Anthropic IPO: $70-$80 Price Range Pulled at Roadshow

Anthropic's IPO numbers went out to bankers on Monday night and came straight back. Reuters reported that the company emailed a filing showing plans to sell about 867 million shares at $70 to $80 each, then sent a second email calling the pricing details inaccurate and promising an updated filing. With formal marketing due to start today, Nov. 10, the most watched figure in AI, Anthropic's valuation, is still unconfirmed.

Cointelegraph's post on X, Nov. 9, 2026, saying Anthropic plans to begin marketing its Nasdaq IPO on Tuesday (@Cointelegraph)

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Fifteen days and a retraction

The timetable follows a rule rather than a mood. Anthropic made its first S-1 public on Oct. 26, and as Quartz noted, filings must be public at least 15 calendar days before formal marketing. That puts the earliest roadshow date at Nov. 10, which is the day The Daily Upside says the company is expected to start, with investor meetings this week.

The price range is the open question. Investinglive's summary of the Reuters report says the first email carried a filing aiming to sell about 867 million shares at $70 to $80, terms that would have raised up to about $69 billion. The follow-up said the details were inaccurate. Anthropic declined to comment, and it isn't yet clear whether a reported private placement tied to the offering is affected.

What the retracted range implied

Our math, run twice: 867 million shares at $70 comes to about $60.7 billion, and at $80 to about $69.4 billion. That matches the "up to $69.3 billion" reported once you allow for rounding in the share count. Futurum Equities' Shay Boloor put the implied valuation near $1.4 trillion, per Stocktwits.

That sits above where investor talk had settled this week, and the gap between the two is what the roadshow has to close.

How the valuation talk slid

The drop followed the Nasdaq 100's 6.4% fall on Nov. 5, which erased $2.3 trillion in market value and set a one-session record, per Bloomberg. The market has since steadied, and stocks rebounded Monday even as Nvidia's board probe dominated headlines.

Reuters' Morning Bid post on X, Nov. 10, 2026, on the Anthropic IPO (@Reuters)

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The business behind the number

Anthropic's amended S-1 shows about $17 billion of revenue in the third quarter and $33.24 billion for the first nine months, as we broke down when it was filed, alongside $895.4 billion of committed spending. Stocktwits adds the growth path: revenue rose about 1,127% from a year earlier, but 47% quarter over quarter, after 144% in the second quarter and 132% in the first. The third quarter also swung from a $974 million operating profit in the second to a $567 million operating loss.

Our reading: the filing sells growth at a still-enormous rate, and the market is now pricing how much of it a $1 trillion-plus valuation has already absorbed. A lower range wouldn't say the business slowed; it would say buyers want room for the stock to rise after the first trade.

"I don't think it's hyperbolic to say that this could be one of the most consequential IPOs in history." — Jim Cramer, CNBC, Nov. 9, 2026, as quoted by Stocktwits

Who else is in the picture

Altimeter Capital, one of the four firms that led Anthropic's $65 billion May round, was in the news the same night: Bloomberg reported it is targeting more than $3 billion for private markets funds. Altimeter also backs OpenAI, which, as we reported, was valued at $1.25 trillion in its latest private round and, per The Daily Upside, has filed confidentially to go public as soon as next year. That rival clock is one reason delay is costly for Anthropic.

Bloomberg's post on X, Nov. 10, 2026, on Altimeter's private markets fund target (@business)

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The filing that settles it

Everything hinges on one document. A corrected S-1/A will set the price range, the share count and the split between shares Anthropic sells and shares existing holders sell; only then can anyone compute a valuation without guessing. The Wall Street Journal, as relayed by Stocktwits, reports trading could start Thursday or Friday of next week on the Nasdaq under ANT, with Goldman Sachs and Morgan Stanley advising. Watch EDGAR for the amendment: if the range lands near the retracted $70-$80, the $1.4 trillion math holds; if it lands lower, the investors who pushed back will have gotten their price.

Source: Reuters

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