Anthropic launches IPO roadshow with $70 to $78 price range on Nasdaq

Anthropic launched the roadshow for its proposed initial public offering of Class A common stock on November 10. The offering consists of 825,000,000 shares, of which 801,351,354 are offered by Anthropic and 23,648,646 by certain existing stockholders. The initial public offering price is expected between $70.00 and $78.00 per share, and the company has applied to list on the Nasdaq Global Select Market under the symbol ANT, the company said.

Anthropic also expects to grant the underwriters a 30-day option to purchase up to an additional 123,750,000 shares, and it will not receive proceeds from sales by the selling stockholders. The announcement says copies of the preliminary prospectus are available from Goldman Sachs and Morgan Stanley, and that the registration statement filed with the U.S. Securities and Exchange Commission has not yet become effective, so shares cannot be sold nor offers accepted before effectiveness.

Valuation and private placement

At the high end of the range, the offering would net up to $64.35 billion in proceeds, and on a fully diluted basis the company could be worth up to $1.405 trillion, up from the $965 billion valuation it announced in a May funding round, CNBC reported. The company plans to price on November 18 and trade on November 19, people familiar with the details said, with retail allocation targeted at about 20 percent against the 5 to 10 percent typical of initial offerings.

Alongside the IPO, seven companies that supply Anthropic's computing power have agreed to buy a combined $26 billion of Class N common stock, which carries no voting rights, at the IPO price. Decrypt reported, citing the amended filing, that at the midpoint of the range Google and Nvidia would each buy about $10 billion, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each, and TSMC about $500 million. Those shares will not be subject to the usual post-IPO lock-up period. Anthropic expects net proceeds of about $84.6 billion from the IPO and the private placement combined at the midpoint, which it plans to use for general corporate purposes including investment in compute and infrastructure.

Financials

For the nine months ended September 30, Anthropic reported revenue of $33.24 billion, up roughly 1,200 percent from the same period last year, and a net loss of $104 billion, most of it tied to the change in fair value of convertible notes and derivative liabilities. The company lost $25.1 billion over the same stretch in 2025, the filing said. Anthropic put its run-rate revenue at roughly $81 billion at the end of October, up $10 billion from the previous month, the report shows. The filing also commits the company to about $900.9 billion of spending, mostly on compute and infrastructure, of which about $70.7 billion falls due within the next 12 months.

Market context

If the listing prices as planned, the debut would come roughly five months after SpaceX's record IPO that raised $85.7 billion. Institutional demand for Anthropic is even stronger than SpaceX's was at this point in the process, people familiar with the details told CNBC, with the book already covered at the $70 to $78 range on an allocable basis. The pitch comes against a public market that has grown more skeptical of the AI trade as rising interest rates make debt harder to afford for companies funding costly infrastructure.

Anthropic had been looking toward a $2 trillion valuation until recently, and shareholders told CNBC that even $1.5 trillion is now in doubt, with one investor calling that figure a "stretch." The political backdrop shifted too: last week's midterm elections produced a Democratic sweep in Congress and statewide ballot measures that could slow the AI buildout, the report noted.

Governance

Anthropic will list as a public benefit corporation with an unusual governance structure. Its Long-Term Benefit Trust will elect a majority of the board, while a single share of Class F stock held by an entity owned by its seven co-founders carries 50.1 percent of the voting power on most matters, according to the filing. That makes Anthropic a "controlled company" under Nasdaq rules, so holders of its Class A shares will have limited influence over major decisions.