Anthropic has set an estimated price range of $70.00 to $78.00 per share for its initial public offering, according to Amendment No. 2 to its Form S-1 registration statement, filed with the U.S. Securities and Exchange Commission on November 10, 2026. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."
The offering covers 825,000,000 Class A shares. Anthropic is selling 801,351,354 of them, and selling stockholders are selling the remaining 23,648,646. Underwriters have an option to buy up to 123,750,000 additional shares from the company. Goldman Sachs and Morgan Stanley lead a syndicate of 22 banks that also includes J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities.
Alongside the IPO, seven strategic partners have agreed to buy a combined $26.0 billion of non-voting Class N common stock in a private placement at the IPO price. At the $74.00 midpoint, the filing says Google and Nvidia would each buy about $10.0 billion, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1.0 billion each, and TSMC about $500 million. Anthropic estimates net proceeds from the IPO and the placement together at about $84.6 billion at the midpoint, or about $93.7 billion if the underwriters exercise their option in full.
The prospectus also details the company's governance structure. Anthropic is a Delaware public benefit corporation. Its Long-Term Benefit Trust will hold Class T stock that lets it elect a majority of the board. A single share of Class F stock, held by an entity owned by Anthropic's seven co-founders, will carry 50.1% of the total voting power on most other matters, which makes Anthropic a "controlled company" under Nasdaq rules. Class A shares carry one vote each.
The filing gives a view of the business behind the offering. Anthropic reports run-rate revenue of about $81 billion as of October 31, 2026, up $10 billion from September 30. Customers generating $100,000 or more in trailing revenue grew from more than 950 to more than 11,900 over the year to September 30, 2026. As of that date the company held $146.6 billion in liquidity, including $95.6 billion in cash and cash equivalents.
For developers and enterprises building on Claude, the filing shows that cloud marketplaces are a major sales channel: sales through cloud provider marketplaces made up about 44% of revenue in the first nine months of 2026. It also shows that most of Anthropic's revenue comes from usage-based API pricing metered in tokens. The final share price and trading date will be set when the SEC declares the registration statement effective.