Anthropic Launches Its IPO Roadshow: 825 Million Shares Between $70 and $78, Alongside $26 Billion from Google, Nvidia, Microsoft and Others
On November 10, Anthropic kicked off the investor roadshow for its Nasdaq listing, setting an initial price range of $70 to $78 per share. The updated prospectus adds a $26 billion private placement reserved for seven industry partners, as well as an annualized run-rate revenue of roughly $81 billion as of October 31.
Anthropic kicked off the investor roadshow for its initial public offering on November 10, 2026, filing a second amended version of its registration statement with the SEC on the very same day. Following its initial filing on October 26 and its November 2 amendment, the boxes that remained blank have now been filled in: the number of shares, the price range, and the identities of strategic investors stepping into the capital alongside the public.
What Is Up for Sale
- 825 million Class A shares, including 801.4 million newly issued by Anthropic and 23.6 million sold by existing shareholders, from which the company will collect no proceeds.
- A price range of $70 to $78 per share. In total, the public offering represents between $57.8 billion and $64.4 billion (our calculation: 825 million shares multiplied by each bound).
- A 30-day option for the underwriters to purchase up to 123.75 million additional shares.
- A proposed listing on the Nasdaq Global Select Market under the ticker “ANT”. Goldman Sachs and Morgan Stanley are leading an underwriting syndicate of 22 banks.
The Private Placement: $26 Billion from Seven Industry Partners
This is the major update in the document. Immediately following the offering, and subject to conditions, seven companies will purchase $26.0 billion worth of Class N shares at the IPO price. These shares carry the same economic rights as Class A shares but come with no voting rights. At the midpoint of the range, $74, the breakdown would look as follows:
| Buyer | Estimated Amount |
|---|---|
| approximately $10 billion | |
| Nvidia | approximately $10 billion |
| AMD | approximately $2.5 billion |
| Broadcom | approximately $1 billion |
| Micron | approximately $1 billion |
| Microsoft | approximately $1 billion |
| TSMC Partners | approximately $500 million |
These shares will not be sold through the underwriters, are not registered as part of the public offering, and are not bound by any lock-up agreement with the syndicate. The prospectus also specifies that a portion of the convertible notes held by Amazon Web Services will convert into Class N shares, subject to an ownership cap.
Combining the public offering and this placement, Anthropic estimates its net proceeds at approximately $84.6 billion at the midpoint, and $93.7 billion if the underwriters exercise their option in full. The proceeds are intended to fund general business operations, primarily compute and infrastructure, as well as hiring; a portion could also be used for acquisitions.
An Updated Operating Metric
In the filing, the company also updated its annualized run-rate revenue: roughly $81 billion as of October 31, 2026, up by $10 billion since September 30. This figure, left blank in the November 2 draft, is not an audited accounting metric: Anthropic calculates it by multiplying the billed consumption over the trailing 28 days by 13 and adding monthly subscriptions multiplied by 12. For comparison, accounting revenue for the third quarter alone stood at $17.0 billion.
Additional details: certain directors and affiliated entities have expressed an non-binding interest in purchasing up to $303 million worth of shares in the offering; the co-founders and large shareholders (owning more than 0.5% of diluted equity) have committed not to sell their shares for up to 365 days, while other holders are restricted for up to 180 days, subject to early release conditions. The governance structure outlined in late October remains untouched: the seven co-founders retain 50.1% of the voting power via a dedicated entity, and the Long-Term Benefit Trust elects the majority of the board of directors.
Our take
The private placement says a great deal about Anthropic’s standing. Its buyers are its suppliers of chips, memory, and cloud capacity—two of which, Google and Microsoft, are also direct rivals marketing their own frontier models. They are financing a client that has committed, according to the November 2 amendment, to nearly $895 billion in future purchases, overwhelmingly dedicated to compute: a large share of the money raised is virtually certain to flow right back to them. Choosing non-voting shares spares them from meddling in a governance structure already firmly locked up by the founders and the trust. On the numbers side, the $10 billion jump in annualized run-rate revenue in a single month is striking, but this is a proprietary metric selected and calculated by the company just as it courts buyers: upcoming quarterly financial reports as a listed company will show whether it holds up. Nothing is finalized yet: the final pricing and trading debut will depend on demand during the roadshow.
Sources
- Anthropic — Anthropic launches roadshow for proposed initial public offering (November 10, 2026) Primary source
- SEC EDGAR — Anthropic, PBC, Form S-1/A No. 2 (November 10, 2026) Primary source
- Anthropic on X — roadshow announcement (November 10, 2026) Primary source
- SEC EDGAR — Anthropic, PBC, Form S-1/A No. 1 (November 2, 2026) Primary source
A primary source comes directly from the company, lab or organization concerned. A secondary source reports the information without being its author: we flag it as such. Spotted an error? See our corrections policy.
