Anthropic launches IPO roadshow at $70–$78 a share, valuing the company at about $1.4 trillion

Anthropic, the maker of Claude, has begun its investor roadshow ahead of its initial public offering. On November 10, the company filed an amended registration statement (S-1/A) with the U.S. Securities and Exchange Commission (SEC), disclosing for the first time how many shares it will sell and at what price range. It will sell 825 million shares of Class A common stock at $70 to $78 each and list on Nasdaq in the U.S. under the ticker "ANT." At the top of the range, the company as a whole would be valued at about $1.4 trillion (about ¥221 trillion). That is below the $1.5 trillion to $2 trillion that had been circulating in the market. Separately, semiconductor partners including AMD, NVIDIA and TSMC will buy a combined $26 billion worth of shares at the IPO price. Pricing is reportedly expected on November 18, with trading expected to begin on the 19th.

For Japanese companies: For most companies, there is no direct impact on day-to-day operations. Anthropic has announced no changes to Claude's pricing or contracts because of the listing, so companies with enterprise contracts can keep using the service under their current terms. The people affected are on the investment side. Brokerages that handle U.S. stocks and people who manage pension and investment-trust portfolios need to watch whether the price is set at the top or bottom of the range on November 18. They should also decide this week how they will take orders once trading begins on the 19th.

What is being sold, and at what price

According to Anthropic's roadshow announcement and its SEC filing, the company is selling 825 million shares of Class A common stock in a price range of $70 to $78 per share (about ¥11,060 to ¥12,320 at ¥158 to the dollar). Multiplying 825 million shares by the price gives offering proceeds of about $57.8 billion to $64.4 billion (about ¥9.1 trillion to ¥10.2 trillion). This is a simple calculation based on figures in the filing. It does not include any additional shares the underwriters may sell.

The shares will list on Nasdaq under the ticker "ANT." TechCrunch calculated the valuation at the top of the range at $1.404 trillion.

Valuation falls short of the figures that had been floated

Before the filing, there had been talk that the company could be valued at $1.5 trillion to $2 trillion. The roughly $1.4 trillion at the top of the new range falls short of even the low end of that range. As noted at the outset, valuations and deal sizes in news reports can differ widely from what appears in actual filings. Here too, the figures the company put in its own filing were more modest than the rumors.

The company has not explained why it chose a more conservative figure. It is commonly said, however, that pricing an IPO on the low side makes the stock more likely to rise once trading begins, which helps keep the investors who bought in happy. Will the price land at the top of the range on November 18, will the range be raised, or will it come in at the low end? The answer will be the first real gauge of investor demand.

Partners to buy $26 billion at the same price

Separately from the public offering, partners including AMD, NVIDIA and TSMC will buy a combined $26 billion (about ¥4.1 trillion) worth of shares at the IPO price. For Anthropic, this means the companies that control the computing resources its AI runs on will become shareholders. For the chipmakers selling to it, the deal ties them to a major customer through equity.

Because this $26 billion comes on top of the shares sold in the offering, the money flowing to the company at the time of the listing could exceed $80 billion on a simple calculation. However, the detailed terms of the private placement (a sale of shares to specific buyers only) have not been confirmed.

Revenue of $33.2 billion; most of the $104 billion loss came from fair-value changes

According to the filing, revenue for January through September 2026 was $33.2 billion (about ¥5.2 trillion). The net loss for the same period was $104 billion (about ¥16.4 trillion). On the numbers alone, that is a loss three times the size of revenue.

However, the filing attributes most of the loss to fair-value changes. These are accounting losses that arise when assets and liabilities are remeasured at their current value. Such losses usually do not involve any cash moving in or out. As a company's value rises, losses of this kind can grow larger. This one line alone does not show how much cash the business itself generates or spends. Investors will instead look at profit and loss excluding fair-value changes, and at how fast spending on computing resources is growing.

Other factors ahead of the listing

Anthropic has kept making major announcements right up to the listing. On November 9, it released new models, Claude Fable 5.2 and Mythos 5.2, and cut the price of Fable 5.2. In a November 2 amendment to its filing, the company wrote that future models "could soon reach" a threshold it set for itself: AI that dramatically speeds up its own AI research. On November 5, METR, an independent evaluation organization, said Anthropic had overstated how much its research was speeding up. On the roadshow, investors will likely ask about safety issues like these alongside the company's growth.

The schedule ahead, and what could not be confirmed

According to reports, pricing is expected on November 18, with trading on Nasdaq expected to begin on November 19. Neither date has been formally set by the company, and either could change.

For this article, we were unable to read Anthropic's announcement page, the SEC filing, or the full text of the CNBC and TechCrunch articles directly. As a result, the following points are unconfirmed: the names of the underwriters, the allotment for additional shares, the full list of companies buying in the $26 billion private placement and its terms such as share class, which assets or liabilities produced the fair-value changes, and how the proceeds will be used. Some reports say the company withdrew its registration statement once and refiled it. Whether that is true has also not been confirmed.