AI News · 5 min read
Anthropic IPO range is $70 to $78 under ticker ANT
On November 10, 2026, Anthropic set an expected IPO price of $70 to $78 for 825 million Class A shares under ticker ANT. This is not investment advice.
What Anthropic filed on November 10
On November 10, 2026, Anthropic, PBC ↗ launched the roadshow for a proposed IPO of Class A common stock. This is not investment advice, and it is not a recommendation to buy or sell any security.
Anthropic says the deal is 825,000,000 Class A shares: 801,351,354 from the company and 23,648,646 from selling stockholders. Anthropic receives none of the selling stockholders' proceeds. Underwriters get a 30-day option for up to 123,750,000 more shares. The expected price is $70.00 to $78.00. Anthropic has applied to list on the Nasdaq Global Select Market as ANT. The SEC registration statement is not effective. Anthropic says the shares cannot be sold before it is, and that the post is not an offer to sell them. Prospectus copies go through Goldman Sachs and Morgan Stanley.
The picture above is ours, a folder and a glass sphere on a desk. It is not an Anthropic photo and it is not a chart.
The dates, the valuation, and the extra $26 billion
Anthropic's post does not name a pricing day or a first trade. CNBC ↗ (Ashley Capoot and Leslie Picker, November 10), citing people familiar with the deal, says the company plans to price on November 18 and trade on November 19, and is targeting about 20% of the deal for retail, against a typical 5% to 10%. TechCrunch ↗ (Rebecca Bellan and Ram Iyer, November 10) says Anthropic expects up to 20% for retail, and that trading starts close to November 19, citing CNBC.
| Step | When |
|---|---|
| Roadshow post | November 10 |
| Expected price | $70 to $78 |
| Pricing, CNBC sources | November 18 |
| Trading, CNBC sources | November 19 |
| Ticker applied for | ANT |
TechCrunch puts the fully diluted value at $1.404 trillion at the top of the range. CNBC puts it at up to $1.405 trillion. Both cite the filing, and both say that is up from the $965 billion valuation in Anthropic's May round. TechCrunch says the number is still under a $2 trillion figure the company was reportedly targeting earlier. Keep $1.404 trillion and $1.405 trillion as two outlets' tops.
825 million shares at $70 is $57.75 billion, and at $78 is $64.35 billion. TechCrunch uses that band for the raise. CNBC uses $64.35 billion as the high-end IPO proceeds. The product includes the selling stockholders' 23,648,646 shares, which Anthropic says it does not receive.
Both outlets also report a $26 billion private sale of Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. TechCrunch calls Class N non-voting and says Google and Nvidia are each in for $10 billion. CNBC says those shares are not in the registered offering and are not under the underwriters' lock-up. TechCrunch says estimated net proceeds, with that sale and the extra-share option, are $84.6 billion to $93.7 billion.
TechCrunch, citing the filing, says a founders' Class F share carries 50.1% of the vote and that the Long-Term Benefit Trust elects a board majority, so Class A buyers have limited voting power. That is TechCrunch's account of control, not a judgment on the shares.
What the filing says about the company Claude customers pay
CNBC, citing the amended filing, says revenue was $33.24 billion in the nine months ended September 30, 2026, up roughly 1,200% from a year earlier, with a $104 billion net loss. CNBC says most of that loss is a fair-value change on convertible notes and derivatives, and that the 2025 stretch was a $25.1 billion loss. Run-rate revenue was roughly $81 billion at the end of October. TechCrunch reports $17 billion of third-quarter revenue, $33.2 billion for nine months, the same $104 billion loss, $900.9 billion of compute commitments, and nearly $132 billion of cash and short-term investments.
CNBC says Anthropic sells mainly to other businesses, and that it introduced Claude Fable 5.2 and Claude Mythos 5.2 on Monday. TechCrunch calls OpenAI the biggest rival and reports a $1.25 trillion valuation last week after an $11 billion raise. The roadshow post does not mention Claude plan prices, API rates, or usage limits. Model prices are in Claude Fable 5.2.
What people are saying
"Nobody wants the stock, everybody's company buys the product." — @TheRiskTape ↗
"A lot of Claude users are about to become shareholders." — @nisalrenuja ↗
"reportedly ~20% of the shares are meant for retail, which is wild for a deal this size" — @MarkockiAdam ↗
"Launched the morning CPI ran hot. Bold of them not to ask Claude for a better date." — @Neilw0lee ↗
The CPI sentence is his comment. This post does not verify that inflation print. Reddit was not reachable for this story.
Our take
If you pay for Claude, this is ownership paperwork, not a new price list. The November 10 post does not announce a new chat plan, API rate, or usage cap. Judge the product on the product: the December 10 usage reset, Sheets, Whiteboards, and Data, and the Fable 5.2 note above. ChatGPT vs Claude vs Gemini is the plan comparison. METR's November 5 assessment covers how fast the models improved. Claude Code is the review if the seat you pay for is the coding agent.
Do not use this page to buy or sell ANT. The range is Anthropic's expected range. November 18 and 19 come from CNBC's sources, not from a date in the roadshow post. The registration statement is not effective. If the shares are the decision, read the preliminary prospectus. We are not brokers.
Teams that buy Claude should note the PBC, CNBC's point that the customers are mostly businesses, and the $26 billion Class N placement with the chip and cloud companies named above. Nothing in the November 10 post says a Claude contract, price, or limit changed.