Anthropic Sent Banks a $70 to $80 Share Range for a $69.3 Billion IPO, Then Said the Pricing Was Inaccurate

Anthropic sent bankers a filing with a price range and share count, then pulled the pricing back, adding a new wrinkle to its push toward a Nasdaq debut.

According to Reuters, which cited emails to bankers, an Anthropic representative circulated a copy of a filing showing plans to sell about 866.7 million Class A shares at $70 to $80 apiece. A second email said the pricing details were inaccurate and that an updated filing would follow. Anthropic has not said which details were wrong, and it has not publicly confirmed any of the figures.

What the retracted filing showed

The first email laid out a deal in two parts. Anthropic itself would sell about 843.3 million shares. Existing shareholders would sell another 23.3 million shares.

At the top of the range, the offering would raise $69.3 billion. That figure is unconfirmed.

For scale, SpaceX raised $86 billion in its June IPO, so even the retracted number would not have topped that raise.

The filing also described a separate $26 billion private placement. Alphabet's Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Co. had agreed to buy Class N common stock at the IPO price. That placement was to close right after the public offering.

Livemint described the arrangement as underscoring "the increasingly intertwined financial ties underpinning the AI boom." Times of India reported that Anthropic has nearly $900 billion in computing commitments with partners including Google and Amazon, which are also investors, infrastructure providers and distribution partners. No source has alleged any impropriety.

Valuation is the open question

Anthropic was last valued at $965 billion after raising $65 billion in May. Earlier reports floated an IPO valuation as high as $2 trillion.

That has been coming down. Bloomberg reported that potential investors were discussing valuations between $1.1 trillion and $1.3 trillion after last week's U.S. midterm elections forced a rethink of AI valuations. Reuters had reported that $1.5 trillion was viewed as the upper end of the range, and Livemint also cited reports that major investors were skeptical the company could reach $1.5 trillion.

Anthropic's amended S-1, filed Nov. 2, still had the share count and price range blank, according to an analysis by tradeluma.app.

The financials behind the pitch

Anthropic's S-1 reports first-half 2026 revenue of $16.3 billion, up 1,300% from a year earlier. Adjusted operating income was $1.6 billion, against a loss of $1.8 billion in the same period of 2025.

The company reported a net loss of nearly $81 billion for January through June, up from $13 billion a year earlier. Just shy of $9 billion of that came from AI infrastructure and computing spending. More than $72 billion came from changes in the fair value of convertible notes, derivative liabilities and SAFEs, per the filing. Much of the headline loss is therefore an accounting mark, not cash out the door.

Anthropic says it has more than 14,000 enterprise customers, about 250 of which pay $10 million or more a year.

The tradeluma.app analysis of the amended filing puts third-quarter revenue at $16.956 billion, about 47% above the prior quarter. It also cites roughly $895.4 billion in contracted compute and infrastructure spending stretching into the 2040s. Those figures come from that analysis, not from a company announcement.

Moody's senior vice president Raj Joshi called the swing in adjusted operating income "a strong positive for the AI ecosystem."

Risks in Anthropic's own words

The prospectus is blunt about what could go wrong. It lists competition from other AI labs and slower-than-expected demand among the risks. It also cites "catastrophic or existential risks to humanity."

The company has had a public fight with the Pentagon over how its models can be used. NPR also noted questions about CEO Dario Amodei's dire warnings on AI risk.

Anthropic's rival OpenAI has been reported to be delaying its own IPO after both companies' chiefs called for AI development to slow down.

What comes next

Anthropic is expected to formally launch its roadshow today, Nov. 10, with pricing expected the following week. The company plans to list on the Nasdaq under the ticker ANT. CNN reported in October that the filing set the stage for trading to begin as soon as November 16.

The pending corrected filing is the next hard data point. It will show whether the $70 to $80 range and 867 million shares survive, shrink or change entirely.