Anthropic heads for the stock market with expected price of $70-78 per ANT share

What's new

Anthropic has begun the so-called roadshow for its planned initial public offering (IPO). A roadshow is the tour in which a company presents itself to large investors before the shares receive their final price.

The offering includes 825,000,000 Class A common shares. Anthropic is offering 801,351,354 of them itself, while certain existing shareholders are offering the remaining 23,648,646. The expected offering price is between $70.00 and $78.00 per share. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT.

What's smart

The interesting part is how the money is distributed. The vast majority of the shares come from Anthropic itself, so the proceeds go to the company. Anthropic, by contrast, receives no money from the existing shareholders' sale of their shares.

Anthropic also expects to grant the banks organizing the sale (the underwriters) a 30-day option to buy up to 123,750,000 additional shares. Preliminary prospectuses are available from Goldman Sachs and Morgan Stanley. According to Renaissance Capital, Goldman Sachs, Morgan Stanley and J.P. Morgan are the lead bookrunners, meaning the banks that manage the order book, among a total of 22 financial institutions.

Cheaper or better?

This is not a product, so there is no subscription price or competitor comparison to point to. The share price is given in dollars, and no exchange rate to kroner is provided, so the amounts are not converted here.

Renaissance Capital reports that Anthropic had revenue of $19.7 billion in the 12 months through June 30, 2026. Renaissance Capital estimates that the IPO will come in at roughly $75 billion, which would put it on par with the largest to date, SpaceX's from June 2026, which also raised $75 billion. That is an estimate made before the price range was known. Anthropic's own announcement mentions neither the total offering size nor a valuation.

What it's good for

For ordinary readers, it is first and foremost a sign of how big the leading AI companies have become. It is not a call to buy shares, and Anthropic itself stresses that the announcement is neither an offer to sell nor a solicitation to buy.

The offering is made only by means of a prospectus and is aimed at the US market through registration with the securities regulator, the SEC. The registration statement has been filed but has not yet become effective, and the shares cannot be sold until it does. The sources do not say whether the shares will be available to investors in Denmark or the EU.

The timeline is still a plan. According to Renaissance Capital, the filing (S-1) was submitted on October 26, 2026, and pricing was expected in the week of November 16. Both the price and the number of shares may change along the way.