Anthropic hits the road with a price range, $70 to $78 a share, but still no date

In brief

• Price range: $70.00 to $78.00 per Class A share; 825,000,000 shares offered.
• Private placement: seven companies, from Google to TSMC, commit to buying $26.0 billion of shares if the IPO goes ahead.
• Stock market value: roughly $916 billion to $1,021 billion by our own calculation (shares × price); the listing date is not given.

Tuesday 10/11/2026: Anthropic's second amendment lands

I still had the first amendment open, covered in Anthropic: $17 billion in sales in 3 months, the 02/11 filing, when the second one showed up on EDGAR. The same day, Anthropic launched the roadshow for its initial public offering (IPO).

On the cover, the price range and the number of shares are now filled in. The offering covers 825,000,000 Class A shares, the ones Anthropic has applied to list on the Nasdaq Global Select Market, a US stock exchange, under the symbol ANT. Of that total, 801,351,354 shares are sold by Anthropic and 23,648,646 by existing stockholders; Anthropic does not get a single dollar from the latter. The price is only bracketed: between $70.00 and $78.00 per share. This morning, unverified figures were circulating: a range of $70 to $80 and about 866.7 million Class A shares. The ones filed with the SEC: $70 to $78, 825 million.

Anthropic will also grant the banks an option: for 30 days from the date of the prospectus, they will be able to buy up to 123,750,000 more shares from it, at the IPO price minus their commission, to cover sales beyond the 825 million. In the trade it is called a greenshoe; I call it the top-up. It covers 15% of the number of shares offered (our calculation: 123,750,000 ÷ 825,000,000). Goldman Sachs and Morgan Stanley lead the twenty-two named banks.

The $26 billion that goes around the stock market

Seven companies commit to buying $26.0 billion of Class N shares directly from Anthropic, at the IPO price. For Google, the purchase funds part of an investment commitment it had already made in March 2026. It is a private placement: shares sold off-exchange to hand-picked buyers, with no bank commission.

At the middle of the range, $74, the filing breaks it down: Google and NVIDIA, about $10.0 billion each; AMD, about $2.5 billion; Broadcom, Micron and Microsoft, about $1.0 billion each; TSMC, about $500 million. The placement only happens if the IPO does, and subject to conditions.

What Anthropic would bank from its IPO

Anthropic estimates its net proceeds, the money left after bank commissions and expenses, at about $84.6 billion: its 801,351,354 Class A shares in the offering plus the private placement, at an assumed price of $74. If the banks take the whole top-up, about $93.7 billion. For scale: as of 30/09/2026, Anthropic says it had raised $141.1 billion in total.

How much Anthropic would be worth on the market: our calculation

The filing gives no market value, but it does give the number of shares, all classes combined, outstanding after the offering, without the banks' top-up: 13,086,672,593. Our calculation, shares × price:

• at $70: 13,086,672,593 × 70 = about $916 billion;
• at $74: about $968 billion;
• at $78: about $1,021 billion.

Anthropic established that share count at a price of $74; since the private placement is fixed in dollars, it would change slightly at another price. At $70 and $78, $916 billion and $1,021 billion are therefore orders of magnitude. The count also leaves out, among other things, about 1.8 billion shares tied to stock options and about 1.0 billion Class A shares to be issued under restricted stock units (RSUs) not yet vested.

What Anthropic's second amendment adds

On 02/11/2026, the run-rate revenue as of 31/10/2026 was a blank. It is now filled: about $81 billion, $10 billion more than on 30/09/2026. This is not revenue but an in-house metric, which the S-1/A defines as the estimated annualized value of its revenue-generating activity: usage-based fees over the last 28 days multiplied by 13, plus monthly subscription fees multiplied by 12.

What we don't know yet about Anthropic's listing

The date of the first trade is given neither in the announcement nor in the S-1/A: the share delivery date and the prospectus date are blanks, as are the final price and the banks' commission per share. The registration statement has not yet become effective: until it does, no share can be sold and no offer to buy can be accepted. Effectiveness is not an endorsement: the cover of the filing states that the SEC has not approved or disapproved of these securities.

I still have blank boxes left, including the shortest one in the filing: a date.

Words to remember

• IPO (initial public offering): a company's first sale of shares to the public, followed by their listing.
• Roadshow: management and the banks present the deal to investors before setting the price.
• Class A / Class N shares: Class A, the class Anthropic has applied to list, carries one vote per share; Class N, with no vote, is mostly held by strategic partners and generally turns into Class A when sold to an unaffiliated third party.
• Underwriters' option (greenshoe): the banks' right to buy extra shares from the company, at the IPO price minus their commission, to cover sales beyond the offering.

Source sheet

Anthropic, PBC: S-1/A No. 2 accepted by EDGAR on 10/11/2026 at 11:29:24 UTC and announcement of 10/11/2026. S-1/A No. 2 · Anthropic's announcement of its IPO roadshow · S-1/A No. 1 of 02/11/2026 · On Silicium Rose: Anthropic's IPO, what we know

Source passages

Documents read on 10/11/2026 between 11:42 and 11:43 UTC (S-1/A No. 1: archived copy read on 02/11/2026). S-1/A No. 2 is extracted as a single block of text: the position is the rank of the passage's first character in that file.

Show the 16 sources

Ref.	Quote (original language)	URL
S1↑1↑2	"Published Nov 10, 2026"; "Today Anthropic, PBC launched the roadshow for its proposed initial public offering of its Class A common stock. The proposed offering consists of 825,000,000 shares of Class A common stock."; "The initial public offering price is expected to be between $70.00 and $78.00 per share."	https://www.anthropic.com/news/roadshow-launch
S2↑1↑2	"Subject to Completion. Dated November 10, 2026. Class A Common Stock 825,000,000 Shares"; "We are selling 801,351,354 shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional 23,648,646 shares of Class A common stock. We will not receive any proceeds from the sale of shares of our Class A common stock by any of the selling stockholders."; "It is currently estimated that the initial public offering price per share will be between $70.00 and $78.00"; "We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”"	https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm
S3↑	"We will grant to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to an additional 123,750,000 shares of Class A common stock at the initial public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any"	same as S2
S4↑	"Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters"; underwriters table: 22 names, "Total 825,000,000"	same as S2
S5↑1↑2↑3↑4↑5	cover: "Google LLC (funding a portion of its previously committed investment obligations under the Google 2026 NPA (as defined below))"; notes to the financial statements: "In March 2026 (unaudited), the Company entered into a note purchase agreement (the “Google 2026 NPA”) with Google LLC"; "will purchase, severally and not jointly, an aggregate of $26.0 billion of our Class N common stock from us in a private placement at a price per share equal to the initial public offering price. Based on an assumed initial public offering price of $74.00 per share, which is the midpoint of the estimated offering price range"; "Google LLC would purchase 135,135,135 shares of our Class N common stock for approximately $10.0 billion , NVIDIA Corporation (“NVIDIA”) would purchase 135,135,135 shares of our Class N common stock for approximately $10.0 billion , Advanced Micro Devices, Inc. (“AMD”) would purchase 33,783,783 shares of our Class N common stock for approximately $2.5 billion , Broadcom Inc. (“Broadcom”) would purchase 13,513,513 shares of our Class N common stock for approximately $1.0 billion , Micron Technology, Inc. (“Micron”) would purchase 13,513,513 shares of our Class N common stock for approximately $1.0 billion , Microsoft Corporation (“Microsoft”) would purchase 13,513,513 shares of our Class N common stock for approximately $1.0 billion , and TSMC Partners, Ltd. (“TSMC”) would purchase 6,756,756 shares of our Class N common stock for approximately $500 million"; "We will receive all of the proceeds from, and will not pay any underwriting discounts or commissions with respect to, the shares that are sold in the concurrent private placement. The sale of the shares in the concurrent private placement is contingent upon the completion of this offering and the satisfaction of certain conditions"	same as S2
S6↑1↑2	"We estimate that the net proceeds from the sale of shares of our Class A common stock by us in this offering and the sale of shares of our Class N common stock by us in the concurrent private placement will be approximately $84.6 billion (or approximately $93.7 billion if the underwriters’ option to purchase additional shares of our Class A common stock is exercised in full), based upon the assumed initial public offering price of $74.00 per share"; "Each $1.00 increase or decrease in the assumed initial public offering price would increase or decrease each of cash, cash equivalents, and short-term investments; working capital; total assets; additional paid-in capital; and total stockholders’ equity (deficit) by $793 million"	same as S2
S7↑1↑2↑3↑4	"Class A, Class N, Class T, Class E, and Class F common stock to be outstanding after this offering and the concurrent private placement 13,086,672,593 shares (or 13,210,422,593 shares if the underwriters exercise their option to purchase additional shares of our Class A common stock in full)"; "1,774,342,693 shares of our Class A common stock issuable upon the exercise of options to purchase shares of our Class A common stock outstanding as of September 30, 2026"; "1,026,660,010 shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding as of September 30, 2026"; "based upon the assumed initial public offering price of $74.00 per share"; "that the aggregate purchase price in the concurrent private placement remains unchanged (such that the number of shares of Class N common stock issued in the concurrent private placement changes with the initial public offering price)"	same as S2
S8↑1↑2↑3	cover page: "Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities"; "Initial public offering price $ $ Underwriting discount (1) $ $" (amounts left blank); "The underwriters expect to deliver the shares against payment in New York, New York, on or about ." (date left blank); "Prospectus dated" (date left blank); Underwriting section: "Paid by us No Exercise Full Exercise Per Share $ $" (amounts left blank)	same as S2
S9↑1↑2	"our Run-Rate Revenue was approximately $81 billion as of October 31, 2026, up $10 billion from September 30, 2026."; "“ Run-Rate Revenue ” is an operating metric that refers to the estimated annualized value of our revenue- generating activity as of a measurement date, calculated as the sum of (i) our consumption-based fees during the trailing 28-day period ended on the measurement date, multiplied by 13, and (ii) our aggregate monthly subscription fees as of the measurement date, multiplied by 12."	same as S2
S10↑	"As of September 30, 2026, we had raised an aggregate of $141.1 billion of capital and had cash and cash equivalents of $95.6 billion and short- term investments of $36.3 billion"	same as S2
S11↑	"Each share of Class A common stock is entitled to one vote and shares of Class N common stock have no voting rights, except as otherwise required by law. The holders of our Class N common stock are primarily strategic business partners, and shares of Class N common stock will generally convert to Class A common stock upon a sale or transfer to an unaffiliated third party."	same as S2
S12↑	S-1/A No. 1 of 02/11/2026: "Additionally, our Run-Rate Revenue was $ as of October 31, 2026." (amount left blank)	https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm
S13↑	"A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective."	https://www.anthropic.com/news/roadshow-launch
S14↑1↑2	EDGAR filing list: "accessionNumber":["0001628280-26-072484"; "acceptanceDateTime":["2026-11-10T11:29:24.000Z"; "form":["S-1/A"; "primaryDocument":["anthropicpbc-sx1ax2.htm"	https://data.sec.gov/submissions/CIK0002130357.json
S15↑	Response from our news-monitoring tool, not an original source (radar of 10/11/2026, run at 08:32 UTC): "IPO Anthropic : fourchette $70–80" (l. 14); "~866,7 M d’actions Classe A" (l. 16)	—
S16↑	"We are incorporated as a public benefit corporation under Delaware law"; "As a public benefit corporation, we are required to balance the pecuniary interests of our stockholders, the best interests of those materially affected by our conduct, and the specific public benefit purpose identified in our amended and restated certificate of incorporation"	same as S2