Anthropic opens IPO roadshow with 825 million shares

Anthropic on November 10 began marketing its IPO to investors with a price range of $70.00 to $78.00 per share for 825 million Class A shares, which values the base offering at about $57.75 billion to $64.35 billion. Most of that money would go to Anthropic, but nobody can place an order yet: Anthropic’s announcement says the registration statement filed with the SEC has not become effective, and no offers to buy can be accepted until it does.

Anthropic is selling 801,351,354 of the shares, worth about $56.1 billion to $62.5 billion at the range. The other 23,648,646 come from existing stockholders, and those proceeds go to the sellers, not to the company.

Even at the top of the range, Anthropic’s own take still falls short of the $69.3 billion that a leaked prospectus briefly showed on November 9 before the document was pulled, Reuters reported. The company reportedly later called that figure outdated, so the range in the filing is the number to go by.

The underwriters also stand to get a 30-day option to buy up to 123,750,000 more Class A shares. Exercised in full, it adds roughly $8.7 billion to $9.7 billion at the range, and at $78 the whole deal would come to about $74 billion.

The share price and the valuation people have been quoting come from different places. The $70-78 range is set in Anthropic’s own offering. The $1 trillion to $1.5 trillion valuation is what investors are discussing, per CNBC, down from the $2 trillion floated in recent months. For comparison, the last private price was set in May 2026, when the $65 billion Series H valued Anthropic at $965 billion post-money.

Timing is still reported, not announced. The Wall Street Journal, citing people familiar with the matter, said Anthropic aims to start trading on Thursday, November 19, or Friday, November 20, after meetings with key investors this week.

The stock is to list on the Nasdaq Global Select Market as “ANT,” with Goldman Sachs and Morgan Stanley handing out the preliminary prospectus; Goldman’s prospectus department takes requests at prospectus-ny@ny.email.gs.com.