Anthropic wants between $70 and $78 for each share in its stock market debut. At the top of that range, the 825 million shares on offer would bring in $64.35 billion before fees.
The company behind the Claude chatbot started its roadshow on Tuesday 10 November. A roadshow is the round of meetings in which a company pitches its shares to large investors before trading begins. The terms were set out in a short announcement from the company. The shares will trade on the Nasdaq exchange under the symbol ANT.
About 801.4 million of the shares are new ones sold by Anthropic. The other 23.6 million come from existing shareholders, and that money goes to them, not to the company. The banks running the sale can also buy up to 123.75 million extra shares.
What the prospectus shows
The updated prospectus, filed with the American securities regulator on the same day, shows how the company makes and spends its money. Revenue in the first nine months of 2026 was $33.24 billion. In the same period of 2025 it was $2.55 billion, so sales grew about 13 times in a year.
The operating loss, which is what remains after running costs are taken from revenue, fell to $1.26 billion from $5.22 billion. The net loss looks far worse, at $104.0 billion. But $94.3 billion of that is an accounting charge. It comes from convertible notes and similar deals, which are investments that later turn into shares, and it grew because those deals became more valuable. It is not money the company spent.
The filing also puts run-rate revenue, an annualised figure based on recent sales, at about $81 billion at the end of October. That is $10 billion more than a month earlier. In the company’s own words, the figure “may not be indicative of our revenue for any future period”, so it is only a rough guide.
Who is buying
Seven technology and chip companies, including Google, Nvidia, Microsoft and TSMC, have agreed to buy $26 billion of non-voting shares at the IPO price in a separate private sale. At a price of $74, the middle of the range, the company expects about $84.6 billion in net proceeds from the IPO and that private sale together.
According to people familiar with the plans, the price is due to be set on 18 November, with trading due to start on 19 November. The same report says about 20% of the shares will go to ordinary investors, against a usual share of 5% to 10%. It puts the whole company’s value at up to $1.405 trillion on a fully diluted basis, which counts all shares and options. In May, a funding round valued the company at $965 billion.
Once ANT trades, investors will be able to follow it alongside other AI stocks in investing terminals such as Kyro.
This week the company also released a new model that it says is 20% cheaper to use. In October, an American consumer regulator demanded that company executives testify in an AI safety probe.
Why it matters: This prospectus is the most detailed public look yet at the finances of a leading AI lab. Sales grew about 13 times while the operating loss shrank, and the IPO price will show how much investors are willing to pay for that growth.
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