | Detail |
|---|---|
Price range | $70 to $78 a share (SEC filing) |
Shares offered | 825 million: 801.35 million sold by Anthropic, 23.65 million by existing holders (SEC filing) |
Extra shares option | Up to 123.75 million more for the banks (Anthropic) |
Deal size at the range | About $57.8B to $64.4B (our math: 825M shares times the price) |
Net proceeds to Anthropic | About $84.6B at the $74 midpoint, including a $26B private placement (SEC filing) |
Implied valuation | Up to $1.405 trillion, fully diluted, at $78 (CNBC) |
Exchange and ticker | Nasdaq Global Select Market, ANT (SEC filing) |
Lead banks | Goldman Sachs and Morgan Stanley, plus 20 more (SEC filing) |
Timing (reported) | Price Nov 18, trade Nov 19, per people familiar with the deal (CNBC). Not confirmed by Anthropic. |
🧠 What Anthropic does, and the numbers
Anthropic builds the Claude family of AI models and sells mostly to businesses (CNBC). The amended filing adds third-quarter results:
Revenue: $33.24 billion in the nine months to Sept 30, up from $2.55 billion a year earlier. That is about 13 times as much (SEC filing).
Run-rate revenue: about $81 billion at Oct 31, up $10 billion in a month (SEC filing).
Net loss: $104.0 billion for the nine months, mostly a $94.3 billion non-cash charge on convertible notes, derivatives and SAFEs. The operating loss was $1.26 billion (SEC filing).
Big-name buyers: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC agreed to buy $26 billion of stock at the IPO price in a side deal (SEC filing).
🚀 What it means for the IPO market
If it prices this month, ANT would land about five months after SpaceX's record $85.7 billion IPO (CNBC). Even at $78, the public deal would raise less than SpaceX did (our math). The top of the range also sits well above the $965 billion value from Anthropic's May funding round, but below the $2 trillion some investors had hoped for (CNBC).
Reported, not confirmed: people familiar with the deal say the order book is already covered at the range, and that about 20% of shares are aimed at retail buyers, versus a typical 5% to 10% (CNBC).
📮 Reader poll: Would you buy ANT at $70 to $78? Hit reply and tell us yes, no, or wait for the first trade.
🦜 Polly's Take
Opinion: A range under the $2 trillion chatter looks like Anthropic leaving some room on the table instead of squeezing out every dollar. The growth is real on paper, but so are the compute bill and a control setup that limits public shareholders' votes. If the Nov 18 pricing holds, it will show how hungry the market is for a second mega listing in one year.
Commentary for education, not investment advice.
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