On Monday, Anthropic emailed its bankers IPO terms and then sent a second email calling the pricing details inaccurate, while the public prospectus still carried blanks. On Tuesday at 06:29 ET, the amended filing supplied public terms: Amendment No. 2 to the S-1 offers 825 million Class A shares at an estimated $70 to $78. The filed terms reduce the share count and upper price bound relative to the circulated figures. ALFW's earlier coverage of the retraction is [here](https://alfw.ai/article/anthropic-ipo-pricing-retracted/).
Two valuations from one filing
The range supports two very different headline numbers, and which one a report uses is a choice about what to count. The filing lists 13,086,672,593 shares outstanding after the offering and the private placement. Multiply by the range and the company is worth $916 billion at $70 and $1.02 trillion at $78. That count excludes options, restricted stock units and other awards. At the same $78 top of the range, a fully diluted count produces a larger figure: MadRobot, citing CNBC, reports up to $1.405 trillion on that basis. That figure does not appear in the filing. Neither basis is the other's error; they answer different questions about which shares to count, and a valuation quoted from this deal without its share count stated next to it is only half a number.
One more anchor, with its own limits: Atrani Capital, citing the Financial Times, reports a $58.90 Series H comparison price from May and June. That sits below the $74 midpoint of the filed range, though the two prices are not like-for-like across instruments, dates and capital structures.
Who is selling, and what Anthropic keeps
The selling stockholders are Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. Each offers the same 3,378,378 shares, a gross sale value of about $250 million each at the assumed $74 midpoint, before any taxes or fees, and Anthropic receives none of that money. The company's own take comes from its 801.4 million new shares and the $26 billion private placement of non-voting Class N stock to seven strategic partners, which is scheduled to close immediately after the offering at the IPO price, subject to conditions, and carries no underwriting discount. At the assumed midpoint and under the filing's stated assumptions, Anthropic estimates the two together net about $84.6 billion, or about $93.7 billion if the underwriters exercise their option for 123.75 million additional shares in full.
What the filing does not settle is the calendar. It gives no pricing date and no first trading date, and its cover remains subject to completion. MadRobot, citing CNBC, reports that the deal is expected to price on November 18 and trade on Nasdaq under the symbol ANT from November 19. The final IPO price and completion remain unsettled; proceeds and valuation calculations based on the estimated range are illustrative. The range's $8 width alone is worth about $6.6 billion in gross proceeds across the combined base offering, including the shares sold by the founders.
Sources
- [1] Anthropic, PBC, Form S-1/A Amendment No. 2, full filing text, SEC EDGAR (filed November 10, 2026; accepted 06:29:24 ET; File No. 333-299633) — read in full first-hand by the ALFW deskRead source
- [2] Anthropic, PBC, Form S-1/A Amendment No. 2, EDGAR filing indexRead source
- [3] RR Tech Pulse, "Anthropic IPO range: $70 to $78 a share" (November 10, 2026; filing walk-through read by the drafting desk)Read source
- [4] Atrani Capital Substack, "Anthropic IPO, part three: a price range, a smaller valuation and a fuller filing" (November 10, 2026; Series H $58.90 comparison attributed there to the Financial Times)Read source
- [5] MadRobot, "Anthropic IPO price range: $70 to $78, up to $1 trillion" (November 10, 2026; CNBC's fully diluted figure and November 18/19 timing as cited there)Read source
- [6] ALFW, "Anthropic Retracts the IPO Pricing Details It Sent Bankers, Reuters Reports" (November 10, 2026; circulated terms of about 866.7 million shares at $70–$80 and the issuer's "inaccurate" wording)Read source