Confirmed 10 Nov 2026 · Capital A one-minute read

Anthropic set its price: 825 million shares at $70 to $78, up to $64.4 billion.

The filing landed at 11:29 Universal Time on November 10, 12 hours after Anthropic told bankers a leaked range was inaccurate. The real terms are smaller than the leak.

Until now

An AI lab's listing terms arrive once, from the company, in a filing.

Now

They can leak wrong first, be denied, then land smaller a day later.

Why it matters

At $78.00 a share the base sale raises $64.4 billion, behind only SpaceX's reported $75 billion in June. Seven chip and cloud companies buy $26.0 billion more at the same price. The companies selling the AI build are now buying the builder.

Established

825,000,000 Class A shares are offered at $70.00 to $78.00 each.
Seven chip and cloud companies committed $26.0 billion at the offering price.
Underwriters may buy 123,750,000 more shares; the ticker is ANT on Nasdaq.

Not established

The final price. The range is an estimate until pricing night.
The valuation. The filing states no market capitalisation.
The trading date. No prospectus date is filled in.

The five-minute readThe record, the timeline, the weight and 5 sources

The record

Anthropic, PBC filed Amendment No. 2 to its Form S-1 on November 10, 2026, accession 0001628280-26-072484, accepted at 11:29:24 Universal Time. We read the cover page at sec.gov. It is a preliminary prospectus marked "Subject to Completion. Dated November 10, 2026." The offering is 825,000,000 shares of Class A common stock: 801,351,354 sold by Anthropic and 23,648,646 by selling stockholders. The estimated initial public offering price is "between $70.00 and $78.00" per share. Underwriters hold an option on up to 123,750,000 additional shares from Anthropic. The listing is the Nasdaq Global Select Market under the symbol ANT. Goldman Sachs and Morgan Stanley head the syndicate, with J.P. Morgan, Citigroup and Barclays also named. Separately, investors agreed to buy $26.0 billion of Class N common stock at the offering price, severally and not jointly. At the $74.00 midpoint the filing shows Google and NVIDIA at about $10.0 billion each, Advanced Micro Devices at about $2.5 billion, Broadcom, Micron Technology and Microsoft at about $1.0 billion each, and TSMC Partners at about $500 million. The price and proceeds table and the final prospectus date are blank. Against the terms Reuters saw in emails late on November 9 and which we carded this morning, about 867 million shares at $70 to $80 for up to $69.3 billion: the share count is about 42 million lower and the top of the range is $2 lower. At $78.00 the base deal raises $64.4 billion; at the midpoint about $61.1 billion. Reported and not established by the filing: a valuation of about $1.4 trillion, a market capitalisation near $1.2 trillion, a roadshow that began on Tuesday, a debut on November 19 or 20, and that SpaceX's June listing raised a record $75 billion.

How it got here

Oct 26
Anthropic files its Form S-1, disclosing $16.3 billion of revenue and $80.7 billion of losses. Edition 063 carded it.
Nov 2
Amendment No. 1 is accepted at 14:24 Universal Time with the share count, the underwriters' option and both ends of the price range left blank.
Nov 9
Reuters sees emails showing about 867 million shares at $70 to $80, up to $69.3 billion. Anthropic then tells bankers the pricing details are inaccurate. Edition 084.
Nov 10
Amendment No. 2 is accepted at 11:29 Universal Time: 825,000,000 shares at $70.00 to $78.00, a 123,750,000 share option, and $26.0 billion of Class N stock bought by 7 chip and cloud companies.

Who has to react

Goldman Sachs and Morgan Stanley, who must build a book this size in days; the 7 suppliers writing $26.0 billion of cheques to a customer; OpenAI, whose own listing slipped to next year; SoftBank, holding about 13% of OpenAI; index funds that will have to buy ANT; and every late-stage AI investor whose private marks this re-prices.

What to watch

Would strengthen itAnthropic prices at or above $78.00 a share and closes its first trading day above the offer price, by December 31, 2026.
Would weaken itAnthropic prices below $70.00, cuts the share count again, or postpones the listing beyond December 31, 2026.
Would strengthen itA second frontier AI company's listing or round includes more than $10 billion bought by its own chip, memory or cloud suppliers, by June 30, 2027.

Why it weighs this much

Signal strength

CostMedium

CommitmentHigh

ReversibilityLow

PersistenceStructural

Cost is medium. Publishing a range costs fees and exposes the company to a public failure, but no shares are sold yet and a deal can still be pulled. Commitment is high: a range starts the roadshow, and the $26.0 billion private placement is signed by 7 named companies that must now fund it. Reversibility is low. Anthropic has published terms twice in 9 days and denied a third set, and each reversal is more expensive than the last. Persistence is structural. Once listed, quarterly disclosure, index membership and a public share price become permanent features of how this company is financed and judged.

The words

Price range: The estimated band a company publishes before taking orders. The final price is set the night before trading and can land above or below it.
Private placement: Shares sold directly to named investors outside the public order book, at the same price.
Underwriters' option: The right for banks to buy extra shares for a period after pricing, used to steady the stock. Often called the greenshoe.
Class N common stock: A share class Anthropic created for the private placement buyers. The cover page does not state its voting rights.

Sources

Your call

Which explanation do you believe?

A call is final. Other people's calls show after yours.