Two weeks ago I put my neck out and said Anthropic would come to market around $97 a share. This morning Anthropic filed the number everyone has been waiting for, and it’s lower than mine. The second amendment to its S-1 sets an Anthropic IPO price range of $70 to $78 per share, the roadshow started today, and CNBC is reporting a first trade on Thursday, November 19. So here’s everything that’s now on paper, what’s still rumour, and my updated Anthropic IPO price prediction.

The quick facts

• Ticker: ANT, Class A common stock, Nasdaq Global Select Market.
• Price range: $70.00 to $78.00 a share (midpoint $74). Source: S-1/A Amendment No. 2, filed November 10, 2026.
• Shares offered: 825,000,000. Anthropic sells 801,351,354 new shares, existing holders sell 23,648,646, and the banks get a 30-day option on 123,750,000 more.
• Deal size: about $57.8 billion to $64.4 billion before that option.
• The side deal: AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC are buying another $26.0 billion of non-voting Class N shares at whatever the IPO price turns out to be.
• Money to Anthropic: about $84.6 billion at $74, or $93.7 billion if the banks use their whole option.
• IPO date: pricing Wednesday, November 18 and trading Thursday, November 19, according to CNBC’s sources. Anthropic hasn’t announced it.
• Banks: Goldman Sachs and Morgan Stanley lead 22 underwriters.

What’s confirmed and what’s just reported

I want to be careful here, because the internet is already full of people stating rumours as fact. Everything in the list above that comes from the filing is confirmed: the range, the share counts, the ticker, the private placement and the banks. Anthropic also published its own roadshow announcement this morning.

The dates are a different story. November 18 and 19 come from CNBC, citing people familiar with the details. The same report says the order book is already covered across the whole range, that institutional demand is running ahead of where SpaceX was at this point, and that Anthropic is aiming to give about 20% of the shares to retail investors, against a usual 5% to 10%. None of that is in the filing. It’s probably right, but it isn’t official until it is. If you want the paper trail filing by filing, I keep a running Anthropic IPO tracker with every SEC amendment over on Strategic Crypto Reserve.

The numbers people are dying to know

The filing also updated the business numbers, and they’re wild in both directions. Anthropic says its run-rate revenue was about $81 billion at the end of October, up $10 billion in a single month. Revenue for the first nine months of 2026 was $33.24 billion, up 1,206% from $2.55 billion a year earlier.

The loss is just as big: $104.0 billion for those nine months. Before anyone panics, most of that is an accounting charge for the rising value of convertible notes and derivatives, not cash going out the door. It’s the same story I walked through in my first ANT price prediction. It still matters, because those notes turn into shares, and more shares means each one is worth a smaller slice.

Other details from the fine print: board members and their affiliates have said they might buy up to $303 million of stock in the IPO. Most insiders are locked up for up to 180 days, and the co-founders and anyone holding more than 0.5% for up to 365 days. The $26 billion of private placement shares aren’t under the banks’ lock-up, though they still can’t be sold freely right away.

What $70 to $78 actually values Anthropic at

This is where most headlines get sloppy, because there are two honest answers. After the IPO and the private placement, Anthropic will have about 13.09 billion shares outstanding. On that count, $70 to $78 works out to about $916 billion to $1.02 trillion. Count every option, grant and convertible note as if it were already a share and you get about 18 billion shares. On that basis CNBC puts the top of the range at $1.405 trillion.

For context, the Series H round in May valued Anthropic at about $965 billion, and the talk a month ago was $1.5 trillion to $2 trillion. So the range is priced to leave room for a pop. That’s on purpose: a deal this size needs every big fund to show up, and nothing gets them in like the chance of a first-day gain.

My updated Anthropic IPO price prediction

My old $97 call assumed a $1.65 trillion fully diluted valuation on about 16.9 billion shares. The new filing adds roughly a billion more shares from the IPO and the private placement, and the banks clearly chose to start lower. So I’m adjusting, not abandoning it:

• Range change: I think strong demand pushes the range up during the roadshow, to roughly $78 to $84.
• IPO price: about $82. That’s around $1.07 trillion on shares outstanding and about $1.48 trillion fully diluted, right where institutional investors reportedly wanted to be.
• First-day close: near $97. My old number moves from the IPO price to the day-one close. That would be about an 18% pop and roughly $1.75 trillion fully diluted.
• What would prove me wrong: a weak AI tape in the next week, the range held or cut, or the pricing slipping past November 18.

Why above the range? Three reasons. The book is reportedly covered at every price in the range already. The $26 billion from chipmakers and cloud partners is locked in no matter where it prices. And a 20% retail allocation means a lot of first-time buyers on day one. Why not higher? Because a $104 billion nine-month loss and nearly $900 billion of compute commitments are real, and plenty of money managers will happily wait for the lock-ups to end.

Who wins either way? The chip and cloud companies writing that $26 billion cheque. Most of that money goes straight back into their chips and data centers. I’ve written about what AMD’s last quarter says about AI chip demand and the case for and against owning NVIDIA here, and the GPU landlords are worth a look too: how Nebius stacks up against the other neoclouds. If you want to see what this kind of compute really costs to build, price out your own AI hardware build in a couple of minutes.

How to buy ANT stock

If you want shares at the IPO price, ask your broker whether it has an IPO allocation. Some U.S. brokers do, and with a 20% retail target there should be more to go around than usual, but most people will still get none or very little. Everyone else, including most of us in Canada, can buy once ANT starts trading on Nasdaq. Set a limit order. Opening trades on big IPOs can swing hard, and a market order at 9:30 a.m. on day one is how people end up paying the high of the day.

And the part I always say: this is a company that lost over $100 billion on paper in nine months. It’s selling at a price that assumes years of growth, and the founders keep 50.1% of the vote with a single share of stock. Only invest money you can afford to lose completely.

FAQ

When is the Anthropic IPO date?

Anthropic launched its roadshow on November 10, 2026. CNBC reports, citing people familiar with the details, that the shares will be priced on Wednesday, November 18 and start trading on Thursday, November 19, 2026. Anthropic has not announced the date itself.

What is the Anthropic IPO price range?

The S-1/A filed on November 10, 2026 sets an estimated range of $70.00 to $78.00 per share of Class A common stock, with a $74 midpoint. The final price is set on pricing night.

What is Anthropic’s ticker symbol?

ANT. Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT.

How many shares is Anthropic selling?

825,000,000 Class A shares: 801,351,354 from Anthropic and 23,648,646 from existing stockholders, plus a 30-day underwriter option on 123,750,000 more. AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC are also buying $26.0 billion of Class N shares at the IPO price in a private placement.

What is your Anthropic IPO price prediction?

My opinion: the range gets raised during the roadshow and ANT prices at about $82, then closes its first day near $97. That is a guess, not advice, and IPO prices can land anywhere, including below the range.

Sources: Anthropic, PBC Form S-1/A Amendment No. 2 (SEC EDGAR, November 10, 2026); Anthropic’s roadshow announcement (November 10, 2026); CNBC, “Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say” (November 10, 2026). Valuation math is my own. This post is my opinion, not investment advice.

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