Anthropic Sets IPO Terms at $70-$78 a Share, Up to $1.4 Trillion Fully Diluted

TL;DR

Anthropic launched the roadshow for its initial public offering on Nov 10. The deal is 825 million Class A shares at $70.00 to $78.00 each, listing on the Nasdaq Global Select Market as ANT. At the top of the range it raises $64.35 billion and puts the company at about $1.02 trillion on shares outstanding, or up to $1.4 trillion fully diluted. Seven of Anthropic's own chip and cloud suppliers, Google and Nvidia at $10 billion each, are buying $26 billion of non-voting stock alongside the public. CNBC reports a plan to price on Nov 18 and start trading Nov 19.

The terms

The amended filing sets out 825,000,000 Class A shares in the base deal. Of those, 801,351,354 come from Anthropic and 23,648,646 from existing stockholders; the company receives nothing from that second tranche. Goldman Sachs and Morgan Stanley are named on the filing, with a 30-day option to buy up to 123,750,000 more shares.

At $78 the base deal raises $64.35 billion. Exercise the option in full and the offering reaches about $74.0 billion. Dealroom ranks it the second-largest IPO on record, behind only SpaceX's June 2026 listing, which raised $75 billion before its greenshoe pushed the total to $85.7 billion. Even with the option fully exercised, Anthropic's public raise stays just under SpaceX's base figure.

The staging, per CNBC's sources: price on Nov 18, trade on Nov 19, with about 20 percent of the deal aimed at retail investors against a 5 to 10 percent norm. The book is already covered across the range on an allocable basis, and institutional demand is running stronger than SpaceX's was at the same point in its process.

Half the hype, priced

In May, Anthropic's Series H valued it at $965 billion. Over the following months investors talked about $1.5 trillion to $2 trillion, and by Nov 6, CNBC reported that shareholders called even $1.5 trillion a "stretch". The printed range lands lower.

At $78, the roughly 13.09 billion Class A and Class N shares outstanding after the deal imply about $1.02 trillion, Dealroom's arithmetic from the filing's share counts. Add the 1.77 billion shares under options, 1.07 billion unvested RSUs and the roughly 2.05 billion reserved for equity plans, and the fully diluted value lands near $1.4 trillion, the figure CNBC leads with. Same company, different denominators; expect both numbers to be quoted at you, sometimes in the same sentence.

Morningstar published the day before terms dropped: a $1.7 trillion base case, a bear case of $500 billion, and a Very High uncertainty rating. Axios puts the fully diluted count at about $1.37 trillion. One wrinkle from Dealroom: on Monday evening bankers received a draft showing 867 million shares at $70 to $80, which Anthropic then described as inaccurate, a reminder that ranges wobble until they print.

The suppliers are buying too

The structural oddity of this deal is the private placement bolted onto it. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have agreed to buy $26 billion of non-voting Class N stock at the IPO price, in shares that carry no lockup, per CNBC. Dealroom's breakdown: Google and Nvidia at $10 billion each, AMD at $2.5 billion, Broadcom, Micron and Microsoft at $1 billion each, and TSMC at $500 million.

Counting the placement, total proceeds reach $90.35 billion at the top of the range, and Anthropic estimates net proceeds of about $84.6 billion at a $74 midpoint, or $93.7 billion with the overallotment exercised in full. The filing describes roughly $900 billion of compute and infrastructure commitments, largely running past 2030, and CNBC counted $895.4 billion of purchase commitments in the Nov 2 revision. It is a bakery selling shares to the flour mill: Anthropic's fresh capital pays for capacity bought from the same seven firms that just became shareholders, and their return depends on the bakery selling enough bread.

What the money is built on

The amended S-1 puts run-rate revenue at about $81 billion as of Oct 31, up roughly $10 billion in a single month. For the nine months to Sep 30, revenue was $33.24 billion, up around 1,200 percent year over year. The net loss for that period is $104 billion, but most of it is accounting rather than cash: changes in the fair value of convertible notes and derivative liabilities. The comparable 2025 loss was $25.1 billion. At $1.02 trillion, the market is paying about 12.6 times run-rate revenue.

The growth story got a product footnote the same day: Anthropic shipped an office suite, Claude Sheets, Whiteboards, Meetings and Data, pushing the assistant past its developer base into ordinary knowledge work.

The catches

• Terms are not a price. The range can move or the deal can shrink before Nov 18, and Monday's inaccurate draft shows the wobble is real.
• The two valuation figures differ by about $380 billion. Shares outstanding say $1.02 trillion; the fully diluted count CNBC uses says up to $1.405 trillion. Neither is wrong, and both will be argued over.
• The supplier placement cuts both ways. It guarantees demand and lines up the ecosystem, and it also makes Anthropic's capital structure a shared instrument of the companies it buys compute from.
• CNBC flags the backdrop: a Democratic sweep in the midterms, statewide ballot measures aimed at data centers, and a public market worried that rates make debt-funded AI infrastructure expensive.
• A 20 percent retail allocation is roughly triple the norm, which pins the first-day pop and the first-day flop to the same crowd.

Why builders should care

This is the second data point in a month on AI valuations compressing. OpenAI trimmed its round to $1.25 trillion in late October, and now Anthropic is pricing at roughly half the number investors floated over the summer. Private-market marks set the price of talent, compute and acquihires across the stack; public-market marks do it with a ticker and quarterly reporting. From Nov 19, anyone building on Claude can read the lab's revenue, margin and compute spending on the same schedule as its shareholders.

For customers, the commitments are capacity first: years of contracted infrastructure for API users, bought with money that now includes public equity rather than only private rounds. That infrastructure is also a fixed cost that argues for exactly the usage growth the office suite is meant to deliver.

The firms that sell Anthropic its chips and cloud now own a slice of it. Build anywhere in that stack, and your suppliers' incentives gained a new term in the equation.

Key Takeaways

• Anthropic launched its IPO roadshow on Nov 10 with 825 million Class A shares at $70.00 to $78.00, listing on Nasdaq as ANT; CNBC reports pricing on Nov 18 and first trade on Nov 19, with about 20 percent of the deal aimed at retail.
• At the top of the range the base deal raises $64.35 billion, about $74.0 billion with the greenshoe in full: second only to SpaceX's June 2026 record of $85.7 billion including its own greenshoe.
• The valuation lands at about $1.02 trillion on shares outstanding, up from the $965 billion May Series H and well under the $1.5 to $2 trillion investors had discussed; fully diluted it reaches about $1.4 trillion.
• Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC are buying $26 billion of non-voting Class N stock at the IPO price with no lockup, bringing total proceeds to roughly $90.35 billion at the top.
• The amended S-1 shows $81 billion of run-rate revenue at the end of October, up $10 billion in a month, against a $104 billion nine-month net loss that is mostly non-cash fair-value swings.

Sources: Anthropic, IPO roadshow launch (Nov 10, 2026), Anthropic S-1 Amendment No. 2 (SEC), CNBC, Capoot and Picker (Nov 10, 2026), Dealroom News (Nov 10, 2026), Axios, Dan Primack (Nov 10, 2026), Morningstar (Nov 9, 2026)