Anthropic, PBC’s planned U.S. IPO would put a $64.35 billion share block before U.S. investors at the proposed range’s high end, while a separate $26 billion placement would draw technology companies into the deal.
Investor meetings began Nov. 10. The proposed Nasdaq sale includes 825 million Class A shares priced at $70 to $78 each.
At the top price, the base sale’s gross value would be $64.35 billion before fees. The total includes 801,351,354 shares Anthropic would issue and 23,648,646 being sold by existing stockholders, who would receive the proceeds from their portion. Anthropic would get no money from those resales. Underwriters may add as many as 123,750,000 shares through an option available for 30 days.
Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC Partners have agreed to buy $26 billion of Class N shares at the IPO price. Their purchases depend on the IPO being completed and other conditions being met. Class N shares carry no voting rights while they remain in that class.
At an assumed $74 IPO price, Anthropic estimates about $84.6 billion in combined net proceeds from its newly issued shares and the placement, after underwriting discounts and expenses. The prospectus lists working capital, operating costs, computing and infrastructure spending, and hiring among the intended uses. It also assigns 50.1% of voting power on general stockholder matters to the founders’ Class F share; each Class A share has one vote.
The prospectus does not state a company valuation. Its assumed post-deal count is 13,086,672,593 shares; applying $78 per share gives about $1.02 trillion, a calculation rather than a value stated by Anthropic. Reuters has reported a figure as high as $1.4 trillion. The Desk describes that as a fully diluted estimate, which includes shares that could be issued through options and similar securities.
For the three months ended Sept. 30, 2026, Anthropic reported $17.0 billion in revenue and a $23.3 billion net loss. The company said $21.9 billion of the loss came from noncash fair-value changes in convertible notes, derivative liabilities and SAFEs.
Reuters reported that an earlier document circulated to banks listed about 867 million shares at $70 to $80 each. Anthropic later said the pricing details were inaccurate. EconoTimes previously covered the banker-document dispute.
Anthropic expects to set the final price Wednesday, Nov. 18 EST, and begin Nasdaq trading under ticker ANT Thursday, Nov. 19 EST, subject to regulatory clearance.