Anthropic’s second amended S-1, filed with the SEC on 10 November, filled in the blanks of its IPO: a $70 to $78 range on 825 million shares, a $26.0 billion placement, a lock-up calendar and the first proceeds figures. At the $74 midpoint, the filing’s share count values Anthropic at $968.4 billion, by our arithmetic.
The 825 million shares sold to the public carry about 5.5% of the vote, by our arithmetic. Below are 13 numbers from the filing, one from each of our pieces on it, each linked to the piece it comes from. Values at $74 are our arithmetic at the midpoint; the final price is not yet set.
Business Pill · Financial Conditions Explained
A short explainer on financial conditions. It teaches the general idea only and does not discuss Anthropic.
The key insight: Anthropic’s S-1/A of 10 November gives its IPO a price range and fills in who buys, who sells and who waits. At the $74 midpoint, by our arithmetic, the filing’s share count values the company at $968.4 billion, the 825 million public shares carry about 5.5% of the vote, and 1,563,617,444 shares worth $115.7 billion wait inside Amazon’s notes.
$968.4 billion. At the $74 midpoint of the $70 to $78 range, the 13,086,672,593 shares the filing says will be outstanding after the IPO and the placement value Anthropic at $968.4 billion, by our arithmetic, 0.35% above the $965 billion of its May round. Our range piece. Source: S-1/A No. 2, cover and share count.
$81 billion. Run-rate revenue was approximately $81 billion on 31 October, up $10 billion from 30 September, the filing says; the October gain alone is about 2.2 times Anthropic’s 2025 revenue of $4,585 million, by our arithmetic. Our run-rate piece. Source: S-1/A No. 2.
$10.0 billion each. Nvidia and Google each buy $10.0 billion of the $26.0 billion private placement, in non-voting Class N stock at the IPO price. AMD takes $2.5 billion, Broadcom, Micron and Microsoft $1.0 billion each, and TSMC $500 million. Our placement piece. Source: S-1/A No. 2, concurrent private placement.
$12.2 billion. Anthropic expects retail investors to receive up to 20% of the 825 million IPO shares, about $12.2 billion of stock at $74, by our arithmetic. Our retail piece. Source: S-1/A No. 2.
$3.8 billion. The one use of proceeds with a dollar figure is $3.8 billion of tax on vesting RSUs, at $74 and an assumed 50.90% rate, about 6.4% of gross proceeds from Anthropic’s 801,351,354 primary shares, by our arithmetic. Our RSU tax piece. Source: S-1/A No. 2, use of proceeds.
18.7%. Net proceeds from the IPO and placement of about $84.6 billion equal 18.7% of the about $451.6 billion of commitments Anthropic expects to incur before the end of 2030, by our arithmetic; with its $146.6 billion of September liquidity, 51.2%. Our commitments piece. Source: S-1/A No. 2, prospectus summary.
Thirteen numbers from Anthropic’s S-1/A of 10 November 2026, one per FourWeekMBA piece; values marked * are our arithmetic at the $74.00 midpoint. The 35%+ target is from Anthropic’s roadshow video captions.
Who Sells, Who Votes, Who Waits
$250.0 million. Each of Anthropic’s seven co-founders sells 3,378,378 Class A shares, about $250.0 million each at $74 and about 1.4% of each holding, by our arithmetic. Our co-founders piece. Source: S-1/A No. 2, Principal and Selling Stockholders.
1,612 million shares. Up to 316 million shares can be sold on the first trading day after the prospectus date, and up to 1,612 million by the 76th day, 1.95 times the 825 million shares offered, by our arithmetic. Our lock-up piece. Source: S-1/A No. 2, pages 319-320.
5.5% of the vote. The 825 million IPO shares cost about $61 billion at $74 and carry about 5.5% of the shareholder vote, by our arithmetic. The filing puts them at “approximately 6.3%” of the Class A and Class N stock; the Class A vote is capped at 49.9%. Our voting piece. Source: S-1/A No. 2, dilution section.
$115.7 billion.Amazon “has elected not to waive” its 12% ownership cap, so 1,563,617,444 Class N shares stay inside its rollover notes, worth $115.7 billion at $74 against about $5.6 billion of principal, by our arithmetic. Our Amazon piece. Source: S-1/A No. 2.
The Contracts, the Policy, the Margin
$34.9 billion. Lambda did not secure the facility lease by the deadline, so the August 2026 compute agreement “is currently terminable by either party”, the filing says. Neither side has given notice, and Anthropic says it does not currently intend to terminate. Our Lambda piece. Source: S-1/A No. 2, commitments.
8 days. On 2 November Anthropic said it “may imminently meet” the AI research and development threshold in its Responsible Scaling Policy. Eight days later the second amendment says it has met it, based on expected future models. Our safety-threshold piece. Source: S-1/A No. 2, page 35; S-1/A No. 1, page 30.
15%. Third-quarter 2026 Adjusted Operating Margin was 15%, the filing shows. Anthropic’s roadshow video says “We believe Anthropic can deliver adjusted operating margins of more than 35%”, according to its captions, with no date given. Our roadshow video piece. Source: S-1/A No. 2; Anthropic roadshow video captions.
What Comes Next, as Expected
13 November (expected). Dario Amodei will discuss the IPO with JPMorgan Chase CEO Jamie Dimon in a live-streamed chat, Bloomberg reported. It “is expected to be held around lunchtime Friday in New York”, Bloomberg reported, citing a person familiar with the matter. Our roadshow piece has the details.
18 November (expected). The final price “is expected to be set on November 18th (EST)”, the FAQ on Anthropic’s IPO site for US investors says. The date was also relayed on X after the filing; the S-1/A itself gives no pricing date.
19 November (expected). Shares “are expected to begin publicly trading on November 19th (EST)”, the same FAQ says, on Nasdaq under the symbol ANT. Every date and filing is logged in our Anthropic IPO map.
The Structural Read
As we read the 13 numbers together, the filing sells a small slice of an almost trillion-dollar company: 825 million shares, about 6.3% of the economic stock by the filing’s count, against up to 1,612 million shares that the lock-up lets be sold by day 76, by our arithmetic from the filing’s lock-up table.
As we read the money side, the IPO and placement bring about $84.6 billion against about $451.6 billion of commitments before 2031, 18.7% by our arithmetic, while the Lambda clause and the margin gap show the cost side is still moving.
Anthropic, PBC, S-1/A No. 2, 10 November 2026
“Amazon may waive this limitation in its sole discretion but has elected not to do so in connection with this offering”
Three Implications
FOR IPO BUYERS At $74, about $61 billion buys about 5.5% of the vote and about 6.3% of the economic stock, by our arithmetic and the filing’s count.
FOR THE FLOAT Up to 316 million shares can be sold on the first trading day after the prospectus date and up to 1,612 million by day 76, by our arithmetic from the filing’s lock-up table.
FOR THE CASH Net proceeds of about $84.6 billion are 18.7% of commitments due before 2031, by our arithmetic; $3.8 billion goes to RSU tax.
The framework argues: “The accounting metric (gross margin) and the strategic metric (harness density) are anti-correlated by design.”
As we read it, the filing shows that trade in numbers: a 15% third-quarter Adjusted Operating Margin against a roadshow target of more than 35%, and about $84.6 billion of new cash against commitments due before 2031. The framework was published in June and does not discuss the filing.
What Is Not Established
The price is not set. Every value at $74 is our arithmetic at the midpoint and moves with the final price. The 35% marginmodel is in the roadshow video, not in the S-1/A text we searched, and the video gives no year for it. The 13 November date rests on one Bloomberg report citing a person familiar; Anthropic and JPMorgan declined to comment, Bloomberg said.
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Anthropic’s 10 November S-1/A puts a price on its IPO and fills in who buys, who sells and who waits. At $74, by our arithmetic, the company is valued at $968.4 billion, public buyers get about 5.5% of the vote, and $115.7 billion of stock waits inside Amazon’s notes.
A note on sourcing. Every number here is taken from our earlier pieces on Anthropic’s S-1/A, filed with the SEC on 10 November 2026, as they read when this roundup was published; each is linked. Values at $74.00 and other differences, ratios and percentages are our arithmetic. Expected dates are attributed to Anthropic’s IPO site or to Bloomberg. Anthropic was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
