Anthropic Set Its IPO Range at $70 to $78, a Valuation the Press Puts at Up to $1.4 Trillion, Short of the $2 Trillion Talk. Another $26 Billion Comes From Its Own Chip and Cloud Suppliers, in Stock With No Votes.
Anthropic filed Amendment No. 2 to its S-1 on November 10 and launched its roadshow the same day. The offering is 825 million Class A shares, 801,351,354 from the company and 23,648,646 from selling stockholders, at $70 to $78, on Nasdaq under ANT, with an underwriter option for up to 123,750,000 more. A concurrent private placement sells $26 billion of nonvoting Class N stock at the IPO price to Google and NVIDIA at $10 billion each, AMD at $2.5 billion, Broadcom, Micron, and Microsoft at $1 billion each, and TSMC Partners at $500 million, contingent on the IPO closing. The filing adds run-rate revenue of about $81 billion as of October 31, a company-defined metric, up $10 billion in a month. The $1.4 trillion valuation, the November 18 pricing date, and the roadshow's claim that Mythos ported Claude to AMD chips in three days are press and video, not the filing. We read the amendment and the roadshow release.
By T.W. Ghost
Anthropic filed Amendment No. 2 to its S-1 today, November 10, 2026, and launched its roadshow. The numbers that were blank in the original filing are filled in. The company is selling 825,000,000 Class A shares, 801,351,354 from Anthropic and 23,648,646 from selling stockholders, at a range of $70 to $78, on the Nasdaq Global Select Market under ANT, with an underwriter option for up to 123,750,000 more. By our arithmetic, which matches TechCrunch and CNBC, that is a gross offering of $57.75 billion to $64.35 billion before the option. The press converts the range into a fully diluted valuation of up to about $1.4 trillion. That is above the $965 billion of the May round and below the $2 trillion that circulated as the target last month; both of those are press numbers.
The part of the amendment that has no press shorthand is the private placement. Alongside the IPO, at the IPO price, Anthropic is selling $26 billion of Class N stock to the companies it buys chips and cloud from: Google $10 billion, NVIDIA $10 billion, AMD $2.5 billion, Broadcom $1 billion, Micron $1 billion, Microsoft $1 billion, and TSMC Partners $500 million, contingent on the IPO closing. Class N has no voting rights except as required by law; the filing says its holders are primarily strategic business partners, and it converts to Class A on sale to an unaffiliated third party. Put next to the $895.4 billion of compute commitments in Amendment No. 1, the suppliers are now funding part of the purchase order. We read the amendment on EDGAR and Anthropic's roadshow release, and the press for what is not in them. Here is what held up.
What the Amendment Says
| S-1/A No. 2 (filed November 10, 2026) | |
|---|---|
| Shares | 825,000,000 Class A: 801,351,354 by Anthropic, 23,648,646 by selling stockholders; option for up to 123,750,000 more |
| Range | $70.00 to $78.00; Nasdaq Global Select; ticker ANT |
| Gross offering | $57.75 billion to $64.35 billion before the option (our arithmetic; matches press) |
| Private placement | $26.0 billion of Class N at the IPO price: Google $10.0B (135,135,135 shares at the $74 midpoint), NVIDIA $10.0B, AMD $2.5B, Broadcom $1.0B, Micron $1.0B, Microsoft $1.0B, TSMC Partners $500M; contingent on the IPO closing |
| Class N | No voting rights except as required by law; holders primarily strategic business partners; converts to Class A on sale to an unaffiliated third party |
| Run-rate revenue | About $81 billion as of October 31, 2026, up $10 billion from September 30; a company-defined metric |
| Customers above $100,000 trailing twelve months | 950-plus to 11,900-plus, September 30, 2025 to September 30, 2026 |
| Class F | 50.1% of voting power to the Founder LLC, unchanged |
| Compute fleet | AWS Trainium, Google TPUs, NVIDIA GPUs, AMD GPUs |
| Delivery date | Blank in the filing |
Suppliers as shareholders, without votes. Twenty-six billion dollars from seven vendors, in a class that cannot vote and converts only when sold to an outsider, is a financing structure and a customer-relations structure in one document. The filing describes it plainly; the press has mostly skipped it for the valuation.
$81 billion is a run rate, not revenue. It is Anthropic's defined metric, filled in where Amendment No. 1 left a blank, and the comparable GAAP figure is the third-quarter revenue of $16.96 billion in that earlier amendment. The two numbers describe the same business on different clocks.
The valuation is the press's arithmetic. The filing gives a range and a share count. Up to $1.4 trillion fully diluted is TechCrunch, CNBC, and the Guardian working from them, and "short of $2 trillion" compares one press number with another.
What Is Not in the Filing
| Claim | Status |
|---|---|
| Pricing November 18, trading November 19; about 20% retail allocation; book covered | Press only (CNBC, unnamed sources); the filing's risk factor says retail may get "a minority" of shares and leaves the date blank |
| Co-founders each selling about 3.4 million shares, about $250 million at the midpoint | Press (TechCrunch); not rechecked in the principal-stockholders table |
| Claude Mythos Preview ported Claude's prompt processing to AMD MI355X in about three days, with nearly all kernels written or ported by Claude, against six to twelve months with dozens of engineers | Roadshow video via press; not in the filing text, which has no "MI355X" or "three days"; the Lisa Su quote is secondhand |
| Valuation up to $1.4 trillion; $2 trillion target; $965 billion May round | Press |
The AMD story is a roadshow story. It is the most repeatable claim of the week and it lives in a video summarized by trade press, not in a document filed with a regulator. The filing confirms a four-chip fleet that includes AMD GPUs. It does not say how long the port took or who wrote the kernels.
Verified vs Unconfirmed: The Scorecard
| Claim | Verdict |
|---|---|
| Amendment No. 2 filed Nov 10; roadshow launched | Verified (EDGAR; Anthropic release) |
| Share counts; range; ticker; underwriter option | Verified (filing; release) |
| Gross offering $57.75 billion to $64.35 billion | Our arithmetic, matching press |
| $26 billion Class N placement; per-investor amounts; nonvoting; conversion terms | Verified (filing) |
| Run-rate revenue about $81 billion as of Oct 31; up $10 billion | Verified as Anthropic's metric (filing) |
| 950-plus to 11,900-plus customers above $100K | Verified (filing) |
| Class F 50.1% | Verified (filing) |
| Up to $1.4 trillion valuation; below $2 trillion talk | Press |
| Nov 18 pricing; Nov 19 trading; 20% retail; book covered | Press only |
| Founder share sales | Press; not rechecked |
| Mythos AMD port in three days | Roadshow video via press; not in the filing |
What To Do
Quote the filing for the range, the shares, and the placement, and the press for the valuation and the dates, in that order and with those labels.
Read the Class N terms if you follow this as an investor or a customer: the companies that sell Anthropic its compute are about to own a slice of it that cannot vote.
The frontier is elsewhere: the model Anthropic shipped the day before the roadshow, Fable 5.2, is first on Artificial Analysis's board, and METR's report on how fast the company's research is moving is the document to read beside this one. Our model comparison has the current standings side by side.
Sources
- SEC EDGAR: Anthropic PBC Form S-1/A No. 2, filed November 10, 2026
- Anthropic: roadshow launch
- CNBC: Anthropic sets price range of $70 to $78 in upcoming IPO
- TechCrunch: Anthropic sets IPO price range of $70 to $78 per share for an implied valuation of $1.404 trillion
- OfficeChai: Mythos got Claude running on AMD chips in three days, per Anthropic's roadshow (press)
*Not sure what a lab's cap table means for the price and stability of the model you build on? Take the free 2-minute quiz and get matched. Then read the filing this amendment completes: Anthropic's S-1.*