Anthropic launches IPO roadshow, sets $70–$78 price range
Anthropic, PBC launched the roadshow for its proposed initial public offering on Nov. 10, the company announced. The offering covers 825,000,000 Class A shares at an expected price of $70.00 to $78.00 each, and Anthropic has applied to list on the Nasdaq Global Select Market under the ticker “ANT.”
Of those shares, 801,351,354 are being sold by the company and 23,648,646 by existing stockholders. Anthropic also expects to give the underwriters a 30-day option to buy up to 123,750,000 more shares.
The same figures appear in the company’s amended registration statement, S-1/A Amendment No. 2, filed with the SEC on Nov. 10. The cover page reads “Subject to Completion,” which means the registration isn’t effective yet and the terms can still change. Anthropic filed its original S-1 on Oct. 26.
When it could trade
The roadshow announcement didn’t give dates, but in an investor FAQ filed with the SEC, Anthropic said that, “subject to regulatory clearance,” it expects to set the final share price on Nov. 18 and begin trading on Nov. 19. A separate European prospectus filing also lists Nov. 19 as the start of trading on Nasdaq.
CNBC reported, citing people familiar with the plans who weren’t named, that Anthropic is targeting about 20% of the shares for retail investors. The company hasn’t confirmed that figure.
What the filing says about the money
The filing’s summary table shows revenue of $41 million in 2023, $386 million in 2024 and $4.585 billion in 2025. For the nine months ended Sept. 30, 2026, revenue was $33.242 billion. The nine-month figures are unaudited.
The net loss for those same nine months was $104.039 billion. That figure needs context. Most of it, $94.3 billion, is a change in the fair value of convertible notes, derivative liabilities and SAFEs, which the filing says was “primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation.” In other words, the company became more valuable on paper, so the notes that will convert into its stock became more expensive to carry on its books. It’s an accounting charge, not cash spent: the cash-flow statement adds it back, and Anthropic reported $6.6 billion of positive operating cash flow for the nine months.
Another $10.4 billion of other expense relates to fair-value accounting for partner financing arrangements, according to the filing. Anthropic’s operating loss, which reflects the cost of running the business, was $1.26 billion for the period.
A parallel deal with chipmakers and cloud companies
Separately from the public offering, AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC Partners have agreed to buy $26.0 billion of Class N stock at the IPO price, according to the filing. That private placement happens only if the IPO closes and other conditions are met.
Who controls the company
Anthropic is a Delaware public benefit corporation, which means its charter includes a public-benefit purpose alongside profit. Under the structure described in the filing, the Long-Term Benefit Trust holds Class T stock and elects the Class T directors, who will make up a majority of the board. A single Class F share, which the filing says will be held by an LLC whose sole members are initially Anthropic’s co-founders, carries 50.1% of the general voting power. Anthropic says it will be a “controlled company” under Nasdaq rules, which allows it to skip some board-independence requirements.
What comes next
The roadshow is the period when a company pitches its shares to investors before setting a final price. The price, the number of shares and the timing can all change until the SEC declares the registration effective and the deal is priced. Assimilated Press will report the final terms when Anthropic or the SEC filings confirm them.
Written with AI, edited by a human.
