Anthropic Files Preliminary IPO Terms as Investors Commit $26B
AI company Anthropic filed updated terms for its planned initial public offering (IPO) on November 10, 2026. The company plans to offer 825 million Class A shares at an estimated price of $70 to $78 each. At the same time, investors have agreed to make a separate private investment of $26 billion, subject to certain conditions.
Anthropic is offering 801,351,354 shares. Existing shareholders are offering another 23,648,646 shares. Anthropic will not receive any money from the shares sold by these existing shareholders. If the IPO price is $78 per share, the main offering would bring in $64.35 billion before costs. This amount is calculated by multiplying the total number of shares by $78. Anthropic's own share sales would bring in about $62.5 billion before fees and other expenses. This amount is calculated by multiplying the number of shares the company is selling by $78.
The banks managing the IPO can also buy up to 123,750,000 extra shares directly from Anthropic. They would pay the IPO price minus the fee they receive for managing the sale. Anthropic has asked to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The document is still a draft, so its terms may change. The shares cannot be sold until the registration statement becomes effective.
The public IPO terms came after Anthropic withdrew an earlier draft. Reuters reported on November 10, 2026, that the first draft sent to banks proposed about 866.7 million shares priced between $70 and $80 each. Anthropic later sent another message saying those pricing details were incorrect and that it would update the filing.
Private Investment Alongside the IPO
Advanced Micro Devices, Broadcom, Google, Micron Technology, Microsoft, NVIDIA and TSMC Partners have each agreed to buy part of a total $26 billion in Class N shares. The price will be the same as the IPO price. Each investor has made a separate agreement, rather than all of them making one shared promise. The private investment depends on the IPO being completed and on other conditions being met. It is expected to close immediately after the IPO. The private shares will not have underwriting discounts or commissions.
The Class N shares are not registered as part of the IPO and are not covered by the agreements that prevent the IPO's underwriters from selling their shares for a set period. These are restricted shares. This means they can only be resold if an effective registration statement is available or another legal exception allows the sale. Separately, some directors and companies connected to them have said they may want to buy up to $303 million of IPO shares. These are not firm promises. They may buy more, buy less or buy nothing.
Revenue Growth and Infrastructure Costs
Anthropic reported revenue of $17.0 billion for the three months ending September 30, 2026. That was an increase of 1,127% compared with the same period a year earlier. During that time, spending on computing power and infrastructure grew by 382%. Anthropic presented the difference between these growth rates as evidence that it is using computing resources more efficiently. However, the commitments it disclosed alongside these results also show how much money its growth will require.
As of September 30, 2026, Anthropic had more than 11,900 customers who each generated at least $100,000 in revenue over the previous 12 months. More than 1,900 customers generated at least $1 million each, and about 250 generated at least $10 million each. Anthropic uses the $100,000 level to measure how widely businesses are adopting its products. Spending at this level usually shows that an organization is using the products, rather than just one person.
Anthropic's purchase commitments and lease agreements add up to about $900.9 billion. Almost all of this amount is related to computing power and infrastructure. The total includes agreements already in place on September 30, 2026, agreements made after that date, and leases that have not yet started. The filing says Anthropic expects to pay about $451.6 billion of these commitments before December 31, 2030. Almost all of the remaining amount is expected to be paid between 2031 and 2045. About $70.7 billion is due during the 12 months after September 30, 2026.
As of September 30, 2026, Anthropic reported $95.6 billion in cash and cash equivalents and $36.3 billion in short-term investments. By that date, it had raised a total of $141.1 billion in capital.
Trust and Founder Voting Control
Anthropic is a public benefit corporation registered in Delaware. This means its board must consider three things: the financial interests of its shareholders, the interests of people who are significantly affected by the company's actions, and its stated goal of developing advanced AI responsibly for the long-term benefit of humanity. The Long-Term Benefit Trust generally has the power to choose and remove directors who hold Class T shares. These directors will make up most of the board seats that can be filled. Class T shares do not provide financial benefits or general voting rights to their holders.
Just before the IPO is completed, Anthropic will issue one Class F share to a limited liability company set up by its co-founders. This single share will give that company 50.1% of the total voting power on general shareholder matters, but no financial rights. This voting power also covers director elections, except for directors chosen through the Class T shares. Under Nasdaq's governance rules, Anthropic qualifies as a controlled company because the Trust generally has the power to choose most of the authorized board members.
Class N shares, including those sold through the private investment, generally have no voting rights. They turn into Class A shares when they are sold or transferred to an unrelated third party. For people who buy shares in the public IPO, this creates a clear division. They would share in the financial gains or losses linked to Anthropic's growth and its large infrastructure commitments. However, control over board appointments and general shareholder votes would remain with the Trust and the company set up by the founders.