The false start is over. After emailing banks a pricing sheet late Monday and retracting it hours later, Anthropic put numbers on the biggest AI IPO in history: 825 million Class A shares at $70 to $78 each — up to $64.35 billion — with the roadshow launched and the shares set to list on Nasdaq under the ticker ANT, according to the company's announcement.

The corrected range sits slightly below the retracted one — $78 at the top instead of $80, 825 million shares instead of about 866.7 million — trimming the maximum raise from $69.3 billion to $64.35 billion. Underwriters also get a 30-day option on up to 123.75 million more shares, worth another $8.7–$9.7 billion. One prospectus calculation puts the implied valuation near $1.02 trillion at the top of the range — up from $965 billion in May, but roughly half the $2 trillion discussed a month ago, and under the $1.5 trillion backers judged too rich.

The stranger half of the deal hasn't changed: alongside the public sale, AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC have agreed to buy $26 billion of Class N stock at the IPO price, closing right after the offering — if it completes. Anthropic's chip, memory, and cloud suppliers are also its biggest new shareholders, and the two pieces together would raise as much as $90.4 billion, according to The Private Banker.

What the roadshow has to sell: third-quarter revenue of $16.96 billion, up 47% from Q2 — a sharp slowdown from the 144% growth before it — with the net loss narrowing, set against nearly $900 billion in compute commitments to Amazon and Google. CNBC reports pricing is planned for November 18, with a first trade November 19, though Anthropic has confirmed neither date, and the registration statement still isn't effective, so no shares can be sold yet.

The market has already delivered its verdict once: the Nasdaq's sharpest one-day drop in 19 months came last Thursday. The roadshow turns the AI boom's biggest private company into a public argument — starting at about half the price of a month ago. Watch whether the order book holds across the range — and whether the suppliers' $26 billion stays put if the price lands at the bottom. If they keep buying, it's a vote of confidence. If they don't, the whole supply chain is telling you what it really thinks.

— via Anthropic