Anthropic IPO Draft: Up to $64.4B on 825M Shares at $70-$78

Anthropic’s latest draft IPO prospectus shows that the company plans to sell 825 million shares at $70 to $78 each. Reuters reported this on 10 November. Based on our calculations, the sale could raise between $57.75 billion and $64.35 billion. Reuters reported that the total could reach $64.4 billion. Compared with the earlier version of the filing that Anthropic sent to bankers and later withdrew, the new draft has 41.7 million fewer shares (a 4.8% drop) and a maximum price that is $2 lower (a 2.5% drop). Together, these changes reduce the maximum amount the IPO could raise by about $5.0 billion, or 7.2%.

Anthropic’s S-1/A filing suggests that the company has 16.94 billion shares after accounting for all possible share-based payments and other potential shares. Using this number, the new price range values the company at $1.19 trillion to $1.32 trillion before adding any new shares, based on our calculations. Including the new shares and a $26 billion private share sale, the value could reach $1.27 trillion to $1.41 trillion. This is about $37 billion below the maximum value shown in the withdrawn version.

What Reuters Reported

Reuters reported that Anthropic’s IPO “is set to raise as much as $64.4 billion, according to the latest draft prospectus seen by Reuters on Tuesday as the AI company geared up to launch its marketing of the deal”. The report also said that “the US company and some of its investors plan to sell shares in an expected price range of $70 to $78 per share”. It added that the details of the deal were expected to be announced soon.

The figure of 825 million shares also appeared in Reuters’ headline, which was shared as a news update: “Anthropic IPO to sell 825 million shares, latest draft prospectus shows”. Reuters said Anthropic had not immediately responded to a request for comment. The Reuters report we reviewed does not explain how many shares will be newly issued by Anthropic and how many will be sold by current shareholders.

A post on X by IPONewsroom, an account that shared information from Reuters, said AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC would also buy $26 billion worth of shares through a separate private sale. Reuters had reported the same seven companies and the same $26 billion amount in its earlier report about the withdrawn draft. Our article about the private share sale explains those shares. However, we could not confirm this private sale from the Reuters report we reviewed.

The Withdrawn Version Compared With the Latest Draft

The withdrawn version showed 866.7 million Class A shares priced between $70 and $80. According to Reuters’ earlier report, this could raise as much as $69.3 billion. Our calculations put the minimum amount at $60.7 billion. The latest draft keeps the minimum price at $70. This means the lower end of the amount raised falls only because there are fewer shares. It drops by $2.92 billion, or 4.8%, to $57.75 billion, based on our calculations.

The maximum amount falls for two reasons: the share price drops from $80 to $78, and the number of shares falls by 41.7 million. The maximum amount therefore falls from $69.34 billion to $64.35 billion. At the middle of the price ranges, the latest draft would raise $61.05 billion, based on 825 million shares at $74 each. The earlier version would raise $65.0 billion, based on 866.7 million shares at $75 each. These figures are all based on our calculations.

According to the comparison table we prepared earlier today, the new maximum amount would equal 74.6% of the $86.25 billion raised by SpaceX in its June 2026 IPO. The new minimum amount would be 1.96 times the $29.4 billion raised by Saudi Aramco in its IPO. These comparisons are based on our calculations.

What the Price Range Means for Anthropic’s Value

Anthropic’s S-1/A filing says that the company contributed “846,840,960 shares of our Class N common stock, representing 5% of our fully diluted shares as of June 30, 2026”. This information suggests that Anthropic had about 16.94 billion fully diluted shares. We used this number as the starting point in our analysis of its share count. At a share price of $70, the company would be worth $1.19 trillion. At $78 per share, it would be worth $1.32 trillion. Based on our calculations, every $1 change in the share price changes the company’s value by about $16.9 billion.

Adding the new shares gives us a possible higher company value. If all 825 million shares were newly issued, and the $26 billion private sale bought 371.4 million shares at $70 each or 333.3 million shares at $78 each, the total value would be between $1.27 trillion and $1.41 trillion. These figures are based on our calculations. If 23.3 million shares were instead sold by existing shareholders, as in the withdrawn version, the results would be almost the same when rounded to three significant figures. Using the same method, the withdrawn version showed a value of $1.27 trillion to $1.45 trillion.

The new minimum price of $70 is just 4 cents below the $70.04 per share implied by Anthropic’s own share option values as of 30 September. This comparison comes from our calculations using the option table in the S-1/A filing.

What the Changes Tell Us

When we compare the two versions, most of the change happens at the top of the price range. The minimum price remains at $70. As a result, the minimum amount raised falls only because there are fewer shares, a drop of 4.8%. The maximum amount falls by 7.2% because both the share price and the number of shares have decreased. These figures are based on our calculations.

Using the share count in the filing, the new maximum price of $78 reduces the highest possible company value by about $37 billion. It falls from $1.45 trillion to $1.41 trillion, based on our calculations. The lower value, at about $1.27 trillion, changes very little.

Three Important Points

FOR PEOPLE BUYING IPO SHARES The price range appears in a draft prospectus that Reuters says it has seen. It does not appear in a public filing. When we checked the SEC's EDGAR database, the latest filing was the S-1/A dated 2 November, and its price range was left blank.

FOR IPO RECORDS An offering worth $57.75 billion to $64.35 billion would equal 67.0% to 74.6% of the $86.25 billion raised by SpaceX. It would also be between 1.96 and 2.19 times the $29.4 billion raised by Saudi Aramco. These figures are based on our calculations.

FOR CURRENT SHAREHOLDERS Reuters says the company and some of its investors plan to sell shares. However, the Reuters report we reviewed does not say how many shares will be newly issued and how many will come from existing shareholders.

The Business Engineer View

This story can also be understood through the Business Engineer framework called The AI Supercycle.

The framework explains: “That is the structural read, and it changes the valuation logic at every layer beneath it.”

In our view, the IPO gives the market a way to put a price on this idea. Between the withdrawn version and the latest draft, the maximum share price fell by $2. When applied to the 16.94 billion share base, this represents about $34 billion in value, based on our calculations. The framework was created before either version of the prospectus and does not discuss these changes.

What Has Not Been Confirmed

The price range does not appear in any public filing. Reuters is reporting on a draft prospectus it has seen, not a document filed publicly with regulators. When we checked the SEC's EDGAR database at 10:52 UTC on 10 November, and again before publishing this article, the latest filing was the S-1/A dated 2 November. Its price range was still blank. Our article about the registered amount explains what that filing does show.

The Reuters report we reviewed does not provide the split between newly issued shares and shares sold by existing shareholders. It also does not confirm whether underwriters will have an option to buy additional shares or what the final price will be. Reuters previously reported that Anthropic told bankers the prices in the earlier version were inaccurate. Our IPO timetable article covers the planned trading dates. More information is available in our full guide to Anthropic’s IPO.

The Bottom Line

According to Reuters, Anthropic’s latest draft prospectus shows that the company plans to sell 825 million shares at $70 to $78 each. Based on our calculations, this could raise between $57.75 billion and $64.35 billion. Compared with the version it withdrew, the new draft has 4.8% fewer shares and a maximum share price that is $2 lower. Using the share count in its S-1/A filing, the new maximum price range gives the company a possible value about $37 billion below the $1.45 trillion shown in the earlier version. However, these details have not yet appeared in a public filing.