Anthropic’s $120 Europe cap tops its $70-78 IPO range

On November 12, Anthropic’s IPO site laid out how retail investors can request shares through a participating brokerage before the price is set on November 18, ahead of Class A trading on Nasdaq under the ticker ANT from November 19 (EST). If you submit an indication of interest, treat it as an order for the full amount at a price you don’t know yet. Anthropic says investors should be ready to buy every share they ask for, gives no guarantee of receiving any, and leaves confirmation of the allocation to your broker on the first trading day.

To take part, you need an active account at one of the participating platforms and must submit the indication of interest there. Anthropic doesn’t decide eligibility up front: your brokerage account or investing app confirms it when you place the request. Buying in the IPO gets you the offering price set on pricing day. If you wait until the stock opens, you pay whatever the market is charging at that point.

Which price is which

The U.S. offering carries an estimated range of $70 to $78 per share. The $120 that turns up elsewhere is the maximum price in the European prospectus, and Anthropic says it is not the price investors are expected to pay. The cap sits above the range so European and Swiss retail investors can stay in the global offering even if the final U.S. price ends up higher than expected. Their final price will be the same as the one set in the U.S. offering, and brokerage fees, commissions and currency conversion come on top of it.

That is why some brokers show a wider span. A TestingCatalog post on Threads noted that Deutsche Bank lists the shares at $70 to $120. The top of that range is the European cap, not a price estimate. Anthropic says the final price will depend on regulatory clearance, investor demand and market conditions.

Reading the Q3 numbers

The financial highlights on the IPO site cover the third quarter of 2026. Revenue was $17.0 billion, more than 12 times the figure a year earlier. That single quarter already beats the $16.3 billion the S-1 showed for the whole first half.

On the same page, a $23.3 billion net loss sits next to a 15% adjusted operating margin. Most of that loss is a $21.9 billion non-cash charge for the change in fair value of convertible notes, derivative liabilities and SAFEs, which Anthropic attributes to the rise in its valuation. Take that charge out and about $1.4 billion of the loss is left. The unadjusted operating margin was negative 3%, so the 15% figure is the adjusted one. Anthropic also reports more than 11,900 customers bringing in at least $100,000 each in trailing-twelve-month revenue, up more than 12 times year over year, and a compute efficiency gain of more than 4x since Q1 2025.

The European prospectus, the financial statements and an IPO fact sheet are all on the IPO site. Anthropic tells investors to read the prospectus closely before they invest. It covers the business, the risk factors, the management team and how the proceeds will be used.

The roadshow began on November 10. Until the registration clears and the price is set, you’re committing to a number of shares, and the price tag comes later.