Anthropic starts IPO roadshow with a $70–$78 share price range

Anthropic launched its IPO roadshow on November 10, proposing $70–$78 per share for 825 million Class A shares. The final price remains open.

Existing holders are selling 23,648,646 shares; Anthropic issues the remaining 801,351,354 shares. The company receives none of the selling holders’ proceeds. At $78, the base offering totals $64.35 billion before expenses, excluding the additional-purchase option.

The filing-fee table instead uses about $74 billion. It includes 123.75 million additional shares available to underwriters, bringing the registered total to 948.75 million at $78. The underwriters would have 30 days to exercise that option. These additional shares enter the calculation of the registration fee, increasing the maximum beyond the base sale.

A concurrent $26 billion placement names AMD, Broadcom, Google, Micron, Microsoft, Nvidia and a TSMC affiliate as buyers of Class N shares at the IPO price. Their purchases depend on the IPO closing and other conditions.

Anthropic estimates $84.6 billion in company net proceeds from both transactions at the $74 midpoint, after underwriting charges and expenses. That estimate assumes no exercise of the underwriters’ additional-purchase option. Planned uses include working capital, compute, infrastructure, hiring, retention and share-award taxes. Allocations remain unspecified.

Google’s agreement specifies $10 billion, with shares calculated by dividing that amount by the IPO price and rounding down. It exercises an acceleration option in a March 31 arrangement, funding part of Google’s existing investment obligation.

If buying all those shares would exceed Google’s ownership threshold, its share allocation falls. The remainder is funded through a rollover note under the earlier arrangement. This clause can change the financing instrument used for part of the investment.

The charter proposed for completion gives Class A one vote per share. Class N has no voting rights except where required by law. Filed October 26 and incorporated into the latest filing, it separates ownership from voting rights.

A qualifying market or private transfer of Class N shares, together with required company notice, automatically converts each into one Class A share. Conversion occurs at the later of transfer and notice, changing the rights attached to transferred shares.

The placement agreement form sets closing immediately after the IPO. Prepaid funds must be returned within one business day if closing fails on schedule. The shares are restricted securities; resale requires registration or an applicable exemption.

The form terminates if underwriting remains unsigned on January 31, 2027, unless extended by up to 90 days through advance written notice. Withdrawal of the registration statement or termination of underwriting before closing also ends it. This is a contractual deadline, not a listing date.

Anthropic has applied for Nasdaq Global Select listing as ANT. Its November 10 announcement says registration is not yet effective: securities sales and acceptance of purchase offers must wait. No first trading date was confirmed.