Anthropic withdraws details of potential $69.3 billion offering, calling them inaccurate
Key Facts
Anthropic withdrew pricing and offering-size details included in a draft of its public offering filing sent to bankers after saying the information was inaccurate, according to correspondence cited by Reuters. The circulating draft had indicated the company could raise as much as $69.3 billion, which would rank among the largest initial public offerings on record if completed. But that figure represents proceeds from a proposed offering in a non-final draft and does not establish the company's value or an approved share price. In a later message, the company said it would update the registration filing at a later time. Anthropic did not comment to Reuters on the withdrawn details.
The circulating draft showed the company could sell about 867 million shares at a price range of $70 to $80 per share, before Anthropic described the pricing information as inaccurate. The price range and share count in the draft can therefore no longer be considered a reliable basis for estimating the final offering terms. On October 26, the company announced that it had filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed offering of Class A shares. In its announcement, it said it intended to list the shares on the Nasdaq Global Select Market under the ticker ANT. It added that the number of shares and price range had not yet been determined.
Securities and Exchange Commission records showed that Anthropic filed its S-1 on October 26, 2026, and the agency accepted it the same day at 09:00:11. The company said the registration statement had not become effective, and that the shares could not be sold nor offers to buy them accepted before the registration took effect. This means the figures in the circulating draft alone do not represent effective terms or an offer available to investors. The withdrawal of the pricing data comes as the company continues to amend its disclosures and prepare for the offering. The $69.3 billion proceeds figure appeared in an earlier Reuters report as the proposed maximum raise, not as a confirmed valuation of the company.
Valuation discussions had faced reservations from some potential investors before the details were withdrawn. In a report dated November 5, Reuters said some investors viewed the $1.5 trillion valuation under discussion as the high end of their expectations and sought a more attractive valuation before committing. The agency also reported doubts about whether the company could proceed with the planned roadshow the following week and still meet the timing for a November listing. It linked those discussions to a sharp selloff in technology stocks and geopolitical uncertainty that had affected expectations for new offerings. Reuters said more than 50 technology stocks in the S&P 1500 had fallen 10% or more, and that retail investor selling was the strongest since the COVID-19 pandemic, according to Vanda Research.
Investor sensitivity to valuation comes as the company's quarterly revenue growth slowed, according to figures Reuters reported on November 2. Third-quarter revenue rose 47% to $16.96 billion, following growth of 144% in the second quarter. Reuters also reported that Anthropic incurred $5 billion in additional computing costs in the third quarter. On commercial demand, the company said the number of customers each generating at least $100,000 in revenue over the previous twelve months exceeded 11,900 as of September 30, compared with more than 1,500 at the end of 2025. The figures highlight a widening customer base alongside slower quarterly growth and rising computing requirements.
Infrastructure commitments highlight another aspect of the offering filing, with Anthropic estimating spending commitments related to building AI infrastructure at about $895.4 billion. The company said nearly half of those commitments are due before December 31, 2030, while about $69.8 billion falls due in the twelve months following September 30, 2026. It warned in its disclosure that some computing providers and infrastructure partners rely on financing or credit support from third parties. If that financing becomes unavailable or more expensive, contracted capacity could be delayed, repriced, reduced or not delivered. Matt Kennedy, senior strategist at Renaissance Capital, said he expected some of the pressure on growth and margins to be reflected in the final offering valuation.
The roadshow was initially expected during the week of November 9, with pricing to follow the next week, Reuters reported. The agency also said the October revenue field remained blank in an amended S-1 draft, and that investors were waiting for the figure to assess whether growth had recovered after slowing in previous months. These dates place the expected marketing and pricing timetable in the context of preparations, rather than confirming a schedule after the offering details were withdrawn. Anthropic's official announcement did not specify the number of shares or the price range, saying they had not yet been determined. The next step the company announced in its message is to update the registration filing later.