Anthropic officially kicked off the roadshow for its initial public offering on November 10, 2026, putting a concrete price on what is set to be one of the largest stock offerings ever attempted. The Claude maker will offer 825 million Class A shares at an expected range of $70 to $78 per share, and plans to list on the Nasdaq Global Select Market under the ticker ANT.
At the top of the range, the public offering alone would raise roughly $64.4 billion before fees; at the bottom, about $57.8 billion. The roadshow — the period when a company and its bankers pitch institutional investors before the final price is set — typically runs one to two weeks, after which the deal is priced and trading begins. For more context on this story, see our ongoing latest AI developments.
How the deal is structured
According to the offering details published alongside the roadshow launch, 801,351,354 of the 825 million shares are new shares sold by Anthropic itself, while 23,648,646 shares are being sold by existing stockholders — proceeds from that smaller slice go to the sellers, not the company. Underwriters also hold a 30-day option to purchase up to 123,750,000 additional shares, which could add roughly $9.7 billion more in proceeds at the top of the range.
Goldman Sachs and Morgan Stanley are named as lead contacts on the preliminary prospectus. Notably, Anthropic's filing describes the company as a public benefit corporation (PBC), a structure that obligates directors to balance stockholder returns with the company's stated public benefit mission — a point that has drawn attention given the scale of the listing.
What is Anthropic actually worth?
The company's own statement does not state a valuation, because the figure depends on the total number of shares outstanding after the deal. Press calculations diverge accordingly: the Wall Street Journal reports that Anthropic will seek about $1.3 trillion, while Bloomberg, The New York Times and the Financial Times all report that the range could value the company at up to $1.4 trillion. Reuters, which reviewed the updated draft prospectus, framed the target as a comparatively modest $1 trillion — still among the largest valuations ever attached to a company at its market debut.
Either way, the numbers cap a remarkable repricing. Earlier coverage of Anthropic's IPO journey had floated targets of $2 trillion and later $1.5 trillion before a sharp selloff in AI stocks cooled valuation talk across the sector. New York City's comptroller publicly asked the company to pause the offering during that stretch.
A filing stumble on the way to the roadshow
The final range also arrived with friction. An earlier version of the deal terms was briefly shared and then pulled back — Reuters reported the withdrawn draft showed a larger top end of roughly $69.3 billion in intended proceeds, and a leaked $70-to-$80 price range was retracted within hours, an episode Bloomberg described as a filing snafu that jolted investors in the run-up to the launch.
Reuters also reported, citing the updated draft, that Anthropic plans a separate $26 billion private placement with strategic investors — companies named in the report include Alphabet, Nvidia, Microsoft, AMD, Broadcom, Micron and TSMC. Anthropic's own roadshow statement does not mention that placement, so it should be treated as reported rather than confirmed.
A test of Wall Street's AI appetite
The offering is widely being read as a referendum on how much public investors will pay for a frontier AI lab. Anthropic's prospectus-era financials showed fast revenue growth — the company previously reported moving into profitability in recent quarters — but also enormous spending on computing power, and the past month's AI stock selloff has made buyers more selective.
The roadshow will test that appetite directly: if investor meetings go well, the deal prices at or above the top of the $70-to-$78 range; if demand is softer, Anthropic may land below it. Either outcome will set a reference price for the rest of the private AI market, where dozens of companies are still holding multi-hundred-billion-dollar paper valuations waiting for their own window to go public.
For Claude users, nothing changes immediately — the apps, API, and developer tools continue operating as usual during the offering. The first day of trading under the ANT ticker, however, will be watched well beyond Wall Street.
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