Anthropic’s IPO roadshow: Up to $64 billion at $70-$78 a share, ticker ANT

Anthropic has launched the roadshow for its initial public offering, putting 825,000,000 Class A shares in front of investors at an expected price of $70 to $78 each. The company has applied to list on Nasdaq under the symbol “ANT.”

Who is selling, and how many shares

According to Anthropic, of the 825,000,000 shares, 801,351,354 come from the company itself and 23,648,646 from certain existing stockholders. Anthropic receives no proceeds from the shares sold by those holders.

The company also expects to give the underwriters a 30-day option to buy up to 123,750,000 more shares. That equals 15% of the base offering. The announcement names Goldman Sachs and Morgan Stanley as sources for the preliminary prospectus.

The listing is sought on the Nasdaq Global Select Market. Anthropic stresses that a registration statement has been filed with the U.S. Securities and Exchange Commission but is not yet effective. Until it is, no shares can be sold and no offers to buy can be accepted, and the announcement is not an offer to sell.

What the price range means in dollars

The announcement gives shares and a price range but no total. Multiplying the two (our arithmetic, not an Anthropic figure) gives the following:

• The base offering of 825 million shares is worth roughly $57.75 billion to $64.35 billion.
• Anthropic’s own 801,351,354 shares represent about $56.1 billion to $62.5 billion of that.
• The selling stockholders’ portion is about $1.7 billion to $1.8 billion.
• If the underwriters use the full option, the total would reach about $66.4 billion to $74.0 billion.

The final price is not set. It will depend on investor demand during the roadshow, and the announcement says nothing about when pricing or first trading might happen.

Set against a $965 billion private valuation

The scale only makes sense next to Anthropic’s private funding history. In our earlier overview of the IPO, we reported that the company’s Series H on May 28, 2026 raised $65 billion at a post-money valuation of $965 billion. A year earlier, in March 2025, its Series E had raised $3.5 billion at $61.5 billion. Anthropic said run-rate revenue exceeded $47 billion at the time of Series H, an unaudited company figure.

The offering is therefore comparable in size to that entire Series H round, though raised from public-market buyers. Only about 97% of the base shares are new shares issued by the company, which is the part that adds money to its balance sheet.

The announcement does not say how many shares will be outstanding after the offering, so it cannot tell readers what valuation the $70 to $78 range implies. Earlier reports pointed higher than the last private mark. As we noted, IFR had reported a plan to raise up to $100 billion at a $2 trillion valuation, with Morgan Stanley and Goldman Sachs as joint bookrunners. Anthropic has not confirmed those figures, and the $57.75 billion to $64.35 billion base range implied by the price range sits below the raised amount IFR cited.

The company is a Delaware public benefit corporation. According to our earlier reporting, a five-member Long-Term Benefit Trust holds a separate class of stock and will elect a board majority within four years. The announcement says nothing about how that structure carries over to Class A holders, and that will be something to look for in the prospectus.

What ordinary investors can and cannot do yet

For now, nothing can be bought. The shares can be offered only through a prospectus, and the preliminary version is available from the two underwriters named above. Anthropic does not describe any allocation for retail investors or any regional split, and it gives no date for pricing or the first trade.

The page also says nothing about the use of proceeds, financial results or risk factors. Those details sit in the registration statement, which this announcement does not reproduce. Readers weighing the offering should read the prospectus itself rather than the roadshow notice.