IPO

Anthropic launches IPO roadshow at $70.00 to $78.00 a share for 825,000,000 Class A shares, with pricing planned for 18 November Company claimUpdate

• Anthropic says the offering is "825,000,000 shares of Class A common stock. Of these, 801,351,354 shares are being offered by Anthropic and 23,648,646 shares are being offered by certain existing stockholders", with a 30-day underwriter option for up to an additional 123,750,000 shares. "The initial public offering price is expected to be between $70.00 and $78.00 per share", and it has applied to list on the Nasdaq Global Select Market under the symbol "ANT".
• CNBC reports Anthropic plans to price on Nov. 18 and trade on Nov. 19 according to people familiar, is targeting retail allocation of about 20% against a typical 5% to 10%, and that the book "is already covered at the $70 to $78 per share range on an allocable basis". At the high end it would net up to $64.35 billion and could be worth up to $1.405 trillion fully diluted, against the $965 billion valuation announced in May.
• The filing figures CNBC cites from the amended prospectus: run-rate revenue of roughly $81 billion at the end of October, up $10 billion from the previous month; $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% year on year; and a $104 billion net loss over those nine months, most of it from change in fair value of convertible notes and derivative liabilities, against a $25.1 billion loss in the same stretch of 2025.
• TechCrunch reports each of the seven co-founders will sell 3,378,378 shares — just under $250 million each at the $74 midpoint — and that the founders will control 51.1% of the votes, with board member Reed Hastings indicating he wants to buy $300 million of shares through his donor-advised fund. The price range is not final: it is a filed range before a roadshow, and Anthropic has not published a revised one. Update to the 10 November edition, which reported the Wall Street Journal's account that the range was coming.