Anthropic launches IPO roadshow with expected $70–$78 share price

Anthropic launched its initial public offering roadshow on November 10, 2026, proposing an offering of 825 million Class A shares at an expected $70–$78 each. Those terms put the base offering at $57.75 billion–$64.35 billion before fees, with most shares coming from Anthropic itself rather than existing stockholders.

The announcement supplies price and share-count figures left blank in Anthropic’s November 2 amended registration statement. Anthropic has applied to list the shares on the Nasdaq Global Select Market under the ticker ANT.

The registration statement has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. Until it does, the securities cannot be sold and offers to buy cannot be accepted. The roadshow is not a completed IPO.

Most of the sale would fund Anthropic

Anthropic is offering 801,351,354 shares, while certain existing stockholders are offering another 23,648,646. At the proposed price range, the company’s portion would generate roughly $56.09 billion–$62.51 billion in gross proceeds before underwriting discounts and expenses, excluding the additional-share option.

Anthropic also expects to give underwriters a 30-day option to purchase up to 123,750,000 additional shares. The November 2 prospectus describes that option as a purchase from Anthropic at the IPO price less the underwriting discount.

Public shares, limited control

The shares being offered carry one vote each. But Anthropic’s amended prospectus describes plans to issue a single Class F share immediately before completing the offering to a limited liability company initially owned by its seven co-founders.

That founder share would carry 50.1% of total voting power on matters submitted to stockholders generally, including election of directors other than trust-appointed directors. It would have no economic rights. Class A shareholders collectively could not override the founders on matters covered by that controlling vote.

Board control follows different rights. Through Class T shares, Anthropic’s Long-Term Benefit Trust generally has authority to elect and remove directors constituting a majority of the authorized board. Those shares have no economic rights and otherwise do not vote on matters submitted to stockholders generally.

Anthropic remains a Delaware public benefit corporation. Its prospectus says that status requires balancing stockholders’ financial interests, the interests of people materially affected by its conduct, and its stated public purpose: responsible development and maintenance of advanced AI for humanity’s long-term benefit.