Anthropic launched the roadshow for its initial public offering on November 10, 2026, setting a price range of $70 to $78 per share. The AI company plans to sell 825 million shares on the Nasdaq under the ticker ANT, implying a valuation of up to $1.4 trillion ahead of a planned November 19 trading debut.
According to Anthropic’s own roadshow announcement, the offering covers 801,351,354 shares from the company and 23,648,646 shares from existing stockholders, with underwriters holding a 30-day option on up to 123,750,000 additional shares. Goldman Sachs and Morgan Stanley are listed as the lead underwriters.
The move follows weeks of shifting valuation talk. Anthropic’s last private funding round, in May, valued the company at $965 billion. CNBC reported, citing people familiar with the deal, that the new range implies a fully diluted valuation of up to $1.405 trillion, well below the $1.5 trillion to $2 trillion some bankers had floated earlier in the process. It also links back to Praman’s earlier coverage of Anthropic’s $3.4 billion gas-generator deal, reported ahead of the IPO prep, and this week’s launch of the Claude Fable and Mythos 5.2 models.
What the roadshow filing sets out
Anthropic will receive none of the proceeds from the shares being sold by existing stockholders. At the top of the $70 to $78 range, CNBC reported total gross proceeds from the offering at up to $64.35 billion. The company has applied to list on the Nasdaq Global Select Market; the ANT ticker is applied for, not yet confirmed.
CNBC reported that the retail allocation is targeted at around 20% of the offering, well above the 5% to 10% typical for a listing this size, and that the institutional order book is already covered within the $70 to $78 range on an allocable basis.
How the numbers compare to SpaceX’s IPO
CNBC’s report placed Anthropic’s offering against the only other IPO of comparable scale this year. SpaceX’s public listing, about five months earlier, raised $85.7 billion and left the company with a market capitalization just under $2 trillion.
| Company | Gross proceeds | Valuation | Listing date |
|---|---|---|---|
| Anthropic (planned) | Up to $64.35B | Up to $1.405T | Nov. 19, 2026 (reported target) |
| SpaceX | $85.7B | ~$2T | ~5 months earlier |
Both figures for Anthropic remain preliminary. CNBC’s sourcing was people familiar with the deal, not a company statement, and the range can still move before pricing.
Who is buying in alongside the public offering
Separate from the public shares, CNBC reported that Anthropic has agreed to sell $26 billion of Class N common stock in a private placement to seven buyers: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Those shares are priced at the IPO price but will not be registered in the public offering and will not carry the lock-up restrictions that apply to underwritten shares.
The buyer list reads as a roster of Anthropic’s chip and cloud suppliers rather than pure financial investors, a structure CNBC noted mirrors how other large AI infrastructure deals have been financed this year. One investor, unnamed in CNBC’s report, called an earlier $1.5 trillion valuation a “stretch.”
What the prospectus shows about Anthropic’s finances
For the nine months ended September 30, 2026, CNBC reported Anthropic’s revenue at $33.24 billion, up roughly 1,200% from the same period in 2025. Run-rate revenue stood at about $81 billion at the end of October, up $10 billion from the month before.
The same filing period showed a net loss of about $104 billion, against a $25.1 billion loss in the comparable 2025 period. CNBC’s report attributed most of the widened loss to changes in the fair value of convertible notes and derivative liabilities, not to operating costs.
What happens next
CNBC reported, citing people familiar with the deal, that Anthropic is targeting final pricing around November 18 and a trading debut on November 19. Both dates remain unconfirmed by the company itself and could shift depending on investor demand through the roadshow.
Frequently asked questions
When will Anthropic shares start trading?
Anthropic has not confirmed a date. CNBC reported, citing people familiar with the deal, that trading is targeted for November 19, 2026, after pricing around November 18.
What is Anthropic’s IPO price range and ticker?
Per Anthropic’s own roadshow filing, the range is $70 to $78 per share, with the company applying to list on the Nasdaq Global Select Market under the symbol ANT.
Is the $1.4 trillion valuation confirmed?
No. It is CNBC’s calculation of the fully diluted valuation implied by the price range, based on people familiar with the deal, not a figure Anthropic has stated directly.
Final terms, including the exact price and whether the listing date holds, are expected around the pricing date in the week of November 16.
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