Anthropic IPO Roadshow Begins: $70 to $78 a Share, What It Means for Valuation, and When It Lists (2026)

Anthropic, the company behind the AI assistant Claude, launched its IPO roadshow on November 10, 2026, with a tentative price of $70 to $78 a share. It has applied to list on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley as lead underwriters. An IPO roadshow is a series of meetings where management and the banks pitch the stock to large institutional investors and collect orders.

This article is a plain-English rundown of the price, valuation, timeline, and how to buy from Taiwan. It is not investment advice. For a fuller guide to reading the prospectus, see Anthropic IPO Explained.

What happened today?

The public offering is 825 million Class A common shares. About 800 million are sold by Anthropic and about 23.65 million by existing shareholders, and Anthropic receives none of the money from the shareholders’ sales. The underwriters also have a 30-day over-allotment option to buy up to 15% more shares.

The registration statement (the listing document the company files with the US Securities and Exchange Commission, or SEC) is not yet effective, and shares cannot be sold until it is.

$70 to $78 a share: what valuation does that imply?

Valuation is the share price times the total number of shares. Based on about 13.09 billion shares outstanding after the offering, the valuation is about $916 billion to $1.02 trillion. This uses the actual shares outstanding after the IPO and leaves out the extra shares that would exist on a fully diluted basis.

CNBC instead uses the fully diluted count (every item that could convert into shares), which gives about $1.405 trillion at the top price of $78. The two figures differ in which shares they count. Neither is wrong.

For comparison, the most recent private round, the Series H in May, valued the company at about $965 billion. Media reports earlier floated figures of $2 trillion and $1.5 trillion. For more background, see Anthropic Valuation and IPO.

How much are 7 companies including TSMC investing alongside the IPO?

At the same time as the IPO, 7 companies (Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and TSMC Partners, a TSMC subsidiary) will privately subscribe to $26 billion of Class N shares at the same IPO price.

At the midpoint price of $74, Google and NVIDIA would each invest about $10 billion, and TSMC about $500 million.

Class N shares generally carry no voting rights, and once sold to a non-affiliate they usually convert into ordinary Class A shares. This private placement closes only after the IPO is completed.

When will it list?

Anthropic has not announced a date. According to CNBC, citing people familiar with the matter, the plan is to price on November 18 and begin trading on November 19.

The Nasdaq opens at 9:30 a.m. ET. The US is back on standard time, so that is 14:30 UTC, or 22:30 in Taiwan on November 19. The first trade in a new stock may come later. The final price is set on pricing day and could land outside the $70 to $78 range.

Can I buy it from Taiwan?

US investors can subscribe for a portion of the shares through brokers such as Schwab, Fidelity, Robinhood, SoFi, and E*TRADE. Taiwan is not among the places outside the US where Anthropic has said retail investors can subscribe for shares.

Once the stock lists, investors in Taiwan can trade it through a Taiwanese broker’s sub-brokerage service (which lets a local broker buy and sell foreign stocks for you) or through an overseas broker. For account setup, see the IBKR account guide and the Firstrade guide. To choose between the two, see IBKR vs Firstrade.

What to watch next

• Governance: Seven co-founders control the Class F shares through a jointly owned entity, which gives them 50.1% of the vote on ordinary matters. Ordinary Class A shareholders cannot control the company.
• Lockups: Most insiders cannot sell for up to 180 days after listing (with exceptions). The co-founders and some large shareholders are locked up for up to 365 days.
• Use of proceeds: Net proceeds from the IPO plus the private placement are about $84.6 billion at the midpoint price. They are earmarked for general corporate purposes, including compute, infrastructure, and hiring.