Anthropic expects a price of $70 to $78 per Class A share in its planned stock market listing, and it has applied to trade on the Nasdaq Global Select Market, a US stock exchange, under the symbol ANT. Anthropic launched its roadshow on 10 November 2026. A roadshow is a set of meetings with potential investors. The range is an expectation, not a final price. Nothing can trade until the registration statement, the filing needed for the offering, becomes effective and the offering is priced.
Key takeaways
- Anthropic started meetings with potential investors on 10 November 2026 at an expected $70 to $78 per Class A share.
- No public price exists yet because the required filing had not become effective.
- CNBC reported 18 November pricing and 19 November trading as expected next steps.
What Anthropic filed on 10 November 2026
On 10 November 2026, Anthropic announced that it had launched the roadshow for its proposed listing. The offering covers 825,000,000 Class A shares, the share class being sold to public investors. Of those, 801,351,354 are offered by Anthropic itself and 23,648,646 by existing stockholders, meaning people and funds who already own shares.
That split matters. Anthropic says in its amended filing that it will receive no proceeds from the shares sold by existing stockholders. Money from its own shares and a private share sale at the same time is intended for general corporate purposes. This includes day-to-day costs, computing and infrastructure, hiring and retention, and tax withholding on employee share awards. On 10 November 2026, Reuters reported that the separate private placement could raise $26 billion, bringing the two transactions to as much as $90.4 billion.
| Term | What the 10 November 2026 filing says | Status |
|---|---|---|
| Expected price | $70 to $78 per Class A share | Expected |
| Total shares offered | 825,000,000 Class A shares | Proposed |
| Sold by Anthropic | 801,351,354 shares | Proposed |
| Sold by existing stockholders | 23,648,646 shares | Proposed |
| Possible extra shares for banks running the deal | Up to 123,750,000 extra shares, 30 days | Expected to be granted |
| Exchange and symbol | Nasdaq Global Select Market, ANT | Applied for |
What a $70 to $78 range actually means
A price range is a preliminary guide, not a guaranteed sale price. During the roadshow, the banks running the deal collect investor indications. They record these requests in an order book. The company ultimately decides the price. The final price is normally set shortly before trading begins. It appears in the final prospectus, the formal offering document, once the registration statement becomes effective.
The final number can land outside the range, and the number of shares can be revised too, subject to securities-law filing rules. A proposed listing can also be postponed or withdrawn instead of priced.
$70 to $78 is an expected range from the 10 November 2026 filing. It is not a final share price, and it is not a live market quote.
There is already pressure on that range. On 11 November 2026, Bloomberg reported that Anthropic's bankers were considering raising the valuation to $1.5 trillion or more and expected a price above the filed $70 to $78 range. That was reported consideration, not a filed change.
Offering size and the valuation headlines
Here is the arithmetic on the base offering. At $70, 825,000,000 shares come to $57.75 billion, and at $78 they come to $64.35 billion. Those are gross proceeds across the base shares before underwriting fees, and the total includes shares sold by existing stockholders, from which Anthropic receives nothing. It is the size of the offering, not the value of the company.
The valuation headlines are separate, and they differ. Reuters described the proposed high end as about $1.4 trillion on a fully diluted basis, which counts shares that could exist later, such as employee options. Anthropic's last completed private funding valuation was $965 billion post-money, announced with its Series H on 28 May 2026.
For context on how big private AI valuations are set before a listing, see our explainer on OpenAI's valuation.
The filing also shows what buyers would be pricing. For the nine months ended 30 September 2026, Anthropic reported revenue of $33.242 billion, an operating loss of $1.260 billion and a net loss of $104.039 billion. The filing put its annualised run-rate at approximately $81 billion as of 31 October 2026, which is a run-rate, not recognised revenue for a full year.
From roadshow to first trade
Four steps stand between the filing and a first trade.
- The roadshow launched on 10 November 2026. Confirmed.
- The SEC declares the registration statement effective. As of 11 November 2026, Anthropic said this had not happened.
- The offering is priced after the order book closes, and the final price appears in the final prospectus.
- Trading begins on Nasdaq under ANT.
Reported dates exist, but they are plans. CNBC reported pricing on 18 November and Nasdaq trading on 19 November 2026 as expected next steps, not completed events. Reuters also said trading was expected on 19 November 2026, while noting the date and the final price remained plans. As of 11 November 2026, EDGAR listed the 10 November S-1/A as Anthropic's latest filing, so the $70 to $78 range was still the latest filed term.
Can individuals in Europe buy at the IPO price?
Buying at the offer price means getting an allocation through a broker that takes part in the deal. Allocations are limited and never guaranteed. Most individual investors end up buying after trading starts, at whatever the market sets that day.
The three prices are different things. The offer price is the negotiated price for shares sold in the offering, the opening price is the price when public trading begins, and later market prices are set by trading and can differ substantially from the offer price.
Two practical points for readers in the euro area and the Nordics. A US listing is priced in dollars, so currency moves affect what you get back in your own currency. Private-market share sales quoted elsewhere are a different transaction, with different timing and terms, not the IPO price.
Akka invested in Anthropic, and its investors later sold their shares for 4 times their money, after fees, in 15 months. Past results do not predict future results.
For the general process, see our beginner's guide to investing in an IPO.
Risks
- The expected range of $70 to $78 is not final, and the final price can land outside it.
- The number of shares can be revised, and the deal can be postponed or withdrawn before pricing.
- Newly listed shares can move sharply in their first days, and the opening price can differ substantially from the offer price.
- Anthropic reported a net loss of $104.039 billion for the nine months ended 30 September 2026.
This article is for information only and is not investment advice.
Frequently asked questions
What is Anthropic's ticker and which exchange is it applying to?
Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. As of 11 November 2026, that listing remained proposed, and Anthropic said the registration statement had not yet become effective. A proposed symbol does not mean the shares are trading.
When could Anthropic shares start trading?
The roadshow started on 10 November 2026. CNBC reported pricing on 18 November and Nasdaq trading on 19 November 2026 as expected next steps. Reuters also reported 19 November 2026, while saying it remained a plan.
Why do sources give different valuations for Anthropic?
They use different bases. ABC7/ABC News reported about $1.3 trillion without stating the share count behind it. Reuters described about $1.4 trillion on a fully diluted basis, which includes shares that could exist later. The offering share count alone is not the valuation denominator.
What were Anthropic's quarterly revenues during 2026?
The filing reports unaudited quarterly revenue of $4.731 billion for the three months ended 31 March 2026, $11.555 billion for the three months ended 30 June 2026 and $16.956 billion for the three months ended 30 September 2026.
What happens if the offering never prices?
A proposed listing is not an obligation. SEC Rule 477, a US rule on withdrawals, allows a registration statement to be withdrawn before it becomes effective, or after effectiveness if no sale has taken place. Until the offering is priced and trading opens, there is no public share price to buy at.
Sources
- Anthropic: Anthropic launches roadshow for proposed initial public offering (10 November 2026)
- U.S. Securities and Exchange Commission: Anthropic PBC Form S-1/A (10 November 2026)
- Reuters: Anthropic IPO could raise as much as $64.4 billion, latest draft prospectus shows (10 November 2026)
- Bloomberg: Anthropic targets $64.4 billion IPO nearing SpaceX's record (11 November 2026)
- CNBC: Anthropic sets price range of $70 to $78 in upcoming IPO (10 November 2026)
- U.S. Securities and Exchange Commission: Investor Bulletin: Investing in an IPO
- U.S. Securities and Exchange Commission: Integration of abandoned offerings (SEC Rule 477)
Cover photo by Aditya Vyas on Unsplash.
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