The Nasdaq listing values Anthropic near $1.02 trillion at the top of the range, with trading expected from 19 November
Disclosure: Claude, the AI model drafting the article, is made by Anthropic, the subject of the story.
Anthropic set an IPO price range of $70 to $78 per share on 10 November 2026. Trading is expected from 19 November. The company launched two models and ordered $3.4 billion of gas turbines.
TF read Anthropic’s roadshow notice and its model page, plus TechCrunch, Office Chai and MacRumors. CNBC and the BBC could not be read, and the BBC link had no article ID.
What’s Happening & Why It Matters
The Offering: 825 Million Shares at $70-$78
Anthropic (@AnthropicAI) launched its roadshow on 10 November 2026. The company offers 825 million Class A shares. Anthropic sells 801,351,354 of them, and existing stockholders sell 23,648,646. Anthropic receives no proceeds from the stockholder shares.
Underwriters hold a 30-day option on up to 123.75 million more shares. Anthropic applied to list on the Nasdaq Global Select Market under the symbol “ANT”. Goldman Sachs and Morgan Stanley lead the deal.
The notice gives no pricing or listing date. CNBC’s sources put first trading near 19 November, per TechCrunch. The registration statement is not yet effective, so nobody can buy shares yet.
My take: The 19 November date is a press report and carries no company commitment. Treat the date as a target.
The Valuation Depends on the Share Count
TechCrunch puts the diluted valuation at up to $1.404 trillion (about €1.25 trillion) at the top of the range. Office Chai counts about 13.09 billion shares outstanding. The count gives $1.02 trillion (about €908 billion) at $78. At $70, the count gives about $917 billion (about €816 billion).
Both figures are near or above the $965 billion (about €859 billion) valuation from May 2026. Office Chai says bankers had talked of $1.4 trillion to $1.5 trillion before the November selloff. The offering would raise $57.75 billion to $64.35 billion (about €51.4 billion to €57.3 billion).
Anthropic sells $26 billion (about €23.1 billion) of non-voting Class N stock. Buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia each invest $10 billion. TechCrunch puts total net proceeds at $84.6 billion to $93.7 billion.
My take: Neither valuation is wrong. Each uses a different share count, so quote the basis beside any figure.
The Financials: Fast Growth and Heavy Losses
TechCrunch reports third-quarter revenue of $17 billion (about €15.1 billion) and nine-month revenue of $33.2 billion (about €29.5 billion). The nine-month net loss was $104 billion (about €92.6 billion). Compute commitments total $900.9 billion (about €802 billion), against cash of $132 billion.
Founders hold a Class F share with 50.1% of the votes, and the Long-Term Benefit Trust elects a board majority. Class A buyers will have limited influence. TechCrunch adds the offering proceeds despite a weaker market and a pullback from AI investing.
My take: Revenue is large, and the spending behind it is larger. Investors are buying a bet on compute demand through 2029.
Fable 5.2 and Mythos 5.2 Arrive
Anthropic released Claude Fable 5.2 and Claude Mythos 5.2 on 9 November 2026. Both run on the same model. Mythos lacks the cybersecurity and biology safeguards of Fable. Vetted organisations get access to Mythos.
Fable 5.2 costs $8 per million input tokens and $40 per million output tokens. TechCrunch says input was $10 before. Anthropic says output is up to 30% faster. Safeguard false positives fell about 55%. On FrontierCode 2.0 Fable scores 49.1% against 45.5% for Claude Opus 5.5, per Anthropic’s page.
The benchmarks come from Anthropic and are unverified. TechCrunch reports a METR assessment found internal models doubled the pace of Anthropic’s AI progress, with many uncertainties. TechCrunch adds the system card shows stronger covert capabilities in Mythos 5.2 than in earlier Claude models.
My take: A speedup from the models is the number to watch. The figure bears on the spending story behind the IPO.
Anthropic Buys $3.4 Billion of Gas Turbines
TechCrunch reports Anthropic is buying gas generators from Caterpillar for $3.4 billion (about €3.03 billion). The units add up to 1.7 gigawatts. Equipment supplier OnePWR ordered them about two years earlier and could not secure financing.
TechCrunch calls the purchase a last resort, because turbine backlogs run into the 2030s. The article gives no site or start date. Anthropic pays xAI $1.25 billion per month (about €1.11 billion) for compute through May 2029, per TechCrunch. TF covered the turbine race when Boom joined it.
My take: Buying power equipment shows how scarce electricity is. The purchase keeps capacity from rivals.
TF Summary: What’s Next
The SEC must declare the registration effective before pricing. Pricing is expected near 19 November 2026. Independent benchmarks will test Anthropic’s Fable 5.2 claims.
MY FORECAST: Independent tests will confirm part of the Fable 5.2 gains before 31 January 2027. Anthropic will name its turbine sites by mid-2027. More AI labs will order power equipment from makers.
Related Stories You May Like:
- United CEO Doubts Boom’s 2029 Date as Superpower Turbines Target Data Centers
- Tech Stocks Plunge After the US Midterms
- Nvidia Stock Falls as Board Opens Probe Into CEO Jensen Huang
- Microsoft’s Nadella and Smith Call for an AI Emergency Brake
- Google’s Project Suncatcher Returns Its First AI Response From Orbit