The mystery of Anthropic's IPO pricing: $1 trillion or $1.4 trillion, to be revealed this week.

Anthropic launched the roadshow for its IPO, set to list on November 19 under the ticker ANT, offering 825 million shares at $70–78 each plus a 123.75 million-share greenshoe and a $26 billion private placement, pushing total fundraising past $100 billion and above SpaceX's $86.2 billion record. Reported market caps diverge—about $1 trillion on an actual outstanding-share basis versus $1.405 trillion fully diluted—with the gap driven by 1.77 billion employee options, 1.07 billion unvested RSUs and 2.05 billion shares reserved for future incentive plans; excluding the unissued reserve, the fully diluted figure is roughly $1.24 trillion. The $26 billion placement comes entirely from suppliers including Google and Nvidia at $10 billion each, AMD at $2.5 billion, and Broadcom, Micron and Microsoft at $1 billion each, with only about $16 billion representing new money. Goldman Sachs, the lead underwriter, projects revenue rising from about $52 billion this year to over $600 billion by 2030, but expects free cash outflow of $12.8 billion in Q4 2026 and $65.7 billion in 2027 before turning positive in 2030. Committed compute and chip purchases total nearly $901 billion, with about $71 billion due within 12 months, so the record raise covers only around 15 months of signed obligations. Q3 revenue grew 47% quarter-over-quarter to $16.96 billion, down sharply from 144% in Q2, while operating results swung to a $567 million loss; watch the final pricing on November 19 and whether AI-sector volatility further compresses the valuation range.