What Anthropic filed
● $70 to $78 per Class A share — Set in Amendment No. 2 to its Form S-1, filed 10 November 2026.
● 825 million shares — 801,351,354 from Anthropic and 23,648,646 from selling stockholders, with an option on 123.75M more.
● Ticker ANT on Nasdaq — Trading expected to begin 19 November, reported rather than filed.
● $81 billion run-rate revenue — As of 31 October 2026, up $10 billion in a single month.
Anthropic opened its IPO roadshow this week. The numbers in the filing are more interesting than the valuation headlines, and one of them is not in the filing at all.
The terms
|
|
| Price range |
$70.00 to $78.00 per Class A share |
| Shares offered |
825,000,000 — 801,351,354 from the company, 23,648,646 from selling stockholders |
| Underwriter option |
Up to 123,750,000 additional shares |
| Ticker |
ANT |
| Exchange |
Nasdaq Global Select Market |
| Gross proceeds |
About $57.8bn at the bottom of the range, $64.4bn at the top |
| Separate private placement |
$26.0bn of non-voting Class N shares to seven strategic buyers |
| Lead underwriters |
Goldman Sachs and Morgan Stanley, leading a syndicate of 22 banks |
From Amendment No. 2 to Anthropic’s Form S-1, dated 10 November 2026.
The valuation figure nobody filed
Headlines have put the company at anywhere from $916 billion to $1.4 trillion. The filing states no valuation. Every one of those numbers is arithmetic performed by somebody else on a share count they chose.
| Basis |
At $70 |
At $78 |
| Basic share count |
~$916bn |
~$1.02tn |
| Fully diluted, as reported |
— |
~$1.3tn to ~$1.4tn |
The basic figures are FinanceFeeds’ calculation. The fully diluted range comes from Forbes and from Reuters-based reports. Different share counts, different answers.
If you see a single confident valuation quoted without a basis attached, it is a choice of denominator presented as a fact. The gap between $916bn and $1.4tn is not disagreement about Anthropic — it is disagreement about what counts as a share.
The operating numbers, which are filed
- Run-rate revenue of about $81 billion as of 31 October 2026, up $10 billion from 30 September. That is a month-over-month addition larger than most software companies earn in a year.
- More than 11,900 customers paying $100,000 or more on a trailing twelve-month basis as of 30 September 2026, against more than 950 a year earlier.
- $24.5 billion from those customers in the first nine months of 2026, roughly 74% of total revenue.
That last line is the one worth sitting with. Three quarters of revenue comes from large-contract customers, and the count of those customers grew more than twelvefold in a year. This is an enterprise business that happens to have a consumer product, not the other way round.
Frequently asked questions
When is the Anthropic IPO?
Trading is expected to begin on 19 November 2026 on the Nasdaq Global Select Market under the ticker ANT, with pricing reported for 18 November. Those dates come from reporting rather than the filing, which does not state them.
What is the Anthropic IPO price range?
$70.00 to $78.00 per Class A share, set in Amendment No. 2 to the Form S-1 dated 10 November 2026. A range is an intention, not a commitment — the final price is set the night before trading.
What is Anthropic worth?
The filing does not say. Calculations on the basic share count give roughly $916bn at $70 and $1.02tn at $78; fully diluted figures reported elsewhere reach $1.3tn to $1.4tn. The difference is the share count used, not the company.
How much is Anthropic raising?
Roughly $57.8bn to $64.4bn gross from the 825 million shares, before the underwriters’ option. Separately the filing describes a $26.0bn private placement of non-voting Class N shares to seven strategic buyers.
How much revenue does Anthropic have?
Run-rate revenue of about $81 billion as of 31 October 2026. More than 11,900 customers pay $100,000 or more a year, and those customers provided $24.5 billion in the first nine months of 2026 — about 74% of the total.
Sources: FinanceFeeds on the S-1/A terms · CNBC on the price range · Anthropic.
Published 12 November 2026. This page reports what Anthropic filed and what others have reported. It is not investment advice, we hold no position, and nothing here is a recommendation to buy or sell anything. Figures come from a regulatory filing and from named outlets, and an IPO price range is an intention rather than a guarantee.