On November 10, Anthropic filed its second amended S-1 with the U.S. Securities and Exchange Commission, disclosing its IPO price range for the first time: $70–$78 per share, which values the company at roughly $968 billion at the $74 midpoint. The filing also revealed a $26 billion concurrent private placement: Google and Nvidia are each buying $10 billion, making seven chip and cloud vendors direct shareholders of Anthropic.
The offering covers 825 million Class A shares, of which the company is issuing about 801 million new shares while its seven co-founders sell a combined 23.65 million existing shares. The private placement buys non-voting Class N shares at the IPO price: $10 billion each from Google and Nvidia, $2.5 billion from AMD, $1 billion each from Broadcom, Micron and Microsoft, and $500 million from TSMC. The prospectus estimates combined net proceeds of about $84.6 billion, to be spent mainly on compute and infrastructure, with the stock listing on Nasdaq under the ticker ANT.
The filing also updated the financials: Anthropic's third-quarter revenue reached $17 billion, 12 times a year earlier; revenue for the first nine months was $33.2 billion against a net loss of $104 billion, with committed compute and infrastructure spending of $900.9 billion.
A $26 Billion Private Placement: Suppliers Become Shareholders
The striking part of the filing is not the price range but the buyer list. The two biggest buyers are also Anthropic's most important compute suppliers: Google provides cloud and compute, Nvidia provides the chips. Google's $10 billion is part of an earlier $20 billion share-purchase commitment, and AMD's $2.5 billion is tied to chip deliveries. Suppliers turning into shareholders locks in the most critical capacity with friendly hands — but it also ties Anthropic's fate ever more tightly to these giants. Each founder is cashing out about $250 million in this sale, while their remaining stakes are still worth roughly $18 billion apiece.
Pricing Is Still Being Negotiated: Two Things to Watch
Notably, the $70–$78 range sits below the $70–$80 terms Anthropic sent to banks and then withdrew, a sign that pricing is still being negotiated. The Financial Times reports that underwriters are considering raising the price after heavy demand, which could lift the valuation back above $1.5 trillion. The final price is not yet set; the next things to watch are whether the range moves up — and whether the $26 billion private placement closes on schedule.
