Anthropic's November 10 S-1/A sets an IPO range of $70 to $78 for 825 million Class A shares on Nasdaq under ANT, plus a $26.0 billion private placement from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Some shares go to retail investors through Schwab, Fidelity, Robinhood, SoFi and E*TRADE.
Anthropic has set the price range for its IPO: $70 to $78 a share for 825 million Class A shares, according to the amended S-1 it filed with the SEC on November 10. At the top of the range the offering raises about $64.4 billion. If you hold an account at Schwab, Fidelity, Robinhood, SoFi or E*TRADE, the filing says part of the deal will be offered to retail investors through those platforms.
What the November 10 filing sets
All figures come from the filing unless noted.
- Price and size: $70.00 to $78.00 a share. Anthropic sells 801,351,354 shares and existing holders sell 23,648,646. The underwriters can buy up to 123,750,000 more from Anthropic.
- Listing: Nasdaq Global Select Market, symbol “ANT.” Goldman Sachs and Morgan Stanley lead a list of 22 underwriters.
- Private placement: seven suppliers and partners agreed to buy $26.0 billion of non-voting Class N stock at the IPO price. At the $74 midpoint that is $10.0 billion each from Google and Nvidia, $2.5 billion from AMD, $1.0 billion each from Broadcom, Micron and Microsoft, and $500 million from TSMC. The placement closes only if the IPO does.
- Proceeds: about $84.6 billion net from the offering and the placement at the midpoint, for “general corporate purposes,” including compute, infrastructure and hiring.
- Lock-ups: most existing holders can’t sell for up to 180 days, and the co-founders and holders above 0.5% for up to 365 days, with exceptions the filing lists.
The New York Times puts the valuation as high as $1.4 trillion, The Verge reports. The filing counts about 13.09 billion shares outstanding after the offering and the placement, which works out to about $1.02 trillion at $78 by my math; the higher figure counts options and other dilutive shares. The Verge also notes earlier expectations ran as high as $2 trillion. The Wall Street Journal reports Anthropic is aiming for trading to start Thursday or Friday next week. Anthropic has not confirmed a date, and the filing leaves the delivery date blank.
Retail buyers get a slice through five brokers
Most IPO shares go to institutions. Here the filing says that, besides the underwriters’ own retail allocations, Anthropic asked for a portion to be offered through Charles Schwab, Fidelity, Robinhood, SoFi, E*TRADE and Trade-PMR, including on their online platforms. It does not say how large that portion is, and it lists “potential allocation to retail investors of a minority of shares” as a risk to the stock price.
What to do if you want in: check your broker’s IPO access page this week, since requests usually close before pricing. Read the risk factors first. The class you can buy, Class A, carries one vote a share, and the filing says Anthropic will be a “controlled company” under Nasdaq rules, so outside shareholders have limited say. This is not a recommendation to buy.
Claude’s chip and cloud suppliers become shareholders
The placement list reads like Anthropic’s supply chain. Google and Microsoft sell it cloud capacity, Nvidia, AMD, Broadcom and TSMC make or design the chips, and Micron makes memory. Reuters reported earlier on Tuesday that TSMC would invest up to $500 million in Anthropic at the IPO price, which matches the filing.
For teams that pay for Claude, the money matters more than the valuation. The November 2 filing showed a $17.0 billion quarter, an operating loss driven by expensive short-term compute and about $895.4 billion in compute commitments. Roughly $85 billion of new cash eases that pressure, and Anthropic already cut Fable 5.2 API prices this week. My read: the company will have room to keep prices and limits steady through the listing, but the filing’s warning that usage limits can change still stands. Before you sign an annual Claude contract, get rate limits and model access in writing.