Anthropic (ANT) expects IPO price of USD 70-78/shr; to sell 801.35mln IPO shares, with the co. seeking to raise USD 64.4bln. To price on November 18th, and trade on November 19th

• Co. discloses ARR at USD 81bln as of October 31st. This is up USD 10bln from September 30, 2026.
• Revenue grew from USD 4.6bln in 2025 to USD 33.2bln for the first nine months of 2026.
• Net Revenue Retention was about 900%.
• Expects net proceeds of USD 93.7 bln if its IPO is priced at USD 74/shr (midpoint of the range), inclusive of the overallotment (greenshoe) and private placement.

• Committed spend at USD 900bln. Committed expenditures include USD 451.6bln to be incurred by December 31, 2030.
• AMD, Broadcom, Google, Micron, Microsoft, NVIDIA and TSMC have agreed to buy USD 26bln of non-voting Class N stock at the IPO price. Google and NVIDIA are each putting in about USD 10bln and AMD about USD 2.5bln.

• Targets about USD 1tln market value in the NASDAQ IPO.

Listings of this size are rare, and the relevant precedent is the small set of mega-cap technology floats where pricing was effectively de-risked in advance by anchor and strategic demand. The feature that stands out here is the composition of the book: a large tranche taken at the IPO price by the issuer's own suppliers and commercial partners. In past episodes of this kind, cornerstone participation by ecosystem players has supported the deal at pricing but has also invited scrutiny of circularity, since revenue from these same counterparties sits on the other side of the income statement; that distinction, between arm's-length demand and ecosystem demand, has tended to govern how the aftermarket trades once the greenshoe support lapses. The second axis is arithmetic rather than sentiment: the disclosed ARR against a committed spend figure that dwarfs current revenue frames the equity story as a funding vehicle for an infrastructure buildout, a pattern in which the stock's sensitivity to capex and capacity news from the named counterparties has historically been higher than to headline user metrics. Valuation at roughly a trillion against the disclosed revenue run-rate places the multiple in territory where prior comparables have been scarce, so index inclusion mechanics and the free-float share have mattered more than usual for passive demand estimates. Near-term tells are the range-versus-final pricing outcome, the size of any upsizing, and first-day behaviour relative to the float-adjusted supply; lockup expiry and the first earnings print with capex detail are the established follow-ons. The multi-currency tags reflect the usual index and flows read-across rather than any direct FX channel.