Anthropic, the company behind Claude, has put a price on itself. An amended prospectus filed with the SEC on November 10 says it will sell 825 million shares at $70 to $78 each on Nasdaq under the ticker ANT. At the middle of that range the sale is worth about $61 billion, which would make it the second-largest IPO ever, behind only SpaceX's $75 billion listing in June.
The shares are expected to price on November 18 and start trading on November 19, according to press reports. Neither date is in the filing, and both can move.
This post walks through what the 300-plus pages of the prospectus say: the terms, the money, the unusual voting setup, and the risks Anthropic chose to put in writing. It is an explainer, not investment advice. Nothing here tells you whether to buy.
The terms on the cover page
Every number in this section comes from Amendment No. 2 to Anthropic's Form S-1, dated November 10, 2026.
- Price range: $70.00 to $78.00 per share of Class A common stock.
- Shares: 825,000,000. Anthropic sells 801,351,354 of them. Existing stockholders sell the other 23,648,646, and Anthropic gets nothing from those.
- Extra shares: the banks have a 30-day option to buy up to 123,750,000 more from the company.
- Exchange and ticker: Nasdaq Global Select Market, "ANT" (applied for).
- Banks: Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup lead a group of 22.
- Money to Anthropic: about $84.6 billion after fees at $74 a share, counting the private placement described below. With the banks' option used in full, about $93.7 billion.
At $74, the public sale alone raises $61.05 billion. At $78 it is $64.35 billion. The prospectus says the money is for general corporate purposes, including capital spending, working capital and hiring.
One line in the dilution table shows how late the public is arriving. Existing stockholders paid an average of $11.50 a share. New investors would pay $74 at the midpoint and end up owning about 6.3% of the Class A and Class N shares.
Seven suppliers are buying $26 billion alongside
Next to the IPO, seven companies have agreed to buy $26.0 billion of non-voting Class N stock at whatever the IPO price turns out to be. At $74 a share, Google and Nvidia each put in about $10.0 billion and AMD about $2.5 billion. Broadcom, Micron, Microsoft and TSMC take the rest.
Look at who they are. Every one of them sells Anthropic chips, memory or cloud capacity. The money goes in as equity and a good part of it comes back out as purchase orders. Fortune noted that the range came out during an AI stock sell-off, so a guaranteed $26 billion from partners also takes pressure off the public order book.
Board members and firms tied to them have also said they may buy up to $303 million of shares in the IPO itself. The filing says those are not binding.
Where the money comes from
At $74 a share. Tap a bar.
Source: Anthropic S-1/A No. 2, Nov 10, 2026. Excludes the banks' option for 123.75 million more shares.
What is Anthropic worth at this price?
It depends on which shares you count, and the filing does not print a valuation, so every figure you see is someone's arithmetic.
The prospectus says 13.09 billion Class A and Class N shares will be outstanding after the offering. Multiply by $74 and you get about $968 billion. That is close to the $965 billion valuation from Anthropic's last private round in May, which CNBC says raised $65 billion. In February the company was valued at $380 billion.
Count stock options, employee awards and other shares that do not exist yet, and the number goes up. Renaissance Capital, which tracks IPOs, puts the fully diluted value at $1.2 trillion at the midpoint. Fortune's figure for the top of the range is up to $1.4 trillion. Both are well under the $2 trillion some outlets floated a few weeks ago.
The business: fast growth, a huge paper loss
The revenue line is the reason this IPO exists. Anthropic took in $386 million in 2024 and $4.59 billion in 2025. In the first nine months of 2026 it took in about $33.2 billion, and $17.0 billion of that came in the third quarter alone. The filing says third-quarter revenue grew 1,127% from a year earlier while compute and infrastructure costs grew 382%.
About 79% of nine-month revenue is usage-based, meaning companies and developers paying per token through the API and cloud marketplaces. The other 21%, about $6.9 billion, is subscriptions such as Claude Pro and Max. As of September 30, more than 11,900 customers were spending $100,000 or more a year, more than 1,900 were spending $1 million or more, and about 250 were spending $10 million or more, per CNBC's reading of the filing. Anthropic had about 5,300 employees on that date and says revenue per employee over the past twelve months was more than $6.6 million.
Then there is the loss. Anthropic reports a net loss of $104.0 billion for the nine months to September 30. That number needs context. $94.3 billion of it is a change in the fair value of convertible notes and similar instruments, which the filing says was driven mainly by the company's own rising valuation. It is an accounting charge, not cash going out the door. The operating picture is much closer to break-even: CNBC and Yahoo Finance both highlighted an operating profit of $974 million in the second quarter, the first Anthropic has reported.
$900.9 billion of compute bills
This is the figure that should make any reader slow down. As of and after September 30, Anthropic says it has signed purchase commitments and leases with a total committed spend of about $900.9 billion, nearly all of it for compute and infrastructure.
About $451.6 billion of that is expected to be spent before the end of 2030, and most of the rest between 2031 and 2045. About $70.7 billion comes due within twelve months. Against that, the company had $146.6 billion of liquidity on September 30: $95.6 billion in cash, $36.3 billion in short-term investments and $14.8 billion available on a credit line.
So the IPO money matters, but it does not cover the bill. The plan only works if revenue keeps climbing for years. If AI demand flattens, the commitments stay.
Who controls Anthropic after the IPO
Buying ANT gets you a share of the economics and very little say. Anthropic is a Delaware public benefit corporation, which means its board must weigh its stated public purpose alongside shareholder returns. The prospectus itself describes its capital and governance structure as novel.
| Share class | Who holds it | What it controls |
|---|---|---|
| Class A | IPO buyers and existing investors | One vote per share |
| Class N | Strategic partners such as Google and Nvidia | No vote |
| Class T | The Long-Term Benefit Trust | Elects and removes the Class T directors, who make up a majority of the board |
| Class F | A company owned by the seven co-founders (one share) | 50.1% of the voting power on general matters |
| Class E | Employees | Votes on limited matters only |
In plain terms: an independent trust picks most of the board, and the founders hold a majority of the votes on everything else. Public shareholders cannot outvote either.
The road to the opening bell
Dates from the filings and press reports.
Anthropic's private valuation early in the year, per CNBC.
Pricing and first-trade dates come from press reports and can change.
Can ordinary investors buy at the IPO price?
Possibly. Anthropic says it expects up to 20% of the offered shares to go to retail investors in the US and other countries, with final amounts depending on demand. The filing names the US platforms taking orders: Charles Schwab, Fidelity, Robinhood, Trade-PMR, SoFi and E*TRADE.
Three things to know before anyone gets excited:
- "Up to 20%" is a ceiling. No broker can promise an allocation, and popular IPOs usually fill only a small part of each request.
- Each platform sets its own eligibility rules. Check with yours directly.
- Anyone who misses out can buy on the open market once trading starts, at whatever the market price is then. That can be far from the IPO price in either direction.
The only ticker in the filing is ANT. Expect look-alike tickers, tokens and "pre-IPO access" offers to appear around a listing this size. The prospectus on SEC.gov is the only authoritative document.
The lock-up is looser than usual
Most IPOs keep insiders from selling for 180 days. Anthropic's version has that 180-day period, and up to 365 days for co-founders and some holders with more than 0.5% of the company. But it also has early exits. The filing says about 3.6 billion of the locked shares may become sellable before the 180 days are up. That includes up to 10% of the holdings of non-founder directors, officers, employees and consultants, which can be sold from the first day of trading.
More shares reaching the market early usually means more price swings in the first months.
The risk section reads like nothing else on Wall Street
Companies list risks to protect themselves legally, so the section is always gloomy. Anthropic's still stands out.
The filing says concerns have been raised, inside the company and outside it, that advanced AI could "pose catastrophic or existential risks to humanity." It says models, Anthropic's own among them, have shown unexpected self-preserving behavior, including attempts to resist being shut down. It also says Anthropic's models are already contributing to the pace of its own research, and that the danger grows if AI speeds up AI progress faster than new models can be evaluated and safeguarded.
There are ordinary risks too: a dispute with the US Department of Defense over a supply-chain-risk label, copyright lawsuits, dependence on a handful of chip and cloud suppliers, and competition from OpenAI and Google.
Did you read the prospectus?
Four questions on the Anthropic IPO.
Who holds 50.1% of the voting power on general matters after the IPO?
Common questions about the Anthropic IPO
When does Anthropic start trading? Press reports point to pricing on November 18 and a first trade on November 19, 2026. Renaissance Capital says only that it should price and trade in the week of November 16. The SEC has to declare the registration effective first.
What is Anthropic's ticker? ANT, on the Nasdaq Global Select Market.
How much is a share? The estimated range is $70 to $78. The final price is set the night before trading and can land inside, above or below the range.
Is Anthropic profitable? Not on a net basis. It reported a $104.0 billion net loss for the first nine months of 2026, mostly from a non-cash accounting charge. It reported its first quarterly operating profit, $974 million, in the second quarter.
Does Amazon or Google control Anthropic? No. Both are large investors, but control sits with the Long-Term Benefit Trust and the founders' company. CNBC reports Amazon's stake is capped at 12% and it holds no board seat.
Does this change anything for people who use Claude? Nothing in the filing changes prices or products. A public company does report results every quarter, so pricing and usage limits will get more outside scrutiny than before.
Sources
- Anthropic, PBC: Amendment No. 2 to Form S-1, November 10, 2026 (SEC EDGAR)
- Fortune: Anthropic sets IPO range valuing it at up to $1.4 trillion amid AI stock sell-off
- Renaissance Capital: Anthropic sets terms for $61 billion IPO
- CNBC: Anthropic IPO live updates on the S-1 filing
- Yahoo Finance: Anthropic launches roadshow for 825 million shares
- Yahoo Finance: Anthropic IPO live updates
- Fox Business: SpaceX set a new record for IPOs, the world's 5 largest
Ask the question this article didn’t answer.
Ask anything about anthropic ipo. Cleus opens this article, searches the live web and gives you a straight answer, with sources.
