Anthropic launches its IPO roadshow: 825 million shares at $70 to $78, plus $26 billion from Google, NVIDIA and five other partners

Anthropic launched the roadshow for its initial public offering on November 10, offering 825 million Class A shares at $70 to $78 each. Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC have also agreed to buy $26.0 billion of separate shares at the IPO price once the offering closes. The terms come from Anthropic's announcement and from its amended S-1, which SEC EDGAR shows was filed at 11:29 UTC.

THE OFFERING

• 825,000,000 Class A shares: 801,351,354 sold by Anthropic and 23,648,646 by existing stockholders. Anthropic gets nothing from the stockholders' shares.
• At $70 to $78 a share, the offering raises $57.75 billion to $64.35 billion.
• The underwriters can buy up to 123,750,000 more shares within 30 days.
• Anthropic has applied to list on the Nasdaq Global Select Market under the ticker ANT. Copies of the preliminary prospectus come from Goldman Sachs and Morgan Stanley.
• Some board members and entities tied to them have indicated interest in buying up to $303 million of shares in the offering. The filing says those indications are not binding.

THE PRIVATE PLACEMENT

The filing lists each buyer's share of the $26.0 billion, counted at the $74 midpoint:

• Google: 135,135,135 shares, about $10.0 billion.
• NVIDIA: 135,135,135 shares, about $10.0 billion.
• AMD: about $2.5 billion.
• Broadcom, Micron and Microsoft: about $1.0 billion each.
• TSMC Partners: about $500 million.

These are Class N shares, which do not vote unless the law requires it. They are not registered in this offering, and the sale goes ahead only if the IPO closes.

WHAT IT ADDS UP TO

• Anthropic estimates its net proceeds from the offering and the placement at about $84.6 billion at the $74 midpoint, or $93.7 billion if the underwriters buy all their extra shares.
• After the offering and the placement, the filing counts 13,086,672,593 shares outstanding across all share classes. At $70 to $78 that is about $916 billion to $1.02 trillion.
• That count leaves out about 1.77 billion shares under stock options and about 1.07 billion under unvested RSUs, so a fully diluted value is higher.
• Bloomberg reported on November 6 that buyers were discussing a valuation of about $1.2 trillion to $1.3 trillion, without saying which share count it used.

THE BUSINESS, PER THE FILING

• Revenue was $17.0 billion for the three months to September 30, 2026, up 1,127% from a year earlier. Compute and infrastructure expenses grew 382% over the same period.
• Run-rate revenue was about $81 billion on October 31, up $10 billion from September 30. Anthropic defines run-rate revenue as the last 28 days of usage fees times 13, plus monthly subscription fees times 12.
• More than 11,900 customers paid Anthropic $100,000 or more over the 12 months to September 30, up from more than 950 a year earlier. More than 1,900 paid $1 million or more, and about 250 paid $10 million or more.

WHAT WE DO NOT KNOW

The pricing date and the first day of trading: neither the announcement nor the filing gives them. We also do not know where in the range the shares will price, or whether the underwriters will buy their extra shares. The registration statement is not yet effective, so no shares can be sold until the SEC declares it effective.