Anthropic IPO Pricing Pulled Hours Before Roadshow
Anthropic has withdrawn the pricing details for its planned stock market listing, hours before the Anthropic IPO roadshow was due to begin, after telling banks the figures it circulated were inaccurate.
The company behind the Claude family of AI models sent banks a filing on Monday showing plans to sell about 866.7 million Class A shares at $70 to $80 each, raising as much as $69.3 billion at the top of the range. A second email then told the banks to disregard the pricing information and said an updated filing would follow.
Anthropic declined to comment, and the email did not say which details were wrong. Reuters, which reviewed the emails, reported the sequence on Monday night. The $69.3 billion figure is therefore not a confirmed target: it describes a proposal the company itself withdrew.
What the withdrawn filing showed
Under the circulated document, Anthropic itself would have sold about 843.3 million shares, while existing shareholders would have offered a further 23.3 million in a secondary sale. Not all of the proceeds would have gone to the company.
The same document outlined a separate $26 billion private placement. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC had agreed to buy Anthropic’s Class N common stock at the IPO price, with the placement due to close immediately after the public offering.
Anthropic is still expected to begin its formal roadshow on Tuesday, November 10, with pricing expected the following week. Reports suggest a trading debut on November 19 or 20, though no date is confirmed.
The Anthropic IPO: a listing planned for months
Anthropic filed its registration statement with the US Securities and Exchange Commission on October 26 and amended it on November 2. It plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate.
The company was founded in 2021 by former OpenAI executives, including chief executive Dario Amodei and his sister Daniela Amodei, who serves as president. It unveiled two new models, Fable and Mythos, this week as competition in AI heats up.
Google and Amazon back the company as investors, computing providers and distribution partners, while also competing with it in AI. Anthropic has nearly $900 billion in computing commitments with partners, including Amazon and Google.
Valuation hopes have cooled
The retraction lands in a weaker market for AI stocks. Investors had once discussed a valuation of up to $2 trillion for Anthropic. Expectations have since eased, with $1.5 trillion now seen as the upper end of the range, Reuters reported.
Several AI infrastructure companies, including CoreWeave, have delayed or withdrawn planned offerings as interest rates have risen and shares in the sector have fallen. Investors have also started to question how long the heavy spending on data centres can continue.
The wider market has turned cautious too: the Nasdaq plunged in early November as AI fears wiped $2.5 trillion from tech stocks. Anthropic’s own numbers show the same tension. It disclosed revenue of nearly $17 billion for the three months to September 30, but its quarterly growth rate has slowed sharply. The company reported heavy losses in the first half of 2026 as it spent on computing capacity.
What happens next
Banks now wait for the updated filing to see what changes. Until it arrives, neither the share count, the price range nor the $69.3 billion figure can be treated as the terms of the offering.
If the roadshow starts on schedule, investors will get their first formal look at the deal this week. The listing would still rank among the largest in history if the withdrawn figures were close to the final terms. ProPakistani reported the retraction on Tuesday.
Frequently asked questions
Why did Anthropic withdraw its IPO pricing?
The company told banks the pricing details in a filing circulated on Monday were inaccurate and asked them to disregard the information. It did not say which details were wrong.
How much could the IPO have raised?
The withdrawn filing showed about 866.7 million shares at $70 to $80 each, which would have raised up to $69.3 billion at the top of the range. The figure is not confirmed.
What is the $26 billion private placement?
Seven tech companies, including Google, Nvidia and Microsoft, had agreed to buy $26 billion of Anthropic stock at the IPO price, closing right after the offering.
When does the Anthropic roadshow start?
The roadshow is expected to begin on Tuesday, November 10, with pricing expected the following week.
Where will Anthropic list its shares?
On the Nasdaq Global Select Market under the ticker ANT, after filing its registration statement on October 26.
