Anthropic IPO Price Range Is $70 to $78. Retail Can Get Up to 20%, and Early Holders Paid $11.50

Anthropic has put a price on itself. The amended prospectus it filed with the SEC at 6:29 a.m. Eastern on Tuesday, November 10, sets the Anthropic IPO price range at $70 to $78 a share for 825 million Class A shares, to trade on Nasdaq as “ANT.” On Thursday morning it pointed people on X to its IPO website, which says the shares are expected to be priced on November 18 and to start trading on November 19.

The filing also answers the two things our October 27 story on the first S-1 couldn’t: what the company is asking for, and how ordinary investors get in. Anthropic expects up to 20% of the offered shares to go to retail investors through brokerages it names in the filing, well above the 5% to 10% that CNBC says is typical. It also discloses a $17 billion third quarter, bigger than its entire first half. And it shows that existing holders paid an average of $11.50 a share for stock that new buyers will pay $70 or more for.

What the Anthropic IPO price range adds up to

Of the 825 million shares, Anthropic’s roadshow announcement says 801,351,354 are new shares sold by the company and 23,648,646 are sold by existing stockholders, who keep that money. Then there’s a second, larger pot. Immediately after the IPO, seven partners have agreed to buy $26.0 billion of non-voting Class N stock in a private placement at the IPO price. The filing estimates Anthropic’s own net proceeds from both at about $84.6 billion at the $74 midpoint, or about $93.7 billion if the underwriters buy all their extra shares.

The prospectus doesn’t print a valuation, so we did the arithmetic. It says 13,086,672,593 Class A and Class N shares will be outstanding after the offering at the midpoint price (the private placement share count moves inversely with the price). Multiplying out:

That last column is a basic count. It leaves out unexercised options, unsettled stock units and other dilutive securities, which is why CNBC puts the top of the range as high as $1.405 trillion on a fully diluted basis. CNBC compares that with the $965 billion valuation from Anthropic’s funding round in May, and reports that some investors had been hoping for $2 trillion until recently.

Either way, this would be one of the largest IPOs on record. CNBC notes SpaceX raised $85.7 billion in its offering five months ago. At the top of the range, Anthropic’s public sale plus the private placement comes to about $90.4 billion, though only the $64.4 billion public part is sold to outside investors.

How to request Anthropic IPO shares

The underwriting section of the prospectus says part of the offering will be sold to individuals through brokerages acting as selling group members: Charles Schwab, Fidelity, Robinhood, Trade-PMR, SoFi and E*TRADE from Morgan Stanley. E*TRADE is an affiliate of Morgan Stanley, one of the two lead underwriters with Goldman Sachs. Anthropic says it expects allocations to retail investors “both in the United States and in other countries, to represent up to 20%” of the shares offered, with final amounts depending on demand. Up to 20% of 825 million shares is 165 million shares, or roughly $11.6 billion to $12.9 billion across the range by our math. CNBC’s sources say most IPOs give retail investors 5% to 10%.

The IPO site’s FAQ lays out the mechanics. You need an active account at a participating broker and you submit an “indication of interest” through it. The broker tells you whether you’re eligible. Allocations are confirmed on the first trading day, and “there is no guarantee that any investor will receive all or any of the shares they apply for.” The site also warns that you should be ready to buy everything you request. IPO-price shares are bought at the offering price set on November 18; anything bought after trading opens is at the market price.

Outside the US, the prospectus lists public offerings in Australia, Canada, certain European Economic Area countries, Japan, Switzerland and the United Kingdom, with no plan to list the stock on any exchange there. Anthropic filed free writing prospectuses for the EEA and Japan with the SEC early Thursday. Each broker sets its own eligibility rules, and none of them is affiliated with Anthropic except through Morgan Stanley’s ownership of E*TRADE.

A $17 billion quarter, and an operating loss again

The first S-1 stopped at June 30, when first-half revenue was $16.29 billion. The amended filing adds the third quarter, and the quarterly table shows revenue of $16.96 billion in the three months to September 30, up from $1.38 billion a year earlier and $11.56 billion in the second quarter. One quarter now brings in more than the whole first half did. Nine-month revenue was $33.24 billion.

Profitability went the other way. After the $974 million operating profit in the second quarter that we flagged last month, Anthropic swung back to a $567 million operating loss. The filing blames two things: $5.0 billion of compute bought on short-term commitments, which it says “currently costs significantly more” than compute under its multi-year deals, and $2.0 billion of non-cash charges for an employee donation-matching program paid in stock. Anthropic’s preferred measure, Adjusted Operating Income, was $2.5 billion, a 15% margin. The net loss was $23.29 billion for the quarter and $104.04 billion for nine months, most of it paper charges for convertible notes that grew more expensive as the company’s valuation rose.

One company claim on the IPO site checks out against the filing. Anthropic says its “compute efficiency,” revenue divided by compute and infrastructure costs, is more than four times what it was in early 2025. The quarterly table gives $16.96 billion of revenue against $9.86 billion of compute in the third quarter, and $376 million against $944 million in the first quarter of 2025. That works out to about 4.3 times. Other figures are Anthropic’s own operating metrics: more than 11,900 customers paying $100,000 or more a year as of September 30 (up from more than 950 a year earlier) and run-rate revenue of “approximately $81 billion” as of October 31. At the $74 midpoint, the basic share count values the company at about 12 times that run rate.

Much of that run rate is metered API use by developers, including the Claude Fable 5.2 model that Anthropic released at $8 and $40 per million tokens on November 9, down from $10 and $50 for Fable 5.1, the day before the price range went public.

Who’s buying the $26 billion private placement

The Class N buyers are mostly the companies Anthropic buys chips and cloud capacity from. The prospectus lists each at the $74 midpoint:

Anthropic pays no underwriting fees on these shares, and the sale only happens if the IPO closes. The shares carry no vote and aren’t registered in the offering, but the filing says they “will not be subject to market standoff agreements with us or lock-up agreements with the underwriters.” They can still only be resold under Rule 144 or a registration, so that doesn’t mean they hit the market on day one. Separately, some board members and their affiliates have indicated interest in buying up to $303 million of Class A stock in the IPO itself.

The fine print for anyone buying on day one

Start with what you’d be paying relative to insiders. The dilution table shows existing stockholders hold 11.93 billion shares bought for $137.3 billion in total, an average of $11.50 a share. At the midpoint, IPO buyers would get 6.1% of the shares while supplying 26.6% of the total money in the filing’s dilution table, which counts everything existing holders ever paid for their shares.

Lock-ups are shorter for some people than the usual six months. Holders of about 15.5 billion shares agreed to restrictions lasting up to 180 days, or up to 365 days for the co-founders and holders of more than 0.5% of the company. But the filing says 3.6 billion of the 180-day shares could become sellable early, including up to 10% of the locked-up stock held by non-founder directors, officers, employees and consultants, which “may be transferred or sold beginning on the first trading day.”

Control doesn’t change hands. A single Class F share held by an LLC of the seven co-founders carries 50.1% of the total vote, and the Long-Term Benefit Trust elects a majority of the board through a Class T share. That makes Anthropic a “controlled company” under Nasdaq rules. The co-founders are unusually direct about what that means for shareholders. In the founders’ letter, signed by Dario and Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Chris Olah, they write that “there may be times when we choose to advance more slowly than we could in order to make our systems safer, even if that puts us at a competitive disadvantage.” They also ask buyers “not to think of your purchase in purely transactional terms.”

Anthropic’s full pitch is in an 11-chapter roadshow video on its IPO site, with customer segments from Bristol Myers Squibb, Accenture and AIG. It isn’t published on Anthropic’s YouTube channel, so we’ve linked to it rather than embedding a copy.

What to watch next

The next date is November 18. Anthropic should file a final prospectus with the actual price, and that will show whether demand pushed the deal above $78 or forced it lower. CNBC’s sources said on November 10 that the order book was already covered across the range. The other number to watch is the underwriters’ 123.75 million-share option, which adds up to about $9.7 billion at the top of the range if it’s fully used. After that, the real test is Anthropic’s first quarterly report as a public company, when the market sees whether a $17 billion quarter can keep growing at a 47% quarterly clip.

Frequently asked questions

What is the Anthropic IPO price?

Anthropic expects to sell its Class A shares at $70 to $78 each, according to its November 10 prospectus. The final price is expected on November 18 and can land outside that range depending on demand.

When does Anthropic stock start trading?

Anthropic’s IPO site says shares are expected to begin trading on November 19, 2026, on the Nasdaq Global Select Market under the ticker ANT. Both dates are subject to regulatory clearance.

How can I buy Anthropic IPO shares?

Through a participating brokerage. The prospectus names Charles Schwab, Fidelity, Robinhood, SoFi, E*TRADE from Morgan Stanley and Trade-PMR. You submit an indication of interest, and your broker confirms any allocation on the first trading day. Anthropic expects up to 20% of the shares to go to retail investors, but there’s no guarantee you’ll get any.

What is Anthropic worth at the IPO price?

The prospectus doesn’t state a valuation. By our math from its share count, all Class A and Class N shares would be worth about $917 billion at $70 and about $1.02 trillion at $78. CNBC calculates up to $1.405 trillion on a fully diluted basis.

Do Anthropic Class A shares have voting rights?

Yes, one vote per share, but the co-founders’ single Class F share carries 50.1% of the total vote, and the Long-Term Benefit Trust elects a majority of the board. Class N shares, held mainly by partners like Google and NVIDIA, have no vote.

Sources

• Anthropic, PBC: Form S-1/A, Amendment No. 2, SEC EDGAR, accepted November 10, 2026, 6:29 a.m. ET (price range, share counts, private placement, use of proceeds, quarterly results, run-rate revenue, dilution, lock-ups, retail allocation, voting)
• Anthropic: “Anthropic launches roadshow for proposed initial public offering,” November 10, 2026
• Anthropic: IPO website (timeline FAQ, how to participate, Q3 2026 financial highlights, roadshow video)
• Anthropic: Founders’ letter (PDF)
• Anthropic: IPO fact sheet, November 2026 (PDF)
• Anthropic on X: “Our initial public offering,” November 12, 2026, 6:30 a.m. ET
• SEC EDGAR: Anthropic, PBC filing index (CIK 2130357; free writing prospectuses filed November 10-12, 2026)
• CNBC: “Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say,” November 10, 2026 (fully diluted valuation, May round, retail norms, order book, SpaceX comparison)

All sources accessed November 12, 2026. This article is news coverage, not investment advice.

Last updated: November 12, 2026. To report an error, see our corrections page. See our editorial policy.