Anthropic Launches IPO Roadshow With Share Price Range of Up to $78
Key Facts
Anthropic launched its initial public offering roadshow on November 10, setting an indicative price range of $70 to $78 a share, according to the company. The range puts the offering among the largest anticipated listings, while an Associated Press report estimated that the company is seeking a valuation of about $1.3 trillion. The company’s filing did not specify its target valuation, while the news agency reported estimated proceeds of more than $61 billion if the offering is priced at the midpoint of the range. The company said underwriters may receive an option to buy additional shares within 30 days. The roadshow comes as the company seeks to turn growth in its AI business into funding through the public markets.
Alongside the offering, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners have agreed, subject to conditions, to buy a total of $26 billion in Class N shares. The shares are non-voting, and the purchase agreements are contingent on completion of the public offering, according to the company’s prospectus filed with the U.S. Securities and Exchange Commission. Anthropic estimated net proceeds from the two offerings at about $84.6 billion, based on an assumed price of $74 a share. Net proceeds could rise to about $93.7 billion if underwriters fully exercise their option to buy additional shares. The estimate combines proceeds from the public offering and the private placement, and does not represent proceeds from the public offering alone.
The company’s prospectus shows rapid growth in estimated annualized revenue, which reached about $81 billion on October 31, 2026, up $10 billion from September 30. That is an annualized run rate, not revenue earned over a full fiscal year. In the first half of 2026, revenue exceeded $16 billion, 14 times its level in the same period a year earlier, according to the Associated Press. But the agency said the company had yet to turn a profit. The number of customers whose revenue exceeded $100,000 over the last 12 months also rose from more than 950 on September 30, 2025, to more than 11,900 on September 30, 2026, according to the company’s prospectus.
Anthropic raised $65 billion in a private funding round announced on May 28, 2026, when the company valued itself at about $965 billion after the investment. In announcing that round, it said its annualized revenue had exceeded $47 billion in May. The move from that valuation to an estimate of about $1.3 trillion reflects the increase the company is betting on in its offering, though the comparison is between a private-round valuation and a press estimate of the offering’s value. Anthropic established itself as a public benefit corporation under Delaware law and said in its prospectus that its structure balances shareholders’ interests with those of people affected by its business and its stated public benefit purpose. That is part of the corporate structure the company is presenting to investors ahead of its anticipated offering.
On valuations, an Axios report said the fully diluted value at the top of the price range could reach about $1.4 trillion, compared with earlier speculation of $2 trillion. The Associated Press linked caution over AI company valuations to the cost of building computing capacity, pointing to a sharp selloff in shares tied to building AI data centers in the previous week. The agency said Anthropic, OpenAI and SpaceX’s AI unit were spending more than they earned because of the cost of the resources needed to build AI technologies, fueling bubble concerns. Anthropic filed to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. The company said the securities registration had not yet become effective and that the shares could not be sold before it did; Axios reported that trading could begin the following week, while the Associated Press estimated that trading could start in November.