FOURWEEKMBA EXPLAINER · FROM THE NEWSROOM · UPDATED 13 NOVEMBER 2026
The short answer: Anthropic has filed its registration (S-1, 26 October 2026) and set a price range of $70.00 to $78.00 a share for 825 million Class A shares (amended S-1, 10 November). Its offering documents filed with the SEC indicate that the SEC declares the registration effective and the deal prices on 18 November, that the shares list on Nasdaq as ANT on 19 November and that the trade settles on 20 November. Every one of those dates is indicated, not final. After the debut, existing holders’ shares come out of lock-up in stages: up to 316 million on the first trading day, up to 1,612 million by day 76, and most of the rest by day 180 (day 365 for the co-founders).
Free to share with a link to this page. Status as of 13 November 2026. Dates after 10 November are indicated in Anthropic’s offering materials filed with the SEC and are not final; dates marked * assume a prospectus dated 18 November. Day counts are our arithmetic.
A company that wants to sell shares to the public registers the offering with the SEC, “typically using Form S-1”, according to the SEC’s investor bulletin on IPOs. SEC staff review it, and the review “often results in revisions to the prospectus”. The banks running the deal, the underwriters, collect “indications of interest” from investors and use them “to recommend a price for the shares to the issuer, who ultimately determines the price of the IPO”. The SEC then issues an “order declaring the registration statement effective”, which “does not represent an approval of the merits of the IPO”. A final prospectus follows, “usually identified as a 424B3 or 424B4 filing” on EDGAR. Existing shareholders usually sign a lock-up, “typically 180 days”. Anthropic follows this path, with a staged lock-up instead of a single 180-day cliff.
The five steps, and where each stands on 13 November
We checked Anthropic’s filings on EDGAR at 06:47 UTC on 13 November 2026. The latest are the amended S-1 of 10 November and five free writing prospectuses (offering materials) of 11 and 12 November. There is no further amendment, no notice of effectiveness and no final 424B4 prospectus yet.
FILED1 · Register and set the rangePublic S-1 filed 26 October 2026, with the price left blank; amendment No. 1 on 2 November; amendment No. 2 on 10 November with the range: “It is currently estimated that the initial public offering price per share will be between $70.00 and $78.00”. Anthropic has applied to list its Class A stock on the Nasdaq Global Select Market under the symbol “ANT”.
↓ 15 days from S-1 to range
UNDER WAY · END INDICATED2 · Roadshow and order bookAnthropic’s IPO website, filed with the SEC as offering material, says “The IPO process begins with a roadshow starting on November 10th (EST)”. Retail windows run alongside: the UK retail offer’s deadline is 18 November and the European and Swiss offer is expected to end on or about 18 November at 4:00 p.m. CET, per the filed materials; broker Stake lists Australian requests closing at 5 p.m. on 17 November (AEDT). How much demand is in the book is reported, not filed: CNBC said on 10 November, citing people familiar, that the book was “already covered at the $70 to $78 per share range on an allocable basis” (our report).
↓ indicated: 18 November
INDICATED · NOT YET FINAL3 · Effectiveness and pricingThe UK retail materials filed on 11 November list “Pricing of the Global Offering 18 November 2026” and “Registration Statement declared effective 18 November 2026”, adding: “All dates are indicative”. The IPO website says the price “is expected to be determined on November 18th (EST), based on regulatory clearance, investor demand and market conditions”. The price can land inside the range or, if the company files new terms, outside it.
↓ indicated: 19 and 20 November
INDICATED · NOT YET FINAL4 · Final prospectus, first trade, settlementThe same timetable lists “Listing on the Nasdaq Global Select Market 19 November 2026” and settlement on 20 November 2026. After pricing, the final prospectus (424B4) fixes the price, the share count and the date of the prospectus, which starts every lock-up clock. The $26.0 billion private placement “is contingent upon, and is scheduled to close immediately subsequent to, the completion of this offering”.
↓ counted from the date of the final prospectus
TERMS FILED · DATES NOT YET SET5 · The lock-up releasesDirectors, officers and holders of substantially all of Anthropic’s stock have agreed to restrict transfers “for up to 180 days or, in the case of our co-founders and certain of our stockholders holding more than 0.5% of our fully diluted shares prior to this offering, up to 365 days after the date of this prospectus”. The releases come in stages, set out below. No calendar date is fixed until the prospectus is dated.
Sources: Anthropic S-1 (26 Oct 2026), S-1/A No. 1 (2 Nov) and No. 2 (10 Nov); offering materials filed as free writing prospectuses on 11-12 Nov (IPO website, UK retail materials, BaFin-approved European prospectus); Stake support page; CNBC. Day counts are our arithmetic.
The price range, its midpoint and what it implies
The range is $70.00 to $78.00 a share. Its midpoint, $74.00, is the price the filing itself uses for every illustrative figure (“the assumed initial public offering price of $74.00 per share, which is the midpoint”). On the 825 million shares offered, the base deal is $57.75 billion at $70, $61.05 billion at $74 and $64.35 billion at $78, by our arithmetic.
The filing says 13,086,672,593 shares of all classes will be outstanding after the offering and the private placement. At the range that is a market value of about $916 billion at $70, $968 billion at $74 and $1.02 trillion at $78, by our arithmetic (our report on the range). These are values at a range, not a trading price. The Financial Times reported on 11 November that bankers expect to raise the price above the range; that is reported, not filed, and no new range was on EDGAR when we checked on 13 November (our day-by-day report).
Shares offered, the greenshoe and the private placement
The offer. 825,000,000 Class A shares: “We are selling 801,351,354 shares of Class A common stock and the selling stockholders identified in this prospectus are selling an additional 23,648,646 shares”. Anthropic receives no money from the selling stockholders’ shares. The buyers will hold “approximately 6.3%” of the Class A and Class N stock outstanding, the filing says.
The greenshoe. The underwriters get an option, “exercisable for 30 days from the date of this prospectus”, on “up to an additional 123,750,000 shares”, 15% of the base deal, worth $9.16 billion at $74 by our arithmetic. They “may exercise this option solely for the purpose of covering over-allotments”; Morgan Stanley & Co. LLC is the stabilization agent (our report).
The concurrent private placement.Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy “an aggregate of $26.0 billion of our Class N common stock” at the IPO price. At $74 that is 351,351,348 shares: about $10.0 billion each for Google and NVIDIA (135,135,135 shares each), about $2.5 billion for AMD, about $1.0 billion each for Broadcom, Micron and Microsoft, and about $500 million for TSMC. The banks earn no discount on these shares, and they are not covered by the lock-up, though they are restricted securities (our report).
The money. The filing estimates net proceeds from the offering and the placement at “approximately $84.6 billion (or approximately $93.7 billion if the underwriters’ option to purchase additional shares of our Class A common stock is exercised in full)”, at $74.
Share classes and who gets the vote
IPO buyers get Class A shares. Anthropic will have five classes, and the vote is split very differently from the shares:
Class A: one vote per share, but the class’s combined vote is capped at 49.9%. The 825 million IPO shares carry about 5.5% of the vote, by our newsroom’s arithmetic (our report).
Class N: “no voting rights, except as otherwise required by law”; about 43.2% of the capital stock after the IPO, held mainly by strategic partners such as Amazon and Google, and the class sold in the placement. Explainer: non-voting stock.
Class F: one share held by the co-founders’ Founder LLC, carrying 50.1% of the vote on matters put to stockholders generally and no economic rights. Including it, the co-founders hold about 61.3% of the vote, the filing says.
Class T: held by the Long-Term Benefit Trust, which elects the Class T directors, “a majority of the authorized members of our board of directors”.
Class E: for employees other than the co-founders, voting only on limited matters, no economic rights.
By shares rather than votes, Amazon (14.7%), Google (13.7%) and the seven co-founders (12.8%) will own 41.1% after the IPO, by our newsroom’s arithmetic. Full holder list: who owns Anthropic.
The lock-up release calendar
Anthropic’s lock-up is not one 180-day cliff. The filing’s table of the “Earliest Date Available for Sale in the Public Market” lists 23 release dates covering about 15.5 billion Class A shares, counted either in days after the prospectus date or from Anthropic’s results releases through the quarter ending 30 September 2027. None is tied to the share price (our report).
“Up to” counts from the S-1/A of 10 November, pages 319-320. Running totals, the 1.95x multiple and the calendar dates are our arithmetic; the dates hold only if the prospectus is dated 18 November, which is indicated, not final.
Earliest date (the filing’s trigger)
If prospectus dated 18 Nov*
Up to (shares)
Running total
First trading day after the prospectus date (non-founder directors, officers, employees, consultants)
19 Nov 2026
316M
316M
27th day after the prospectus date
15 Dec 2026
299M
615M
48th day
5 Jan 2027
299M
914M
62nd day
19 Jan 2027
349M
1,263M
76th day
2 Feb 2027
349M
1,612M
Second full trading day after the FY2026 results release
Not announced
1.7B
3,312M
13th, 27th, 41st, 55th and 69th day after the FY2026 results
Not announced
474M each
5,682M
Earlier of the second full trading day after Q1 2027 results or the close on day 180
No later than 17 May 2027
3.0B
8,682M
11 later stages tied to the Q1 (4), Q2 (6) and Q3 2027 (1) results, the last at the earlier of the Q3 2027 results or day 365
Not announced
6.8B in all
15,465M
Source: Anthropic S-1/A No. 2, 10 Nov 2026, “Shares Eligible for Future Sale”. *Calendar dates and running totals are our arithmetic; the filing moves a date that is not a trading day to the next trading day. The last row sums the filing’s stages after Q1 2027 (4 x 449M, 562M, 5 x 505M and 1.9B); the 23 dates total 15,465M, in line with the filing’s “approximately 15.5 billion shares”. Counts are ceilings, not sales. The 351,351,348 placement shares are not locked up.
Two valves can change the calendar. “The representatives, in their joint discretion, may release the lock-up securities described above in whole or in part at any time.” And from day 195 certain holders may hedge up to 20% of their lock-up securities, “up to approximately 719 million shares in the aggregate”. The co-founders stay locked until the earlier of the Q3 2027 results or day 365, with up to 29% releasable from the earlier of the Q1 2027 results or day 180.
What investors watch on day one
These are the items the filings make checkable on the first trading day, indicated for 19 November. None is a forecast.
The price against the range. The final price in the 424B4 against $70 to $78 and the $74 midpoint, and the share count actually sold.
The opening trade against the IPO price. The IPO website notes that shares bought in the IPO are bought at the offering price, while “Shares bought after Anthropic starts trading will be purchased at the prevailing market price at that time”.
Supply on day one. The 825 million IPO shares plus up to 316 million employee and officer shares: up to 1,141 million shares, 1.38 times the offer, by our newsroom’s arithmetic. Affiliates selling under Rule 144 are limited, in any three months, to the greater of 1% of the Class A stock (74,279,918 shares) or the average weekly trading volume.
Stabilization and the greenshoe. If the banks sold more than 825 million shares, Morgan Stanley can cover the short with the 123.75 million option shares or by buying in the market, depending on where the stock trades, within 30 days of the prospectus date.
Employee shares. The board moved the service-vesting date of “approximately 67 million RSUs” from 20 November to 19 November 2026.
The placement closing. The $26.0 billion Class N placement is scheduled to close immediately after the offering completes, with settlement indicated for 20 November.
FAQ
When does Anthropic’s IPO price and start trading?
Anthropic’s offering materials filed with the SEC indicate pricing and SEC effectiveness on 18 November 2026, listing on the Nasdaq Global Select Market on 19 November and settlement on 20 November. They call all dates indicative, and the IPO website says the timing is “Subject to regulatory clearance”.
What is Anthropic’s IPO price range?
$70.00 to $78.00 a share, set in the amended S-1 of 10 November 2026. The midpoint is $74.00. The final price is set at pricing and printed in the final prospectus.
What is Anthropic’s ticker?
ANT, on the Nasdaq Global Select Market, per the S-1/A.
How many shares are in the IPO?
825,000,000 Class A shares: 801,351,354 sold by Anthropic and 23,648,646 by selling stockholders, plus an underwriters’ option on up to 123,750,000 more. Separately, seven companies buy $26.0 billion of non-voting Class N stock in a private placement at the IPO price.
Do IPO buyers get a vote?
Yes, one vote per Class A share, but the Class A vote is capped at 49.9% of the total. The 825 million IPO shares carry about 5.5% of the vote, by our newsroom’s arithmetic; the co-founders’ single Class F share carries 50.1%.
When does Anthropic’s lock-up end?
In stages. Up to 316 million shares from the first trading day after the prospectus date, up to 1,612 million by day 76, a 3.0 billion stage at the earlier of the Q1 2027 results or day 180, and the last stage at the earlier of the Q3 2027 results or day 365. Calendar dates depend on the prospectus date and on results dates that are not yet announced.
Is the SEC approving Anthropic as an investment?
No. The SEC’s investor bulletin says a declaration of effectiveness “does not represent an approval of the merits of the IPO or an indication that the information disclosed is complete or accurate”.
Built from the FourWeekMBA newsroom’s reading of Anthropic’s filings, with every term re-checked against the S-1/A and the offering materials on EDGAR on 13 November 2026. When Anthropic prices the offering and files its final prospectus, this page is updated with the final price, the share count, the prospectus date and the calendar dates of each lock-up release. This is an explainer of how the offering works, not investment advice, and it makes no prediction about the price.
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.
