Withdrawn Anthropic pricing data points to potential $69.3 billion proceeds

Key Facts

Anthropic withdrew pricing information it had sent to bankers about its initial public offering after saying the figures were inaccurate, according to a Reuters report published via Investing.com on November 10, 2026. The version included an offering of about 867 million shares at an indicative price of $70 to $80 a share. Those figures would have implied potential proceeds of up to $69.3 billion. But the company did not approve that valuation; it told bankers the pricing details were inaccurate. It said it would provide an updated file later, and the report gave no further explanation for the error.

The figures in the withdrawn version therefore remain an initial, nonfinal indication of the offering’s size, not confirmed proceeds or a price approved by the company. That puts the updated file at the top of bankers’ and investors’ watchlists, as it will show whether estimates for the share count and price range will change. Anthropic was expected to begin marketing its shares to potential investors during the week of November 9, according to Reuters. Reuters also reported that pricing was expected the following week, while the plan and timing remained subject to change. The report did not specify a new date for distributing the file or starting the roadshow after the company’s message to bankers.

Some potential investors had expressed doubts about Anthropic’s ability to hold its roadshow on schedule and complete a listing in November, Reuters reported. Some saw the recently discussed $1.5 trillion valuation as at the upper end of expectations. Investors were also waiting for the October revenue figure, which the company left blank in the amended version of its registration filing, to assess whether revenue growth had accelerated after slowing in recent months. In its third-quarter disclosures, revenue rose 47% from the previous quarter, after a 144% increase in the second quarter. That slowdown in growth gives investors another measure as they assess the price they may be willing to pay in the offering.

The pricing review comes in a market marked by caution toward technology and AI stocks. Reuters reported that a decline in technology shares and geopolitical uncertainty had affected investor expectations for new offerings. A two-day selloff in AI stocks followed the previous Tuesday’s election, according to the report published on November 5. Reuters said questions about proceeding with the offering intensified after that selloff, and any delay could heighten concerns about the AI sector. In this climate, the clarity of the timetable and the offering’s size will depend on the information the company intends to update, while the start of marketing and pricing remain tied to its plan as communicated to bankers and investors.

Markets are also tracking growth and spending indicators that will shape investors’ assessment of the company’s economics. Anthropic’s revenue rose 47% in the third quarter to $16.96 billion, after growth of 144% in the second quarter, according to Reuters. In the first half of 2026, the company recorded a net loss of $80.7 billion, while its operating deficit was $693 million. Over the same period, adjusted operating income turned into a profit of $1.62 billion, compared with a loss of $1.85 billion in the first half of 2025. The company also said it expects to incur nearly half of its $895.4 billion in infrastructure spending commitments before December 31, 2030, with $69.8 billion due in the twelve months following September 30, 2026.

In its disclosures, Anthropic said the number of customers each generating at least $100,000 in revenue rose to more than 11,900 on a trailing 12-month basis ended September 30, 2026, from more than 1,500 at the end of 2025. The company announced that it had filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a proposed initial offering of Class A shares. It previously said it planned to list its shares on the Nasdaq Global Select Market under the ticker ANT. That makes the forthcoming file update a key part of assessing demand, alongside the revenue figure investors are awaiting. The timing of the roadshow and pricing, under earlier expectations, were tied to the week of November 9 and the following week, respectively.