Anthropic sets IPO terms at up to $1.02T, and its chip and cloud suppliers buy $26B alongside
What happened? Anthropic has set the terms of its IPO and launched the roadshow. Amendment No. 2 to its Form S-1, filed with the US Securities and Exchange Commission on 10 November 2026, and Anthropic's own announcement the same day, cover an offering of 825 million Class A shares at $70.00 to $78.00 each, to be listed on Nasdaq under the ticker ANT. At the top of the range the offering would raise $64.35 billion. Anthropic is selling 801,351,354 of those shares, or about $62.5 billion before expenses, and existing stockholders are selling 23,648,646 shares. Underwriters have a 30-day option to buy a further 123,750,000 shares from the company, which at $78 would take the total offering to $74.0 billion.
Selling stockholders: Those 23,648,646 secondary shares are being sold only by Anthropic's seven co-founders, Dario AmodeiDealroom has a profile for this one. Try Dealroom →, Daniela AmodeiDealroom has a profile for this one. Try Dealroom →, Tom Brown, Jack ClarkDealroom has a profile for this one. Try Dealroom →, Jared KaplanDealroom has a profile for this one. Try Dealroom →, Sam McCandlishDealroom has a profile for this one. Try Dealroom → and Chris OlahDealroom has a profile for this one. Try Dealroom →, each selling 3,378,378 Class A shares: about $250 million apiece and $1.75 billion together at the $74 midpoint, or roughly 1.4% of each founder's holdings. After the sale each will hold about 237 million to 241 million shares, worth roughly $17.6 billion to $17.8 billion at $74, or 3.2% of Class A. Through a Founder LLC they will jointly vote Class F stock carrying a fixed 50.1% of shareholder voting power.
Valuation: A $78 price implies an equity value of $1.02 trillion, based on the 13.09 billion Class A and Class N shares that would be outstanding after the offering and a concurrent private placement (Class T and Class F shares have no economic rights). That is the figure implied by the outstanding share counts in the filing, and it sits above the $965 billion post-money valuation of Anthropic's May financing, though well below the $1.5 trillion to $2 trillion figures investors had discussed earlier. Late on Monday, Anthropic had emailed bankers a draft showing about 867 million shares at $70 to $80, for up to $69.3 billion, then said those pricing details were inaccurate.
A fully diluted count is higher. Axios, in a piece by Dan PrimackDealroom has a profile for this one. Try Dealroom →, draws the distinction between market value on outstanding shares and the value of all shares that could become outstanding, putting the fully diluted high end at around $1.37 trillion. The filing's outstanding figure excludes, among other things, 1.77 billion shares issuable on outstanding options (weighted-average exercise price $2.91), about 1.07 billion unvested RSUs, 1.92 billion shares reserved for a new 2026 equity plan, and 128 million shares reserved for an employee stock purchase plan. Adding those awards and reserves implies an equity value of about $1.26 trillion at $70 and about $1.40 trillion at $78. The reserved plan shares are not yet outstanding, so they are not part of the $1.02 trillion figure.
The $26 billion placement is confirmed: Immediately after the IPO, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy an aggregate $26.0 billion of non-voting Class N shares at the IPO price: about $10.0 billion each from Google and Nvidia, $2.5 billion from AMD, $1.0 billion each from Broadcom, Micron and Microsoft, and $500 million from TSMC. Together with the base IPO, total proceeds would reach $90.35 billion at the top of the range. At the $74 midpoint, Anthropic estimates net proceeds to the company of about $84.6 billion from its own IPO shares plus the placement, or about $93.7 billion if the overallotment is exercised in full.
What buyers are paying for: The same filing puts Anthropic's run-rate revenue at about $81 billion as of 31 October, up roughly $10 billion in a single month, against about $900 billion of compute and infrastructure commitments, most of it running to 2030 and beyond (more on the numbersDealroom has a profile for this one. Try Dealroom →). At $1.02 trillion, the IPO prices Anthropic at about 12.6 times that run rate. The placement also turns the companies behind its chips and cloud capacity into shareholders: much of the money Anthropic raises will flow back to Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC as compute spending.
How it compares: Even at $64.35 billion, the IPO would be the second-largest on record, behind SpaceX's $75 billion June 2026 offering, which rose to $85.7 billion after underwriters exercised the greenshoe. If Anthropic's overallotment is taken up in full, the public offering would reach $74.0 billion at the top of the range, still below SpaceX's base raise.
What analysts think it is worth: Morningstar, in research published on 9 November before the terms were set, puts Anthropic's fair value at $1.7 trillion in its base case, which assumes revenue compounds at 47% a year over the next five years and implies about 13 times 2027 sales. Its bull case, with growth above 60% a year and a 26 times multiple, comes to slightly more than $3 trillion; its bear case, with 22% growth and about 6 times sales, is $500 billion. Morningstar rates Anthropic's economic moat as narrow and its uncertainty as Very High. At the top of the range, the $1.02 trillion value on outstanding shares sits well below that base case.
Timing: Anthropic launched the roadshow on 10 November. CNBC, citing people familiar with the plans, reports that it intends to price the offering on 18 November and start trading on 19 November, that it is targeting about 20% of the shares for retail investors (against a typical 5% to 10%), and that the institutional book was already covered across the range.
Update, 11 November: demand may push the price higher. Less than a day after setting the range, Anthropic's bankers are weighing pricing the IPO above $78 a share after heavy investor demand at the start of the roadshow, which could lift its valuation to $1.5 trillion or more, the Financial Times reported, citing five people familiar with the matter. A higher price could take combined proceeds from the IPO and the private placement past $100 billion. Three Anthropic backers told the FT the company is prioritising the amount of capital raised over the highest possible valuation, given its planned compute spending. The FT also reported that a New York brokerage was offering up to $500 million of Anthropic shares on behalf of a venture capital firm at a 4% premium to the eventual IPO price, and that another venture group was offering $1.25 billion of shares through a special-purpose vehicle at a $1.5 trillion valuation.
Sources: Anthropic Amendment No. 2 to Form S-1 (SEC, 10 November 2026), Anthropic roadshow announcement, Axios (Dan Primack), CNBC, Morningstar, Financial Times, 11 November, Reuters
Photo: Anthropic co-founder and CEO Dario Amodei at TechCrunch Disrupt 2023. TechCrunch / Wikimedia Commons, CC BY 2.0.
