Anthropic expects Nasdaq trading on 19 November, publishes founders’ letter

Anthropic has opened a public website for its planned initial public offering and says it expects to set the final share price on 18 November and begin trading on Nasdaq, under the ticker ANT, on 19 November, subject to the registration statement becoming effective.

The company has pointed investors to ipo.anthropic.com, an eight-page founders’ letter, an 11-chapter roadshow video, a fact sheet, and Amendment No. 2 to its Form S-1, filed on 10 November. In a post on X it also published the standard securities disclaimer: the securities may not be sold, and offers to buy may not be accepted, before the registration statement is effective, and the post itself is not an offer to sell.

Our initial public offering: ipo.anthropic.com

— Anthropic (@AnthropicAI) November 12, 2026

The preliminary prospectus still describes an offering of 825 million Class A shares at a price range of $70 to $78 a share. Of those, 801,351,354 shares are being sold by the company and 23,648,646 by selling stockholders, and underwriters have a 30-day option to buy up to 123,750,000 more. Goldman Sachs and Morgan Stanley are acting as representatives of the underwriters. The shares are expected to list on the Nasdaq Global Select Market. The offer terms, and listed 2x leveraged ETF products tied to the ticker, were set out in an earlier article after the 10 November amendment.

Alongside the public offer, seven tech companies have agreed to buy $26.0 billion of Anthropic stock directly from the company, in a private placement at the IPO price. At the $74 midpoint of the range, Google and Nvidia would each put in about $10.0 billion, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1.0 billion each, and TSMC about $500 million. Anthropic keeps all of that money and pays no underwriting fees on it.

anthropic: google, nvidia, amd, broadcom, micron, microsoft, tsmc to invest $26 billion via private placement at ipo price

— FinancialJuice (@financialjuice) November 10, 2026

Those buyers get a separate class of stock, Class N, which carries no votes. It turns into ordinary Class A stock if it’s sold on the open market or passed to an unrelated buyer. The placement is due to close straight after the IPO, provided certain conditions are met. The shares aren’t bound by the underwriters’ lock-up, but because they aren’t registered, they can only be resold through a registration statement or an exemption from it. The filing also says some directors, and entities linked to them, have shown interest in buying up to $303 million of Class A shares in the offering itself, though that interest isn’t binding.

TSMC’s board signed off on its share at a meeting on 10 November, approving up to US$500 million for Anthropic stock at the IPO price, according to the chipmaker’s board resolutions. The same meeting approved up to $500 million for preferred stock in OpenAI, and a separate investment company of up to $500 million for chip-industry deals.

Anthropic says its roadshow began on 10 November. Retail investors can submit indications of interest through Charles Schwab, E*TRADE, Fidelity, Robinhood and SoFi, the IPO site says.

Big investors seem keen. According to Bloomberg, which cited people familiar with the matter, orders are already several times bigger than the number of shares for sale, mostly thanks to large anchor-sized bids. Those early orders don’t lock anyone in, and the terms can still move before pricing. Bloomberg says Amodei is due to sit down with JPMorgan boss Jamie Dimon for a live-streamed chat with would-be investors in New York on 13 November. JPMorgan is running the US retail part of the sale, Bloomberg says.

Breaking: 7 public companies are buying $26,000,000,000 of Anthropic stock next week

Anthropic’s IPO is already multiple times oversubscribed, per Bloomberg

— Autopilot (@joinautopilot) November 11, 2026

A day later, Bloomberg put a number on it. Orders now come to about six times the shares on offer, it reported, again citing people familiar with the matter, in a story Reuters picked up. Bankers have also told would-be buyers that Anthropic will look after its existing backers first, Bloomberg said, so some newcomers could get fewer shares than they’d hoped for. Anthropic couldn’t be reached for comment, Reuters said, and the report notes the details, demand included, could still change. For retail buyers in the US and abroad, it’s a reminder that putting in an indication of interest doesn’t guarantee an allocation, let alone the full amount asked for.

ANTHROPIC IPO IS 6 TIMES OVERSUBSCRIBED AS VALUATION TARGETS $1.4 TRILLION

Anthropic’s ($ANT) IPO has attracted roughly six times more orders than available shares, according to Bloomberg sources.

— *Walter Bloomberg (@DeItaone) November 12, 2026

The amended prospectus also says Anthropic expects retail investors, in the United States and in other countries, to take up to 20% of the shares on offer, with the final split set by demand. CNBC reported that’s well above the 5% to 10% that individual investors usually get in a large US listing.

ANTHROPIC WILL SET ASIDE UP TO 20% OF ITS IPO SHARES FOR RETAIL INVESTORS

— Wall St Engine (@wallstengine) November 10, 2026

Those retail buyers aren’t only in America. Free-writing prospectuses that Anthropic filed with the SEC on 12 November show public offers running alongside the US deal in Australia, Canada, Japan, the UK, Switzerland and nine European countries: Germany, Denmark, Finland, France, Ireland, the Netherlands, Norway, Spain and Sweden. Everyone pays the same single offer price for the same Nasdaq-listed stock.

Anthropic opened its IPO to retail investors in Australia on Wednesday, according to CNBC.

— IPO Newsroom (@IPONewsroom_) November 11, 2026

In Australia, Anthropic lodged a prospectus with the corporate regulator, ASIC, on 10 November. CommSec is the lead retail broker and Macquarie Capital is the Australian co-ordinator, and the broker offer is due to close on 17 November. Australian applicants won’t know the final price when they apply. They’ll pay it in US dollars, so they carry exchange-rate risk if their broker converts their money from Australian dollars.

In the UK, residents can apply through intermediaries signed up to RetailBook’s offer platform, including from ISAs and SIPPs, until 18 November, and each intermediary sets its own cut-off. The European prospectus, approved by Germany’s financial regulator BaFin, caps the European and Swiss retail tranche at 80,135,135 new shares. The Japanese offer is sized at US$3 billion to US$3.5 billion. In Canada, The Globe and Mail reports that BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, Scotiabank, TD Securities and Wealthsimple are taking part.

None of the filings describes a public offer in New Zealand.

The site and fact sheet set out figures for the three months ended 30 September 2026. Revenue was $17.0 billion, more than 12 times the year-earlier quarter. The company reported a net loss of $23.3 billion, including a $21.9 billion non-cash charge related to a change in the fair value of convertible notes, derivative liabilities and SAFEs. The GAAP operating margin was minus 3%. Adjusted operating margin, a non-GAAP measure reconciled in the fact sheet and the prospectus, was 15%.

Anthropic says it had more than 11,900 customers with at least $100,000 of trailing-twelve-month revenue, more than 12 times a year earlier, more than 1,900 customers at $1 million or more, and about 250 at $10 million or more. Net revenue retention was about 900%. Trailing-twelve-month revenue per employee was more than $6.6 million. The company also highlights a more-than-fourfold gain in compute efficiency, defined as revenue divided by compute and infrastructure expenses, compared with the same ratio in the first quarter of 2025.

Compute and infrastructure costs were $9.9 billion in the quarter, including $5.0 billion of compute under short-term commitments that, Anthropic says, currently cost significantly more than comparable compute bought under multi-year agreements. As of the end of the quarter it reported about $96 billion of cash and cash equivalents, about $36 billion of short-term investments, and about $141 billion of capital raised. It also lists about $900 billion of compute commitments, of which about $70.7 billion is due in the 12 months after 30 September 2026.

Item	Third quarter of 2026
Revenue	$17.0 billion
Year-on-year revenue growth	More than 12 times
GAAP operating margin	Minus 3%
Adjusted operating margin (non-GAAP)	15%
Net loss	$23.3 billion
Of which, non-cash fair-value charge	$21.9 billion
Customers with at least $100,000 trailing-twelve-month revenue	More than 11,900
Compute-efficiency gain since the first quarter of 2025	More than four times

The founders’ letter is signed by the seven co-founders who still work at the company: Dario Amodei, Tom Brown, Jared Kaplan, Chris Olah, Daniela Amodei, Jack Clark and Sam McCandlish. It is also printed at the front of the prospectus.

Anthropic is a public benefit corporation, the letter says, so the board has to weigh stockholders’ financial interests against the public-benefit mission. Governance is shared among the co-founders, employees, and the Long-Term Benefit Trust, an independent body with no financial stake in the company. The trust elects four of seven directors, with one of those seats subject to nomination and removal safeguards, including an employee vote if the company and the trust disagree. The co-founders elect the other three. That founder voting power, the letter says, is not permanent: it passes to common stockholders once fewer than three of the seven remain in the voting entity.

Before the offering, Anthropic is setting aside 5% of the company’s equity for a public-good fund, and says it will set aside a further 2% for every sustained 50% rise in the share price from the prior contribution, starting from the IPO price, at the board’s discretion. All seven co-founders have pledged to donate 80% of their personal equity to charitable causes. Employees are offered a donation match on equity they pledge.

The letter also records advice the founders say they heard from business leaders who had taken companies public: “never let your company be worth a dollar more than it is actually worth.” They tie that to Anthropic’s habit of underpromising and overdelivering, and to what they call an anti-sell in recruiting. They say some decisions may run counter to investor expectations, both because they will make large forward bets on the back of scaling laws, and because they will at times depart from profit maximisation.

One example they give is Claude Mythos Preview. After judging that its abilities, particularly in cybersecurity, had advanced far enough that a wide release without new safeguards would have carried significant risk, they chose not to make it generally available, and later offered those capabilities as Claude Fable 5 once additional safeguards were in place. The delay, they write, meant forgoing substantial revenue and ceding ground to competitors. They also gave away around $100 million in Claude credits to cyber defenders.

They have committed to keeping Claude free of advertising, even though they say it would likely be a large source of revenue, because they want Claude’s only incentive to be a helpful answer. On the pace of progress, they say there may be times when they choose to advance more slowly than they could in order to make systems safer, even if that puts them at a competitive disadvantage, while adding that progress will still be very fast in absolute terms.

Greg Isenberg, a start-up investor and commentator, walked through the fact sheet and the letter, including the customer figures, the non-cash charge in the net loss, and the public-benefit structure.

Some quick observations on Anthropic’s IPO.

— GREG ISENBERG (@gregisenberg) November 12, 2026

The 42-minute roadshow video adds a few things the letter and fact sheet don’t spell out. In its financial-model chapter, Anthropic says it believes it can deliver adjusted operating margins of more than 35%, helped by further efficiency gains, more capacity from Anthropic Direct (the chips and data centres it leases itself), and more of its compute shifting to inference. It sees compute and infrastructure costs heading towards about 45% to 50% of revenue, with sales, marketing and partnership costs, and personnel and other operating costs, each heading towards 7% to 10%.

The video also says Anthropic treats chips from all four major chip families as one pool of compute. When it started using AMD GPUs this year, it says, Mythos got Claude running on them in three days with basically no human help, porting or writing almost all of the kernels, a job that used to take dozens of engineers months. The narration doesn’t mention Nvidia or CUDA, though that’s how the claim was widely read on X. A CellCog review of the slides says an on-screen footnote limits the three days to prompt processing for one model on AMD MI355X chips.

The Nvidia CUDA moat is gone. Anthropic sees all compute as fungible and it only took Mythos 3 days to figure out how to run itself on AMD hardware.

— Marcelo P. Lima (@MarceloLima) November 10, 2026

The line that travelled furthest comes at the end, from chief executive Dario Amodei: “You know, if today we look at things like cancer, Alzheimer’s, heart disease, mental illness, these will be relics of the past in, I think, less than a decade.” He goes on: “I think if we do this right, we can create an age of miracles where humanity is able to solve problems that have eluded us for millennia,” and says the risks have to be handled alongside the benefits and a viable business. The founders’ letter is more measured, saying AI could potentially cure diseases including cancer and Alzheimer’s without putting a date on it.

Doctors and scientists pushed back on the timeline. Business Insider reported that Karl Lauterbach, Germany’s former health minister, wrote that AI can help with cancer, Alzheimer’s and mental illness but that curing them in 10 years is impossible. Virologist Angela Rasmussen replied to a clip of the remark with a line borrowed from Theranos’s old pitch.

We can test for every disease on earth with a single drop of blood

— Dr. Angela Rasmussen (@angie_rasmussen) November 11, 2026

The registration statement has not become effective. This article is not an offer to sell, or a solicitation of an offer to buy, Anthropic securities.