Anthropic launches IPO roadshow: $70–78 per share for 825M shares on Nasdaq “ANT”, plus a $26B private placement from Google, NVIDIA, AMD and others

Why it matters

【Key points】

· Nov 10, 2026: Anthropic launches its IPO roadshow and files S-1/A No. 2 with share count and price range.

· Range $70–78 (mid $74), Nasdaq "ANT". 825M Class A shares (801.4M primary, 23.6M secondary), plus a 123.75M-share greenshoe. ~$61B at midpoint.

· Concurrent $26B Class N private placement at the IPO price: Google $10B, NVIDIA $10B, AMD $2.5B, Broadcom, Micron, Microsoft $1B each, TSMC ~$0.5B.

· Net proceeds ~$84.6B (~$93.7B with greenshoe).

· ~13.09B shares post-offering: about $916B–$1.02T at the range (our arithmetic).

· Q3 revenue $17.0B; 9M revenue $33.2B (+1, 206% YoY), operating loss $1.3B, adjusted operating income $4.1B. Q3 operating loss $567M vs Q2 income $974M, driven by $5.0B of short-term compute.

【Our read】

· Background: the Oct 26 S-1 (e/1058) left price blank; this is the first public valuation anchor.

· Comparison: the public tranche alone is more than double Saudi Aramco's ~$25.6B 2019 IPO. The private-placement buyers are essentially Anthropic's compute and chip supply chain.

· Impact: proceeds are earmarked for compute; governance stays with LTBT and founder share classes. Watch the final pricing and first-day trading.

【Verifiable】

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