On November 10, 2026, Anthropic filed an updated registration statement setting a price range of $70 to $78 per share for an offering of 825 million Class A shares, to be listed on Nasdaq under the ticker ANT. At the top of the range the IPO would raise up to approximately $64.35 billion; a concurrent private placement of non-voting shares to strategic investors including Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC is expected to raise an additional $26 billion. Fully diluted valuations discussed in coverage reach approximately $1.4 trillion at the high end. Reporting indicates the company aims to price around November 18 and begin trading around November 19, subject to regulatory clearance. Startup founders, operators and investors evaluating AI infrastructure, model providers or competitive dynamics should treat the filing as the current public baseline for Anthropic’s scale, capital raise and governance.
Anthropic set the price range for its planned Nasdaq IPO on November 10, 2026, offering 825 million Class A shares at $70 to $78 and arranging a concurrent $26 billion private placement with strategic technology partners. Founders, operators and investors in AI, cloud and enterprise software should note the valuation, the dual-class and benefit-trust governance features, and the timing relative to broader AI-market sentiment.
- What changed? Anthropic set a $70–$78 price range for 825 million Class A shares (ticker ANT on Nasdaq) and confirmed a concurrent $26 billion private placement of non-voting Class N shares to seven strategic investors.
- When? Price range and updated S-1/A filed November 10, 2026. Reporting (not stated in the filing itself) points to pricing around November 18 and first trade around November 19, subject to regulatory clearance.
- Who is affected? Anthropic customers and partners; AI model and infrastructure startups assessing competitive positioning and capital markets access; investors and operators watching the largest AI IPO to date.
- What to do this week? Review the latest S-1/A for revenue, commitment and risk-factor updates. Note the strategic investor commitments and the governance structure (including the Long-Term Benefit Trust). Update any internal competitive or capital-raising assumptions that relied on earlier valuation ranges.
What did Anthropic file on November 10?
In an amended Form S-1/A filed with the U.S. Securities and Exchange Commission on November 10, 2026, Anthropic set an estimated price range of $70 to $78 per share for an offering of 825 million Class A shares. Anthropic is selling the large majority of those shares; a smaller portion is being sold by existing stockholders. Underwriters have an option to purchase additional shares. The company has applied to list the Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT.
Separately, Anthropic disclosed a concurrent private placement in which Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to purchase an aggregate $26 billion of non-voting Class N shares at the IPO price. Google and Nvidia are each investing approximately $10 billion. At the top of the range the underwritten offering would raise up to about $64.35 billion before the greenshoe; combined with the private placement, total proceeds are substantially higher.
What valuation does the range imply?
Coverage of the filing indicates that, at the high end of the price range and on a fully diluted basis that includes options, restricted stock and other securities, Anthropic’s valuation would reach approximately $1.4 trillion. On a non-diluted or outstanding-share basis the figure is lower (reports have cited roughly $1.02 trillion at $78). These figures are derived from the share counts and price range in the filing and contemporaneous reporting; the final price and fully diluted count will be set at pricing. The range is below some earlier market discussions that had referenced higher targets.
The company has also reported strong revenue growth in prior filings and amendments, including third-quarter 2026 revenue in the range of approximately $17 billion, while carrying large multi-year compute and infrastructure purchase commitments.
How does the governance structure work?
Anthropic is a public-benefit corporation. The Long-Term Benefit Trust is designed to elect a majority of the board, which limits the influence of ordinary Class A shareholders on board composition. Class N shares issued in the private placement are non-voting. Founders retain significant control through special share classes. These features are material for any startup or investor comparing Anthropic’s structure with conventional dual-class or founder-control arrangements at other technology companies.
Why does the IPO matter for other startups?
Anthropic’s listing is one of the largest technology IPOs on record and a major test of public-market appetite for frontier AI companies after a period of heavy private funding and hyperscaler investment. The strategic private placement with chip and cloud partners underscores the interdependence of model providers and infrastructure suppliers. Startups that compete with or depend on Anthropic (or that sell into the same enterprise AI budgets) should treat the public filing as a new baseline for revenue scale, capital intensity and customer concentration.
The timing—roadshow launched around the same window as leadership changes at a major chip supplier and elevated interest-rate uncertainty—also provides a live case study in how AI companies navigate public markets under mixed conditions.
What should startup operators watch next?
Final pricing, the actual first-trade date (reporting has pointed to around November 19, but this is not fixed in the filing), allocation to retail investors, and any post-IPO commentary on customer concentration, compute commitments or competitive dynamics. Operators should also watch whether the listing affects enterprise procurement conversations, partner ecosystems or the capital-raising environment for other AI startups.
FAQ
What is the ticker and exchange?
ANT on the Nasdaq Global Select Market.
What is the price range?
$70 to $78 per share for 825 million Class A shares, as set in the November 10, 2026 S-1/A.
Who is participating in the $26 billion private placement?
Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC, purchasing non-voting Class N shares at the IPO price. Google and Nvidia are each committing approximately $10 billion.
When is trading expected to begin?
Reporting has indicated pricing around November 18 and first trade around November 19, 2026, subject to regulatory clearance. The filing itself does not set a firm date.
Does the Long-Term Benefit Trust control the board?
Yes. The Long-Term Benefit Trust is structured to elect a board majority, limiting the influence of Class A shareholders on board composition.
Last Updated: November 14, 2026.
Related: Anthropic’s Amended S-1 Shows $17 Billion Quarter and $895 Billion Commitments, November 2, 2026: Notes for Startup · Anthropic Reports $16.8 Billion Q3 Revenue on October 14, 2026: Notes for Startup · Startup
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