Anthropic IPO price range set at $70 to $78 — the $69.3 billion version sent to banks was pulled

Anthropic's IPO finally has a price tag on paper: $70 to $78 a share. On Tuesday, November 10, 2026 (US time), the maker of Claude filed a second amendment to its S-1 registration statement with the Securities and Exchange Commission. The blanks left in the October 26 filing and the November 2 amendment are now filled in. The company and a small group of existing holders are offering 825 million Class A shares, which would bring in $64.35 billion at the top of the range.

A different set of numbers circulated a day earlier. Late on Monday, November 9, Reuters reported on emails in which Anthropic sent banks a copy of a filing showing about 867 million shares at $70 to $80, worth up to $69.3 billion. A follow-up email said the pricing details were inaccurate and that an updated filing would come. That is why both $69.3 billion and $64.4 billion appeared in headlines within hours of each other. The figures that count are the ones on file with the SEC: 825 million shares, $70 to $78, up to $64.35 billion.

1. Which numbers are final

Three things changed: roughly 42 million fewer shares, a top price $2 lower, and about $5 billion less at the maximum. The bottom of the range stayed at $70. Anthropic has not said what was wrong in the first version and declined to comment, so it is not known whether the email contained an error or the deal was trimmed after it went out.

The filed terms can be checked against the primary document. The fee table in the November 10 filing registers 948,750,000 shares, including 123,750,000 that underwriters may buy within 30 days, at a maximum of $78.00, for a total of $74,002,500,000. Goldman Sachs and Morgan Stanley lead the syndicate, and the shares are to list on the Nasdaq under the ticker ANT.

2. Why the raise is quoted as $64 billion, $90 billion or $100 billion

Alongside the public offering, seven companies agreed to buy $26 billion of non-voting Class N stock at the IPO price in a private placement that closes after the IPO. Those shares are not part of the registered offering.

TSMC's part is confirmed in its own disclosure: its board on November 10 approved buying up to $500 million of Anthropic common shares at the IPO price, along with up to $500 million of OpenAI preferred stock. The list is made up of Anthropic's suppliers of chips, memory, manufacturing and cloud capacity.

Not all of it goes to the company. The 23.6 million secondary shares are sold by existing holders; TechCrunch reported that seven co-founders, including CEO Dario Amodei, are each selling nearly 3.4 million shares, about $250 million apiece at the $74 midpoint.

Valuation headlines split for a similar reason. Reuters and Fox Business cite up to $1.02 trillion, which counts shares that will exist after the deal. CNBC and TechCrunch cite about $1.405 trillion, which assumes all employee options and stock awards convert into shares. Anthropic's last private round, in May 2026, valued it at $965 billion. On shares outstanding, the bottom of the range sits below that figure and the top slightly above it.

3. Below the SpaceX record on the offering alone

Even at $78 with the full option exercised, the registered offering is smaller than SpaceX's. It passes SpaceX only if the $26 billion private placement is added, and that is a separate transaction. Whether this is the largest IPO on record depends on what is counted.

Two forces shaped the range. The Nasdaq fell 5.5% in one session on November 5, erasing about $2.5 trillion in market value, and investors had been pressing for a lower price. And the filing shows revenue of $33.24 billion for the first nine months of 2026 next to a net loss of $104 billion, most of it non-cash fair-value changes on convertible notes and derivative liabilities, plus $900.9 billion in compute and infrastructure commitments. The amendment also answers a question investors raised after growth slowed in the third quarter: run-rate revenue was about $81 billion at the end of October, up about $10 billion from the end of September.

4. What is still open

A range is not a commitment; the final price can land inside, above or below it. Bloomberg reported that Goldman Sachs analysts model Anthropic's revenue at about $685 billion by 2030, with free cash flow turning positive only that year. Goldman is a lead bank on the deal, a point worth keeping next to the forecast. At the other end, research firm New Constructs has valued the company at as little as $144 billion. Buyers of Class A shares will also have limited say: founders hold a class of stock with 50.1% of the votes, and the Long-Term Benefit Trust elects a majority of the board.

The offering also matters outside the United States: memory and chip suppliers in Korea and Taiwan sell into the same AI build-out that Anthropic's $900.9 billion in commitments will pay for, and Micron and TSMC are now among its incoming shareholders. Our earlier reports on the first S-1 filing, on the roadshow wobble over pricing, and on how IPO valuations are set cover the background.