Anthropic starts its IPO roadshow at an expected $70.00 to $78.00 a share

Anthropic, PBC launched the roadshow for its proposed initial public offering of Class A common stock on 10 November 2026.

Today Anthropic, PBC launched the roadshow for its proposed initial public offering of its Class A common stock.

The offering is 825,000,000 shares in total. Anthropic is offering 801,351,354 shares and certain existing stockholders are offering 23,648,646.

The proposed offering consists of 825,000,000 shares of Class A common stock. Of these, 801,351,354 shares are being offered by Anthropic and 23,648,646 shares are being offered by certain existing stockholders.

"The initial public offering price is expected to be between $70.00 and $78.00 per share."

The initial public offering price is expected to be between $70.00 and $78.00 per share.

"Anthropic will not receive any proceeds from the sale of shares by the selling stockholders."

Anthropic will not receive any proceeds from the sale of shares by the selling stockholders.

Anthropic expects to grant the underwriters a 30-day option to buy up to 123,750,000 additional shares.

Anthropic also expects to grant the underwriters a 30-day option to purchase up to an additional 123,750,000 shares of its Class A common stock.

Anthropic applied to list the Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”

The announcement says copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC or Morgan Stanley & Co. LLC.

Copies of the preliminary prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

The registration statement has been filed with the SEC but is not yet effective.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.

Amendment No. 2 to Anthropic, PBC's Form S-1 was filed with the SEC on 10 November 2026 and covers 825,000,000 shares of Class A common stock at an estimated price of $70.00 to $78.00 per share.

As filed with the Securities and Exchange Commission on November 10 , 2026. Registration No. 333-299633 ... AMENDMENT NO. 2 TO FORM S-1 ... Class A Common Stock 825,000,000 Shares ... It is currently estimated that the initial public offering price per share will be between $70.00 and $78.00 .

Anthropic estimates net proceeds of approximately $84.6 billion from the sale of Class A shares in the offering and Class N shares in the concurrent private placement, based on an assumed offering price of $74.00 per share, the midpoint of the range.

We estimate that the net proceeds to us from the sale of shares of our Class A common stock in this offering and shares of our Class N common stock in the concurrent private placement will be approximately $84.6 billion , based upon the assumed initial public offering price of $74.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus

The S-1/A says: "our Run-Rate Revenue was approximately $81 billion as of October 31, 2026, up $10 billion from September 30, 2026."

Additionally, our Run-Rate Revenue was approximately $81 billion as of October 31, 2026, up $10 billion from September 30, 2026.

From September 30, 2025 to September 30, 2026, Anthropic grew customers with $100,000 or more of revenue on a trailing-twelve-month basis from more than 950 to more than 11,900.

From September 30, 2025 to September 30, 2026, we grew customers with $100,000 or more of revenue on a TTM basis from more than 950 to more than 11,900.

Run-Rate Revenue annualizes consumption-based fees for a trailing 28-day period and subscription-based fees for a single month.

Because Run-Rate Revenue annualizes our consumption-based fees for a trailing 28-day period and our subscription-based fees for a single month, it assumes that activity during those measurement periods has continued at the same rate for a full year.

The S-1/A states that "Run-Rate Revenue is not a substitute for revenue prepared in accordance with GAAP or a forecast of revenue."

Run-Rate Revenue is not a substitute for revenue prepared in accordance with GAAP or a forecast of revenue.

In the S-1/A, Anthropic says it derives substantially all of its revenue from a limited number of products and applications, primarily its Claude models and the portfolio of applications that sit on top of the Claude Platform: "We currently derive substantially all of our revenue from a limited number of products and applications, primarily our Claude models and portfolio of applications that sit on top of the Claude Platform."

We currently derive substantially all of our revenue from a limited number of products and applications, primarily our Claude models and portfolio of applications that sit on top of the Claude Platform.