Anthropic Launches IPO Roadshow: 825 Million Shares at $70 to $78, Below the Draft It Retracted

Since Anthropic emailed banks a filing on Monday and then called its pricing inaccurate, the company has put out the corrected numbers. Anthropic, PBC launched its IPO roadshow today, Nov. 10, with an updated filing for 825 million Class A shares at an expected price of $70.00 to $78.00 each.

The Monday draft showed about 867 million shares at $70 to $80. The new terms put the top of the raise at about $64.4 billion, roughly $5 billion below the retracted copy.

What the filing says

Of the 825 million shares, 801,351,354 come from Anthropic and 23,648,646 from existing stockholders. The company gets nothing from the stockholders' shares.

Underwriters get a 30-day option on up to 123,750,000 more shares. Anthropic has applied to list on the Nasdaq Global Select Market under the ticker "ANT." Goldman Sachs and Morgan Stanley are the named contacts for the preliminary prospectus.

The registration statement has been filed with the SEC but is not yet effective. Nothing can be sold until it is.

The $26 billion on top

Reuters reported that Anthropic will raise another $26 billion in a separate private placement with cornerstone investors: Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Combined with the public offering, that brings the total to as much as $90.4 billion.

More than a quarter of that money would come from companies that also sell Anthropic chips, cloud capacity and computing deals. Reuters lists "circular financing arrangements" among the concerns investors have raised about the AI buildout. Anthropic did not immediately respond to Reuters' request for comment on the placement.

What it implies for valuation

The filing does not state a valuation, and the estimates differ by method.

CNBC's calculation puts the company at up to $1.405 trillion on a fully diluted basis at the top of the range. That compares with the $965 billion valuation Anthropic announced in a funding round in May.

Reuters' own calculation, based on outstanding shares listed in the filing, puts the figure at up to $1.02 trillion. Reuters separately cited Seoul Economic Daily estimates of $1.18 trillion to $1.35 trillion based on the earlier, higher range.

The path down has been steady. Bloomberg reported a target of as much as $2 trillion in early October. Shareholders told CNBC last week that even $1.5 trillion is now in doubt, and one investor called that number a "stretch."

The numbers behind the company

For the nine months ended Sept. 30, Anthropic reported $33.24 billion in revenue, up roughly 1,200% from the same period a year earlier. It also reported a $104 billion net loss.

The filing attributes most of that loss to changes in the fair value of convertible notes and derivative liabilities. For the same stretch in 2025, the loss was $25.1 billion.

On Monday, Anthropic released two models, Claude Fable 5.2 and Claude Mythos 5.2. They are its first frontier models since CEO Dario Amodei called in September for slowing the pace of AI development. The company said the models went through safety and alignment testing, along with new evaluations and post-launch monitoring tools.

A rougher market than the one Anthropic planned for

Last week's midterms produced a Democratic sweep in Congress and statewide ballot measures that CNBC says could slow the AI buildout. The Nasdaq had its deepest one-day drop in 19 months on Thursday, which Reuters tied to fears of more AI scrutiny, particularly of data center construction, after the Democratic gains.

Investors are also weighing rising interest rates and the cost of debt for infrastructure-heavy companies. The questions Reuters says are driving that skepticism: whether returns will justify the spending, whether data center capacity will outrun demand, and how quickly AI investments turn into revenue.

The company's filing speaks of a vision to "bring forth an age of miracles," while warning of existential risks to humanity.

What comes next

Anthropic expects the price to land between $70 and $78. The pricing and the Nasdaq debut are what the roadshow is meant to deliver, and the company is aiming for a listing this month. The unresolved issue is whether institutional buyers accept a valuation of $1 trillion or more, above the $965 billion May round, in a market that has turned more cautious since the midterms.