Most of the stock on offer is new. Anthropic is selling 801,351,354 shares itself, while a group of existing stockholders is selling the remaining 23,648,646, and the company will get none of the money from that smaller block. Anthropic also expects to give its underwriters a 30-day option to buy up to 123,750,000 more shares.
The prospectus leaves the final price and proceeds blank until the deal is priced, so the dollar totals here are calculated from the share count and the range. At $70, the 825 million shares would raise about $57.75 billion before fees. At $78, the figure climbs to about $64.35 billion, and to roughly $74 billion if the extra shares are also sold at that price.
A second, separate sale sits beside the listing. According to the amended Form S-1, Advanced Micro Devices (AMD), Broadcom, Google, Micron Technology, Microsoft, NVIDIA and TSMC Partners have agreed to buy a combined $26.0 billion of Anthropic's Class N common stock in a private placement at the IPO price. Class N shares carry no voting rights except where the law requires them, and the placement only closes once the IPO is completed and certain conditions are met.
At the $74 midpoint, Google and NVIDIA would each take 135,135,135 shares for approximately $10.0 billion. AMD would buy 33,783,783 shares for approximately $2.5 billion, while Broadcom, Micron and Microsoft would each put in approximately $1.0 billion and TSMC approximately $500 million. The underwriters earn no discounts or commissions on these shares.
The listing and the placement are expected to give Anthropic net proceeds of approximately $84.6 billion at the midpoint, or approximately $93.7 billion if the underwriters' option is exercised in full. The company said it would use the money for general corporate purposes, including working capital, operating costs and investment in compute and infrastructure, as well as hiring and keeping skilled staff.
Some of that cash is already earmarked. Anthropic expects to spend $3.8 billion covering tax withholding and remittance obligations linked to the settlement of certain restricted stock units held by staff. Separately, some board members and entities tied to them have indicated they may buy up to $303 million of Class A stock in the offering, although those indications are not binding.
At $78 a share, the top of its proposed IPO range, Anthropic would have an implied market value of about $1.02 trillion based on the shares expected to be outstanding after the IPO and private placement. Using the broader share count in the amended Form S‑1, which accounts for stock options, restricted stock units and potential shares from convertible notes, the implied fully diluted valuation would be about $1.4 trillion. That top-end figure is above the $965 billion post-money valuation Anthropic reached in its $65 billion Series H round, in which Abu Dhabi's MGX was among the significant investors.
The prospectus also shows how fast the business has grown. Revenue reached $33.2 billion in the nine months to September 30, 2026, against $2.5 billion a year earlier, and the operating loss narrowed to $1.3 billion from $5.2 billion. Full-year revenue was $41 million in 2023, $386 million in 2024 and $4.6 billion in 2025.
Anthropic puts its run-rate revenue at approximately $81 billion as of October 31, up $10 billion from September 30. The measure annualizes recent consumption fees and current subscription fees, and the company warns in the filing that it is not a substitute for revenue under accounting rules or a forecast. It also says it expects its revenue growth rate to slow over time.
The cost side is large as well. As of and after September 30, the company had signed purchase commitments and lease agreements with total committed spending of approximately $900.9 billion. About $451.6 billion of that is expected before the end of 2030, and approximately $70.7 billion falls due in the 12 months after September 30.
Buyers of the Class A shares would get limited control. Anthropic is a Delaware public benefit corporation, and its Long-Term Benefit Trust holds Class T stock that lets it elect the directors who will make up a majority of the board. A single Class F share, held by a company owned by Dario Amodei, Daniela Amodei and the five other co-founders, will carry 50.1% of the total voting power on most shareholder matters.
That setup means Anthropic will be a "controlled company" under Nasdaq's governance rules. It could also lead some investors to weigh the price range against how little say ordinary shareholders would have, while the supplier-heavy private placement may tie several chip and cloud partners more closely to the company's results.
The listing follows a long run-up. Anthropic first submitted a confidential draft registration statement on June 1, made its S-1 filing public on October 26 and filed a first amendment without a price range on November 2. Goldman Sachs and Morgan Stanley are the representatives of the 22 underwriters named in the prospectus, and the shares cannot be sold until the SEC declares the registration statement effective.
