Full breakdown of Anthropic's IPO roadshow: curing cancer within a decade, 85% gross margin, 900% net revenue retention

Anthropic launched its IPO roadshow on November 10, targeting a Nasdaq Global Select Market listing under the ticker "ANT" before Thanksgiving with 825 million Class A shares priced at $70–78, implying a valuation of roughly $916 billion to $1.02 trillion (up to about $1.4 trillion fully diluted). The Claude maker disclosed $33.24 billion in revenue for the first nine months of 2026, including $16.96 billion in Q3 alone, alongside a 900% net revenue retention rate and an 85% gross margin, though Q3 swung to a $567 million operating loss as AI compute and infrastructure spending of about $9.86 billion consumed 58% of quarterly revenue. Anthropic carries roughly $895.4 billion in signed compute and lease commitments, with about $69.8 billion due within 12 months, against $131.8 billion in cash and short-term investments. The offering includes a concurrent $26 billion private placement contingent on listing, with Google and Nvidia committing $10 billion each and AMD, Broadcom, Micron, Microsoft and TSMC also participating, tying key suppliers to the equity story. Founder-controlled Class F shares carry 50.1% of voting power plus a long-term benefit trust that elects a board majority, leaving public shareholders with little governance influence. Investors will watch the roadshow's reception and final pricing for a deal that could raise about $64.4 billion at the top of the range, plus a 30-day greenshoe for 123.75 million additional shares.