Anthropic Fixes Its IPO Terms: 825 Million Shares at $70 to $78, Worth Up to $1.4 Trillion

Anthropic has put real numbers on its IPO after a false start. The company launched its roadshow on Tuesday with an offering of 825 million Class A shares priced between $70 and $78 each, and applied to list on Nasdaq under the ticker ANT.

The terms are smaller than the version it emailed banks on Monday night and then told them was wrong. That draft showed about 867 million shares at up to $80. In the amended filing, Anthropic sells 801.4 million shares itself and existing holders sell another 23.6 million. Underwriters also get a 30 day option on 123.75 million more.

What the range is worth

At the top of the range, Anthropic would raise up to $64.35 billion before fees. The company could be worth up to $1.405 trillion on a fully diluted basis, against the $965 billion valuation of its May funding round. That is well short of the $2 trillion some investors once hoped for, and CNBC reported last week that even $1.5 trillion had started to look like a stretch.

The $26 billion private placement survived the rewrite. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC will still buy Class N shares at the IPO price, and those shares will not be locked up after the listing.

People familiar with the deal told CNBC that Anthropic plans to price on November 18 and start trading the next day. They said the order book is already covered across the range, and that about 20% of the shares are earmarked for retail investors, roughly double the usual share.

The numbers behind the pitch

The filing gives investors a growth story few companies can match. Revenue reached $33.2 billion in the first nine months of 2026, up 1,206% from a year earlier. Run-rate revenue hit about $81 billion at the end of October, $10 billion more than a month before.

The losses are just as large. Anthropic reported a $104 billion net loss for the nine months, mostly from changes in the fair value of convertible notes and derivatives, against $25.1 billion a year earlier.

Control stays tight after the listing. A single Class F share held by the seven co-founders carries 50.1% of the votes, and a Long-Term Benefit Trust elects a majority of the board. Public buyers get the economics and very little say.

A hard week to sell

The roadshow lands in a rough tape. Stocks fell on Tuesday after a hotter than expected October inflation report, the 10-year Treasury yield touched 5%, and Nvidia, one of the placement buyers, dropped more than 5% as its board investigation into Jensen Huang dragged on. Anthropic now has a week to convince funds that its growth is worth paying for while rates are still going up.

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