Anthropic launches roadshow for IPO of up to $64.4bn, valued above $1 trillion

Prospectus and pricing

Anthropic's prospectus, published on Tuesday, 10 November 2026, sets out a plan to sell 825 million shares at an indicative range of $70 to $78 each. The Claude maker's management is now starting a worldwide roadshow to meet potential buyers, and the offer price is due to be set in the week of 16 November 2026. Handelsblatt points out that in the United States the range is only a guide, so the final price can land above or below it. Estimates of total proceeds vary by outlet: Bloomberg reports as much as $64.4bn in the IPO itself, the FT says up to $64bn, and the Washington Post cites $62.5bn of IPO stock plus a further $26bn that Google, Nvidia and other tech companies may buy. Bloomberg's separate framing puts the total raise, counting a private placement, at as much as $90.4bn. Earlier news reports had said the company hoped to sell roughly $100bn or more, which would have been the largest IPO in history.

A mistaken document and a retracted email

On Monday evening, local time, an Anthropic employee reportedly sent a document by accident to banks that was meant for the US Securities and Exchange Commission. That version listed 867 million shares at $70 to $80 each, and Reuters-based reporting said it would bring in up to $69.3bn. Shortly afterwards the company said in a second email that the pricing details were wrong and that fresh information would follow, but it declined to say which details were incorrect. Reuters, which said it had seen the withdrawn email, reported that Anthropic itself would sell 843.3 million shares and existing shareholders another 23.3 million. According to Handelsblatt, the price range and offering size in the published prospectus sit slightly below the figures that went to the banks.

Valuation and investor doubts

The company now aims for a valuation above $1 trillion, down from earlier expectations of roughly $2 trillion. Reuters calculations put the valuation at up to $1.02 trillion, insiders expect about $1.2 trillion, and a Reuters report says $1.5 trillion now counts as the upper end. Tagesschau reports that potential investors are pressing for a much lower valuation. Elon Musk's rocket firm SpaceX raised $75bn in June and was valued at almost $1.75 trillion, so the Anthropic offering would fall short of that record. Anthropic said its annualised revenue run rate reached $81bn in October, up $10bn on the previous month.

SpaceX, June 202675

Anthropic IPO (up to)64.4

SpaceX, June 2026

75 $ billion

Anthropic IPO (up to)

64.4 $ billion

Data from the article text

Market backdrop and the San Francisco boom

Wall Street is weighing what the US midterm elections mean for the AI industry, and many investors fear a slowdown in infrastructure development. Tagesschau reports that a sell-off in tech shares and the Democrats' midterm win have led to speculation that the timetable could slip. The roadshow had originally been expected in the week of 9 November 2026, with the listing planned by the end of November 2026. Several AI companies have postponed or cancelled their own listings, according to newsORF. In San Francisco, where Anthropic is headquartered, thousands of employees and investors could become millionaires, and they can take out loans even before the lock-up period ends. Ted Egan, the city's chief economist, sees a turning point for the local economy of a kind the region has not seen since Uber's 2019 IPO. Because the city cannot tax share sales directly, it expects to gain through a transfer tax on property sales, which stands at 5.5% for homes sold above $10m, and fears of soaring house prices are growing.