Anthropic’s Range Looked Too Cheap

Underwriters are signalling a price above the filed range one day into the roadshow, reversing the earlier downgrade.

Anthropic’s underwriters, led by Goldman Sachs and Morgan Stanley, are signalling they will lift the IPO price above the $70 to $78 range filed on 10 November 2026, according to people familiar with the matter, one day after the roadshow opened. The move could push the fully diluted valuation to $1.5 trillion or higher and take gross proceeds past $100 billion, helped by a greenshoe of nearly $10 billion. A $26 billion private placement from Google, Nvidia and Microsoft at the IPO price accompanies the deal. The filing implies about $1.02 trillion on the actual float and up to $1.4 trillion fully diluted. Filing documents show third-quarter revenue of $16.956 billion, October annualised revenue near $81 billion, more than 11,900 customers paying at least $100,000 a year, and adjusted operating margin of 15% against a GAAP figure of -3%. Pricing is expected on 18 November with trading from 19 November under the ticker ANT. In the roadshow script, “compute” appears 49 times and “safety” 27.