Anthropic Pulls Nearly $70 Billion IPO Pricing Filing Hours Before Roadshow
Anthropic withdrew an IPO pricing filing hours before its roadshow that would have offered roughly 867 million shares at $70-80 apiece, raising up to about $69.3 billion, saying the details were inaccurate. The same filing disclosed a concurrent $26 billion private placement subscribed by Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC at the final IPO price, bringing combined deal size near $100 billion. Yet valuation expectations have slid from $2 trillion to as low as $1.1 trillion.
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Author | Lin Qibei
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With possibly only hours left before launching its IPO roadshow, a pricing document from Anthropic involving nearly $70 billion in fundraising was suddenly withdrawn.
On November 9 local time, Anthropic sent copies of an initial public offering (IPO) document to multiple banks, showing that the company planned to issue approximately 867 million shares at $70 to $80 per share, raising up to about $69.3 billion. However, shortly after the document was sent, Anthropic withdrew the pricing information by email, saying that the pricing details were inaccurate and that an updated version would be provided later.
According to Reuters, Anthropic did not specify in the second email which information was incorrect, and declined to comment. The company still expects to officially launch its investor roadshow as early as November 10 local time and to complete pricing next week.
This means that before this highly anticipated mega-IPO formally enters the investor bookbuilding stage, Anthropic's offering price and fundraising size remain uncertain.
Nearly $70 Billion IPO Pricing Withdrawn, Seven Tech Giants Plan Another $26 Billion Investment
According to the withdrawn document, Anthropic had originally planned to issue approximately 866.7 million Class A common shares at a price range of $70 to $80 per share. Of these, Anthropic itself planned to sell about 843.3 million shares, while existing shareholders planned to sell about 23.3 million shares.
Calculated at the upper end of the price range, the total size of the IPO would be approximately $69.3 billion. However, this figure includes proceeds from existing shareholders selling shares and does not mean that Anthropic itself would receive all of the funds. In addition, because the pricing information has been withdrawn, the $69.3 billion figure is not the final confirmed fundraising size.
Notably, the document also disclosed a $26 billion private investment arranged alongside the IPO.
Seven tech giants—Google parent Alphabet, Nvidia, AMD, Broadcom, Micron Technology, Microsoft, and TSMC—planned to subscribe to Anthropic's Class N common shares at the final IPO offering price. According to the original document, the transaction would close immediately after the completion of the IPO.
If calculated based on the maximum offering size in the withdrawn document, the $69.3 billion IPO and the $26 billion concurrent private investment would together involve approximately $95.3 billion, approaching $100 billion.
Most of the companies participating in this private investment are located at key links in the AI infrastructure supply chain. Google and Microsoft are important players in the cloud computing market, while Nvidia, AMD, Broadcom, Micron, and TSMC cover areas including AI chip design, memory, and manufacturing.
On the one hand, Anthropic needs to continue investing enormous amounts of capital to procure computing power; on the other hand, it is building increasingly close capital ties with tech giants that provide computing power and chips. This relationship has also become a microcosm of the current capital expansion in the AI industry.
However, despite the astonishing scale of funds involved in this IPO and the concurrent private investment, capital market expectations for Anthropic's valuation have continued to decline recently.
From $2 Trillion to $1.1 Trillion, Anthropic's Valuation Expectations Shrink by as Much as 45%
Anthropic's listing plan has long attracted capital market attention.
In June this year, Anthropic announced that it had confidentially submitted an application for a U.S. IPO. On October 26, the company officially publicly filed its prospectus, planning to list on Nasdaq under the ticker symbol "ANT."
Earlier this year, some investors had at one point expected Anthropic's listing valuation to reach $2 trillion. But as the company disclosed more financial information to investors, that expectation began to change. In mid-October, Reuters reported, citing people familiar with the matter, that some investors had begun discussing a valuation of about $1.5 trillion, down about 25% from the previous $2 trillion.
After that, market sentiment turned further cautious. On November 5, Reuters reported, citing four people familiar with investor discussions, that some potential investors believed $1.5 trillion was already at the high end of an acceptable valuation range and hoped Anthropic would issue shares at a more attractive price.
Bloomberg later reported that some potential buyers were discussing valuations further reduced to $1.2 trillion to $1.3 trillion, with some even considering a figure as low as $1.1 trillion. Compared with the previously discussed $2 trillion, $1.2 trillion would represent a decline of about 40% in valuation expectations; based on $1.1 trillion, the decline would reach 45%.
Behind the shift in valuation expectations is investors' reassessment of the AI industry's heavy investment and future profitability.
Recently, U.S. tech stocks and AI-related assets have seen significant selloffs, with share prices and bonds of some AI infrastructure companies coming under pressure. At the same time, more questions have begun to emerge about whether continuously expanding data center investment can generate sufficient returns.
For Anthropic, investors are not blind to the scale of its rapidly growing business. The real disagreement is how much the market is willing to pay for future growth when an AI company already has tens of billions of dollars in annualized revenue but still needs to bear enormous computing costs.
Return to Operating Loss in Q3, Nearly $900 Billion Computing Commitment Brings Pressure
Investors' disagreement over Anthropic's valuation can also be partly explained by its latest financial data.
On October 26, Anthropic officially publicly filed its IPO prospectus, and on November 2 it submitted an updated document, adding third-quarter financial data to its public offering documents for the first time.
The updated prospectus shows that Anthropic's revenue in the third quarter of 2026 reached $16.956 billion, up about 47% from $11.555 billion in the second quarter. Although this growth rate is still astonishing, it is already significantly lower than in the second quarter. Previously, Anthropic's second-quarter revenue more than doubled from the first quarter, meaning that the company's quarterly revenue growth is slowing.
At the same time, Anthropic's operating performance has also returned to a loss. In the third quarter of 2026, the company recorded an operating loss of $567 million, compared with operating profit of $974 million in the second quarter.
Anthropic explained in the prospectus that the swing to an operating loss in the third quarter was mainly affected by two expenses: first, about $5 billion in short-term computing spending, whose cost was significantly higher than comparable computing power procured through multi-year agreements; second, about $2 billion in non-cash expenses generated by a charitable matching program.
What draws even more attention is the scale of Anthropic's future spending. The updated prospectus discloses that Anthropic has made approximately $895.4 billion in spending commitments, the vast majority of which relate to compute and infrastructure. This is a multi-year amount covering arrangements such as procurement commitments and lease agreements; it is not money the company has already paid, nor does it mean these funds will all be spent in the near term.
According to Reuters, Anthropic expects to incur nearly half of this spending by December 31, 2030; within the 12 months following September 30, 2026, approximately $69.8 billion of related spending commitments will come due.
For an AI company still expanding rapidly, this means that in the coming years it must not only sustain revenue growth but also ensure it has sufficient capital to support its massive compute procurement plans. Precisely for this reason, Anthropic's IPO is not only about the company's own financing needs, but will also test the capital market's acceptance of the high-growth, high-investment business model of AI foundation model companies.
Roadshow as Early as Today: Can the Nearly $70 Billion Financing Scale Hold?
According to the previously disclosed listing arrangements, Anthropic is expected to launch its investor roadshow as early as November 10 local time, complete formal issuance pricing next week, and then list on Nasdaq.
However, this timetable still faces uncertainty.
On November 5, Reuters cited people familiar with the matter as reporting that, affected by the tech stock selloff and valuation disagreements, some potential investors had begun to doubt whether Anthropic could launch its roadshow as originally planned and complete its listing in November. The temporary withdrawal of the pricing document this time has also added new suspense to the upcoming issuance.
Goldman Sachs is serving as lead underwriter for this IPO, with Morgan Stanley as stabilizing transaction agent. Both investment banks also participated in SpaceX's listing this year. Currently, SpaceX still holds the record for the world's largest IPO financing. According to Reuters, SpaceX raised approximately $75 billion when it listed in June this year, and the total financing amount increased to approximately $85.7 billion after the underwriters exercised the over-allotment option.
Anthropic had previously also considered raising as much as $100 billion through its IPO. If it achieved that goal, its financing scale would exceed SpaceX's. But based on the number of shares issued and the price range in the withdrawn document, Anthropic's maximum IPO size is approximately $69.3 billion, below the record set by SpaceX.
As the roadshow is about to begin, the market's next focus will be when Anthropic re-discloses its issuance price range and whether the updated financing scale is still close to $70 billion.
Typically, an IPO may still adjust the issuance price and size during the roadshow based on investor subscription intentions, and the final issuance price and financing amount cannot be determined until formal pricing.
If Anthropic can complete its listing next week as planned, it will still be one of the largest IPOs in the world.
But for this AI company, which has rapidly growing revenue while carrying nearly $900 billion in long-term spending commitments, the real test may no longer be simply whether it can raise tens of billions of dollars, but rather how high a price the capital market is willing to pay for its growth rate, future profitability, and massive compute investment.
Reference links:
1.https://www.reuters.com/business/anthropic-aims-raise-up-693-billion-blockbuster-ipo-2026-11-10/