Anthropic IPO: Price Range, Ticker, and What the Prospectus Shows

Anthropic, the company behind Claude, launched the roadshow for its initial public offering on November 10, 2026. It plans to sell 825 million shares at $70 to $78 each and has applied to list them on the Nasdaq under the ticker ANT. The shares cannot be sold until the SEC declares the registration effective, and no date has been announced.

What the prospectus shows

1. How the money adds up

The public offering comes first. Of the 825 million shares, about 801 million are new shares sold by Anthropic and about 24 million are sold by existing owners. At the proposed price range, the whole offering is worth $57.75 billion to $64.35 billion, and the owners' part, about $1.7 billion to $1.8 billion, goes to them, not to the company. The underwriters can also buy up to 124 million more shares within 30 days.

A separate private sale comes second. Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and TSMC have agreed to buy $26.0 billion of a different class of stock at the IPO price, with Google and NVIDIA putting in about $10 billion each. These shares are not part of the public offering.

That is why the company expects to receive more than the public offering's size. At the $74 midpoint, Anthropic's new public shares bring in about $59.3 billion before fees. Adding the private sale and subtracting the banks' fees and other costs, the prospectus estimates net proceeds from both sources at about $84.6 billion. The stated uses are general corporate purposes, including computing infrastructure and hiring.

2. Revenue and losses

Revenue reached $33.2 billion in the nine months to September 30, 2026, up from $2.5 billion in the same nine months of 2025, and the third quarter alone brought in $17.0 billion. Over the same nine months, the operating loss narrowed to $1.3 billion from $5.2 billion a year earlier. More than 11,900 customers paid Anthropic $100,000 or more over the past twelve months, and more than 1,900 paid $1 million or more. Anthropic says it does not expect revenue to keep growing at comparable rates.

3. Who controls the company

Buyers of the public shares will have limited influence over how Anthropic is run, because two separate mechanisms hold control.

The first covers the board. An independent Long-Term Benefit Trust holds a special class of stock that lets it elect the directors who make up a majority of the board. The second covers stockholder votes. A company owned by the seven co-founders holds a single share carrying 50.1% of the votes on matters put to stockholders, including the election of the remaining directors. In short, the trust decides who fills most board seats, and the founders decide most stockholder votes.

Anthropic is also a public benefit corporation. Its board has to balance stockholders' financial interests with the interests of people affected by the company and its stated purpose: developing advanced AI for the long-term benefit of humanity.

What it means for Claude users

The roadshow announcement does not mention products, plans, or prices, and Claude Fable 5.2, released the day before, launched on the existing plans. In its risk factors, the prospectus notes that Anthropic has changed how it charges before and may do so again, for example by lowering prices or charging per outcome or task. That is a stated possibility, not an announced plan. Current plans and prices are on Anthropic's pricing page.

FAQ

When will ANT shares start trading on the Nasdaq?

The announcement gives no date. The shares cannot be sold before the SEC declares the registration statement effective. The prospectus is dated November 10, 2026, and is marked subject to completion.

Can investors outside the United States take part?

The prospectus says the offering includes public offerings in Australia, Canada, certain European Economic Area countries, Japan, Switzerland, and the United Kingdom. Anthropic does not plan to list the shares on any exchange in those places, only on the Nasdaq.