Anthropic, PBC set terms on November 10th, 2026 for an offering that would raise as much as $90.4 billion once a concurrent $26 billion private placement is counted alongside the base deal. The amended S-1 filed with the SEC puts the price range at $70 to $78 per Class A share.

The company and its selling stockholders are offering 825,000,000 shares in total, made up of 801,351,354 new shares from Anthropic and 23,648,646 shares from selling stockholders. The stock is set to list on the Nasdaq Global Select Market under the ticker ANT.

What happened

TechCrunch reported that the terms imply a fully diluted valuation of $1.404 trillion if the shares price at the top of the range. That is up from the $965 billion valuation Anthropic reached in a May 2026 round, and below the roughly $2 trillion the company had reportedly targeted months earlier.

The base IPO is seeking as much as $64.4 billion, according to the filing as reported by Bloomberg, which calculated that the total would approach roughly $100 billion if underwriters exercise the greenshoe. Goldman Sachs and Morgan Stanley are among the underwriters, which hold an option to buy up to 123.75 million additional shares from Anthropic at the IPO price. TechCrunch reported that Anthropic estimates net proceeds of $84.6 billion to $93.7 billion, the upper figure assuming that option is exercised.

Who is buying

The amended S-1 discloses that, at an assumed $74.00 midpoint price, Google LLC would buy 135,135,135 Class N shares for about $10.0 billion and NVIDIA would buy 135,135,135 shares for about $10.0 billion. AMD would take 33,783,783 shares for about $2.5 billion and Broadcom 13,513,513 shares for about $1.0 billion, with Micron and Microsoft each at about $1.0 billion and TSMC Partners at about $500 million. The aggregate is $26.0 billion of non-voting Class N stock bought at the IPO price.

The Google purchase sits with the parent company's listed stock at /companies/GOOGL. Our own record tracks open market transactions reported by officers and directors, and it has nothing to add here: a corporate purchase of another issuer's non-voting shares is not an insider filing, and no insider activity is described in the facts of this story.

What the record shows

Each of the seven co-founders plans to sell 3,378,378 shares, which works out to just under $250 million apiece at the $74 midpoint, just over $236 million each at $70 and just under $264 million each at $78, or about $1.75 billion in total. Bloomberg and the S-1 put that at roughly 1.5% of each founder's holdings. The sellers are chief executive Dario Amodei, president and board chair Daniela Amodei, chief compute officer Tom Brown, head of public benefit Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish and interpretability research lead Christopher Olah, all of whom worked at OpenAI before founding Anthropic in January 2021.

The valuation figure depends on what is counted. Reuters calculated about $1.02 trillion at the top of the range excluding options and restricted stock, Bloomberg-sourced reports put the fully diluted number near $1.4 trillion, and CoinCentral cited a $1.26 trillion to $1.45 trillion span. Residual ownership also conflicts: a Bloomberg-sourced report said the seven co-founders together own about 10% of the stock, while other reports of the S-1 say each would own about 3.2% of outstanding Class A shares after the sale, roughly 22% collectively. The Wall Street Journal reported each retained stake would be worth about $18 billion at the midpoint, and reports of the filing say the founders will together hold about 50.1% of voting power through a special share class.

The record claim holds only on a combined basis. Bloomberg reported the offering plus placement would exceed SpaceX's $75 billion base deal, while Reuters noted Anthropic's $64.4 billion base falls short of SpaceX's completed raise, put at $75 billion by Reuters and about $85.7 billion by CNBC. Fast Company noted the $1.4 trillion valuation sits below SpaceX's $1.77 trillion initial valuation.

What to watch

Anthropic expects to price on November 18th, 2026 and begin trading on November 19th, 2026, and is targeting a retail allocation of about 20%, well above the norm, CNBC reported citing people familiar. The Financial Times reported, as relayed by Bloomberg and Business Standard on November 11th, 2026, that bankers are weighing a valuation of $1.5 trillion or more and pricing above the range, after Bloomberg reported the deal was fully covered at launch.

On the business, Anthropic reported revenue of $33.2 billion for the first nine months of 2026 and said on November 10th, 2026 that it was on pace for about $81 billion in annualized revenue. Its earlier October 26th, 2026 S-1 showed a first-half net loss of $80.7 billion that included a one-time $72.4 billion charge tied to financing agreements. No final price has been set and the placement is subject to closing conditions, so every per-founder and per-investor dollar figure here is an estimate from the range or the midpoint.

Reporting from the SEC filing, Bloomberg, TechCrunch, Business Standard, Al Jazeera, Quartz, Investopedia via Yahoo Finance, Fast Company and The Neuron, dated November 10th, 2026 and November 11th, 2026.

Informational only, not investment advice.