Anthropic Files $70-$78 IPO Range: $968B at the Midpoint

Anthropic filed its price range on 10 November. It plans to sell 825 million Class A shares for between $70 and $78 each. This information is in an updated S-1 filing that the SEC accepted at 11:29 UTC. The filing says that 13,086,672,593 shares will exist after the IPO and a $26 billion private placement. Using that share count, the $74 midpoint gives Anthropic a value of $968.4 billion, based on our calculations. That is $3.4 billion, or 0.35%, higher than the $965 billion value from its May funding round.

Across the $70 to $78 price range, the filed share count gives Anthropic a value of $917 billion to $1.02 trillion, based on our calculations. If we also count every stock option and unvested stock award, the value rises to $1.12 trillion to $1.24 trillion. Using the fully diluted share count from our earlier articles gives a range of $1.27 trillion to $1.41 trillion.

What Anthropic Filed

The S-1/A, Amendment No. 2, says: “We are selling 801,351,354 shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional 23,648,646 shares of Class A common stock”. The expected share price is between $70 and $78. The stock symbol will be “ANT” on the Nasdaq Global Select Market. The banks helping with the sale can also buy up to 123,750,000 additional shares. Goldman Sachs and Morgan Stanley are leading the group of banks handling the offering.

Anthropic announced the IPO roadshow that same morning and confirmed the same split between new shares and shares sold by existing owners. Selling 825 million shares at $70 to $78 would bring in $57.75 billion to $64.35 billion. Of this amount, Anthropic would receive $56.09 billion to $62.51 billion before fees for its 801.35 million shares. Existing shareholders selling their shares would receive $1.66 billion to $1.84 billion. These figures are based on our calculations.

Seven companies have agreed to buy “an aggregate of $26.0 billion of our Class N common stock in a private placement at a price per share equal to the initial public offering price”. At the $74 midpoint, the filing says Google and NVIDIA would each receive 135,135,135 shares worth about $10 billion. AMD would receive about $2.5 billion worth. Broadcom, Micron and Microsoft would each receive about $1 billion worth, while TSMC would receive about $500 million worth.

Our article about the private placement explains the non-voting shares these companies will receive. The filing estimates that Anthropic will receive about $84.6 billion in total net proceeds from the IPO and private placement, using the $74 midpoint.

What Was Posted on X

Wall St Engine posted on X at 11:41 UTC on 10 November. It said the IPO would value Anthropic at $917 billion to $1.02 trillion, based on the 13.1 billion shares listed in the filing. It also gave a value of $1.12 trillion to $1.24 trillion when stock options and unvested stock awards are included. These ranges are the poster's calculations.

The Share Count, Class by Class

The filing says that after the IPO and private placement, Anthropic will have 7,427,991,791 Class A shares and 5,658,680,800 Class N shares. It will also have one Class T share and one Class F share, with no Class E shares. This makes a total of 13,086,672,593 shares. The Class N total includes 846,840,960 shares given to Anthropic's Public Benefit Fund. The filing says these shares are “considered legally outstanding” but are not included for accounting purposes while the fund remains a subsidiary.

This total does not include 1,774,342,693 shares covered by stock options. These options have an average exercise price of $2.91. It also leaves out 1,026,660,010 shares covered by RSUs that will not vest by 19 November, and 47,041,287 shares covered by RSUs granted after 30 September. The total also excludes 1,563,617,444 Class N shares set aside for rollover notes and shares reserved under company plans.

The number of shares in the private placement changes depending on the IPO price. A $26 billion investment buys about 371.4 million shares at $70 or 333.3 million at $78. The filing assumes 351,351,348 shares at the $74 midpoint. Based on our calculations, the total share count would therefore be about 13.107 billion at $70 and 13.069 billion at $78. These calculations keep the filing's assumption about RSU settlements at $74.

Three Share Counts, Three Valuations

Using the share count in the filing, a price of $70 to $78 gives Anthropic a value of $917.5 billion to $1,019.4 billion. These are our calculations. Each $1 increase in the IPO price adds about $13.1 billion to the company's value. The $70 price is 4.9% below the $965 billion valuation from May. CNBC reported that Anthropic announced that valuation with its May funding round. The $78 price is 5.6% above it.

If we add the 2.85 billion shares covered by all stock options and RSUs, the total becomes about 15.95 billion shares at $70 and 15.92 billion at $78. This gives a company value of $1.117 trillion to $1.242 trillion, based on our calculations. Wall St Engine posted the same two ranges at 11:41 UTC: $917 billion to $1.02 trillion and $1.12 trillion to $1.24 trillion. Our calculations from the filing produce both ranges as well.

The filing also says that the 846,840,960 shares given to the Public Benefit Fund represented “5% of our fully diluted shares as of June 30, 2026”. This calculation assumes that the Amazon notes are fully converted into shares. This means there were 16.94 billion fully diluted shares before the IPO. That is the share count used in our earlier article about the share count. Adding the 801.35 million new IPO shares and the private placement shares gives a value of $1.27 trillion to $1.41 trillion across the price range, based on our calculations. CNBC reported a fully diluted value of up to $1.405 trillion.

Using the same fully diluted method, the withdrawn version of the filing gave a value of $1.27 trillion to $1.45 trillion. Based on our calculations, the new $78 upper price limit reduces the highest possible value by about $40 billion.

Against the Retracted Copy

Anthropic sent an earlier version of its IPO information to bankers. It later said that this version contained incorrect pricing details. Reuters reported that the earlier version offered 866.7 million shares at $70 to $80 each, which could raise up to $69.3 billion. The new filing confirms the later version reported by Reuters: 825 million shares at $70 to $78. That means 41.7 million fewer shares, a decrease of 4.8%. At the highest price, the new offering would raise about $5 billion less, or 7.2% less, based on our calculations.

According to our comparison, the new offering would raise $57.75 billion to $64.35 billion. That is 67.0% to 74.6% of the $86.25 billion SpaceX raised in June. It is also 1.96 to 2.19 times Saudi Aramco's $29.4 billion IPO, based on our calculations.

What New Buyers Pay

The filing's dilution table shows that existing shareholders paid an average of $11.50 per share for their 11.93 billion shares. New investors will pay $74 per share at the midpoint. That is about 6.4 times more, based on our calculations. The filing says that new buyers face dilution of “$65.79 per share” in net tangible book value at the midpoint. After the shares sold by existing shareholders are included, new investors will own 825 million shares. The filing says this will represent “approximately 6.3%” of all Class A and Class N shares.

The lowest IPO price, $70, is only 4 cents below the $70.04 per share implied by Anthropic's own stock option valuations as of 30 September, as our earlier article explained.

The Structural Read

Our reading of the filing is that the total number of shares matters more to Anthropic's headline value than the share price alone. Moving from $70 to $78 adds about $102 billion to the value when we use the outstanding share count. But moving from the outstanding share count to the fully diluted share count adds about $350 billion at $70. These figures are based on our calculations.

Comparing the two filing versions, we believe the new filing confirms the later version reported by Reuters, not the withdrawn version. Both show 825 million shares and a top price of $78. The new shares are split into 801,351,354 shares issued by Anthropic and 23,648,646 shares sold by existing shareholders.

Three Implications

FOR IPO BUYERS At the $74 midpoint, the filing says new investors face dilution of $65.79 per share in net tangible book value. Existing shareholders paid an average of $11.50 per share. Based on our calculations, that is 6.4 times less.

FOR THE VALUATION MARKS The $74 midpoint is 0.35% higher than the $965 billion valuation from May, as reported by CNBC. Based on our calculations, the new $78 upper price limit gives a fully diluted company value about $40 billion lower than the withdrawn version suggested.

FOR THE SHARE COUNT Our earlier articles used 16.94 billion fully diluted shares as of 30 June. The new filing says that 13.09 billion shares will be outstanding after the IPO. Both figures appear in the filing.

The Business Engineer Lens

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

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

In our view, the filing shows how this idea works through the number of shares. The same $70 to $78 price range gives a value of $917 billion to $1.02 trillion when we count outstanding shares. When we count all shares on a fully diluted basis, the range becomes $1.27 trillion to $1.41 trillion. These figures are based on our calculations. The framework was published before this filing and does not discuss it.

What Is Not Established

The filing does not say how much the banks handling the IPO will receive in fees. It also does not give a date for setting the final price. Anthropic's announcement does not give a pricing date either. The calculations for restricted stock units assume that vesting takes place “as of November 19, 2026”. The Wall Street Journal reported on 9 November that Anthropic hopes trading will begin on 19 or 20 November. Our timetable article covers this report, but those dates are not confirmed in the filing. More details are available in our Anthropic IPO guide. Our article about the registration fee covers the earlier S-1/A filing.

The Bottom Line

Anthropic has filed plans to sell 825 million shares at $70 to $78 each. Based on the 13.09 billion shares the filing says will exist after the IPO, the $74 midpoint gives the company a value of $968.4 billion. That is $3.4 billion higher than the $965 billion value from its May funding round, based on our calculations. Depending on which share count is used, Anthropic's estimated value ranges from $917 billion to $1.41 trillion.