Anthropic IPO to Offer 825 Million Shares at $70 to $78, With Trading Expected November 19
Key Takeaways
- •Anthropic aims to raise approximately $64.35 billion at a fully diluted valuation of about $1.4 trillion by selling 825 million shares priced between $70 and $78, with trading expected to start as early as November 19, 2026.
- •A separate $26 billion private placement includes $10 billion each from Google and Nvidia, along with commitments from AMD, Broadcom, Micron, Microsoft, and TSMC, all purchased at the IPO price.
- •Up to 20% of the IPO could be allocated to retail investors through brokerages such as Fidelity, Robinhood, Charles Schwab, SoFi, and E*TRADE, with Fidelity indications of interest due by an expected November 17 deadline.
- •The prospectus reports $33.2 billion of revenue in the first nine months of 2026, up about 1,206% year over year, alongside a net loss of roughly $104 billion linked to expansion costs and accounting adjustments.
- •Anthropic expects to finalize pricing on November 18, and historical research found that eight of the ten largest IPOs from 1999 to 2023 declined during their first three months of trading.
Anthropic plans to sell 825 million shares in its initial public offering at a price range of $70 to $78 per share, according to the company's filing with the U.S. Securities and Exchange Commission (SEC). Trading is expected to begin as early as November 19, 2026. At the top of that range, the sale would raise approximately $64.35 billion, giving the artificial intelligence company a fully diluted value of about $1.4 trillion — a measure that counts every share that could exist, including those attached to options and other convertible instruments, rather than only shares currently outstanding.
Reuters reported that the offering will serve as a test of investor confidence in artificial intelligence, coming amid growing worries about technology valuations and infrastructure spending in recent months. The listing would also give public-market investors their first direct way to buy into the company behind Claude, which until now has only been accessible through private funding rounds.
The IPO comes alongside a separate $26 billion private placement in which major technology companies are buying stock at the IPO price, a lineup Anthropic detailed in an updated SEC filing. Market data provider Wall St Engine highlighted the participants on X:
WHO'S BUYING THE $26B OF ANTHROPIC STOCK IN THE PRIVATE PLACEMENT
• Google: $10.0B
• Nvidia: $10.0B
• AMD: $2.5B
• Broadcom: $1.0B
• Micron: $1.0B
• Microsoft: $1.0B
• TSMC: $500MAll at the IPO price, per Anthropic's updated SEC filing.
— Wall St Engine (@wallstengine) November 10, 2026
Source post
The lineup spans much of the AI hardware and cloud stack — chip designers Nvidia, AMD and Broadcom, memory supplier Micron, contract chipmaker TSMC, and cloud operators Google and Microsoft — meaning each participant would hold a direct financial stake in Anthropic before its shares trade publicly.
How Retail Investors Can Take Part
Up to 20% of the offering could be allocated to retail investors, according to Anthropic's SEC filing, with the remainder going to other buyers. That would be a substantial allocation for individual investors by IPO standards, where retail buyers have historically received only a small slice of most deals. Fidelity, Robinhood, Charles Schwab, SoFi and E*TRADE are among the brokerages taking part, and eligible customers can request shares through those platforms.
Fidelity customers must submit an indication of interest before an expected November 17 deadline. A request does not guarantee an allocation if demand for shares is higher than the supply available.
Investors who miss the allocation window can still buy once trading begins, by searching for the ticker symbol ANT at a brokerage that offers Nasdaq-listed shares. The opening price could land above or below the $70 to $78 price range. Access to IPO allocations also varies by country, so international investors should confirm the available options with their brokerage.
The offering consists of about 801 million newly issued shares and 23.6 million shares being sold by existing investors. Anthropic launched its roadshow, a series of presentations to prospective investors, on November 10. Roadshows are where underwriters gauge final demand for a deal, and price ranges are often revised before pricing based on that feedback.
What the Filing Shows
Anthropic develops Claude, an AI assistant used for coding, research and business automation. According to the prospectus, revenue reached $33.2 billion in the first nine months of 2026, an increase of about 1,206% from the same period a year earlier. Thousands of enterprise customers generate recurring business for the company.
The company also reported a net loss of about $104 billion over the same nine months, which it linked to expansion costs and accounting adjustments. The filing lists large future computing commitments and regulatory uncertainty among its risks, alongside competition from OpenAI, Google and other AI developers.
Adding historical context, research from The Motley Fool found that eight of the ten largest IPOs from 1999 to 2023 fell in their first three months of trading. Cerebras and SpaceX also declined after their recent listings.
CNBC reported that Anthropic expects to price the offering on November 18, the step that fixes the final sale price within — or outside — the filed range. Fidelity's expected November 17 request deadline comes one day earlier, and all dates remain subject to change. The pricing decision, and any revision to the range beforehand, will be the next milestone for observers tracking the deal. The $64.35 billion fundraising figure excludes the separate $26 billion private investment from companies including Google, Nvidia and AMD.
Source: CoinCentral
