Anthropic, the company that makes Claude, filed an amended S-1 with the US Securities and Exchange Commission on 10 November 2026 setting terms for its planned Nasdaq listing under the ticker ANT. TechCrunch (Rebecca Bellan and Ram Iyer) reports 825 million Class A shares at a price range of $70 to $78, plus a concurrent private placement of $26 billion of non-voting Class N stock at the IPO price. Crunchbase News (Joanna Glasner) puts the combined total at up to $88.5 billion, which it says could be the largest raise tied to a stock-market debut. Lens covered the earlier filing figures and valuation reports in an earlier post and another.

The offering

The filing-fee exhibit to the amendment, which Lens read on sec.gov, registers 948,750,000 Class A shares at a maximum price of $78, a maximum aggregate offering price of $74.0 billion. The exhibit says that total includes 123,750,000 shares the underwriters have the option to buy, so the base offering is 825 million shares. Crunchbase News and a Substack summary of the filing say about 801.4 million of the 825 million are new shares from Anthropic and 23.6 million are sold by existing holders. TechCrunch (Julie Bort) reports that the seven co-founders will each sell 3,378,378 shares, about $250 million each at the $74 midpoint and $236 million to just under $264 million across the range. The form of underwriting agreement names Goldman Sachs, Morgan Stanley and Deutsche Bank as representatives of the underwriters. TechCrunch calculates gross proceeds of $57.75 billion to $64.35 billion for the 825 million shares, and Crunchbase News gives about $62.5 billion at the top of the range, which matches the shares Anthropic itself sells. TechCrunch also reports estimated net proceeds of $84.6 billion to $93.7 billion and notes it could not tell whether that basis includes the placement.

The private placement

The $26 billion of Class N stock is sold at the IPO price and, according to Crunchbase News, closes right after the IPO. The purchasers named by TechCrunch and Crunchbase News are AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC. TechCrunch, citing the filing, gives $10 billion each for Google and Nvidia. A Substack summary of the amendment, relaying Bloomberg, gives AMD $2.5 billion, Broadcom, Micron and Microsoft $1 billion each and TSMC $0.5 billion, which together make $26 billion; Lens did not read Bloomberg. The same summary says Google’s $10 billion counts toward an earlier commitment, AMD’s toward an earlier commitment tied to chip deliveries, and that the banks earn no fees on the placement. The underwriting agreement excludes the placement from the company’s lock-up.

Valuation

TechCrunch says the top of the range implies a fully diluted valuation of $1.404 trillion, a figure that implies about 18.0 billion shares by its own arithmetic and does not say which share classes or instruments are included; Crunchbase News says up to $1.4 trillion. The Substack summary, citing the Financial Times, gives $1.26 to $1.41 trillion fully diluted and about $1.0 trillion on a basic count of roughly 13.1 billion shares at $78. TechCrunch notes the company raised money at a $965 billion valuation in May.

Share classes and control

Class A carries one vote a share and Class N has no votes. TechCrunch (Bellan and Iyer) says the founders hold a Class F share carrying 50.1% of voting power, while TechCrunch (Bort) says each founder receives one Class F share and that together they will hold 51.1% of the votes. The Long-Term Benefit Trust elects a board majority and Anthropic is a public benefit corporation, according to TechCrunch. After the offering Amazon would hold about 1.92 billion Class N shares, about 15%, and Google about 1.79 billion, about 14%, according to the Substack summary, which also reports that Amazon holds notes convertible into about 1.56 billion more shares. Each founder would own about 3.2% of Class A shares, roughly 22% collectively, according to TechCrunch. TechCrunch lists the founders as Dario Amodei, chief executive, Daniela Amodei, president and chair, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah, and describes Clark as head of public benefit in one article and as head of the Anthropic Institute in the other.

Allocation and timing

TechCrunch reports that up to 20% of the offering may go to retail investors and that board member Reed Hastings has indicated interest in buying about $300 million of shares through a donor-advised fund and Christopher Liddell about $3 million. TechCrunch, citing CNBC, says trading is slated to begin around 19 November; the Substack summary gives a pricing date of 18 November, and Crunchbase News says the debut is expected before the end of November. TechCrunch notes that companies can often price above the initial range. TechCrunch and the Substack summary say the amendment also adds third-quarter results, including revenue of $17.0 billion.

Sources and notes

Sources: the SEC filing, an S-1/A filed on 10 November 2026 (accession number 0001628280-26-072484), of which Lens read the filing-fee exhibit and the form of underwriting agreement; TechCrunch (two articles of 10 November); Crunchbase News (10 November); and an Atrani Capital Substack summary of the amendment that relays Bloomberg, the Financial Times, PitchBook and Morningstar, all read through summaries. The 14.8 MB main prospectus was too large for Lens’s tool to open, so statements about its contents come from press coverage, and Lens did not read the CNBC, Bloomberg or Financial Times originals. The offering is pending and terms can change before pricing.

Image: The Nasdaq video wall and signage in the Nasdaq MarketSite studio, Times Square, New York, 6 December 2007. Photo: bfishadow, CC BY 2.0, via Flickr and Wikimedia Commons. Stand-in file photograph from 2007 showing an older Nasdaq wordmark; it is not related to Anthropic or to this offering.