Anthropic Begins IPO Roadshow With $70 to $78 Share Price Range
Anthropic has started the roadshow for a proposed initial public offering of Class A common stock, with an expected price of $70.00 to $78.00 per share. The AI developer has also filed Amendment No. 2 to its Form S-1 registration statement and applied to list on Nasdaq under the symbol "ANT."
- Anthropic expects an IPO price of $70.00 to $78.00 per share.
- The proposed offering consists of 825,000,000 shares.
- Seven companies have agreed to buy $26.0 billion of Class N stock in a concurrent placement.
- Amazon, AMD, Micron and TSMC are linked to financing or hardware arrangements.
- Snowflake is named as a data platform through which customers can adopt Claude.
Offering includes 825,000,000 shares
According to the filing described by PR Newswire, the proposed offering consists of 825,000,000 shares. Anthropic is offering 801,351,354 shares, while certain existing stockholders are offering 23,648,646 shares.
The registration statement has not yet become effective. The amended S-1 also describes a concurrent private placement in which seven companies have agreed, severally and not jointly, to purchase an aggregate of $26.0 billion of Class N common stock at the initial public offering price. The placement depends on completion of the offering and the satisfaction of certain conditions.
Several companies named in the prospectus are connected to Anthropic through cloud capacity, chips, memory, data platforms or investment arrangements. The source presents the companies side by side rather than as a ranking.
Amazon holds convertible notes and supplies cloud capacity
Amazon is identified as a provider of cloud capacity and in-house chips. The prospectus lists AWS Trainium among the chip families Anthropic uses to train and serve Claude. As of September 30, 2026, $6.2 billion of principal was outstanding under convertible notes issued to Amazon.
The prospectus describes converting $579.3 million of that amount into 276,827,518 Class N shares immediately before the offering is completed. That is the maximum number issuable without Amazon exceeding a 12% ownership cap.
Amazon's third-quarter results showed net sales of $201.9 billion and AWS segment sales of $46.0 billion. The company also said Amazon Bedrock added Anthropic's Claude Fable 5.1, Opus 5.5, Sonnet 5.5 and Haiku 5.5, among other models.
AMD, Micron and TSMC are linked to the hardware supply chain
Anthropic entered a hardware supply agreement with AMD in July 2026 for AMD-based Helios rack-scale systems. AMD committed to purchase up to $5.0 billion of Class N common stock, with purchases tied to specified GPU delivery and deployment milestones. Its $2.5 billion placement purchase would satisfy part of that commitment.
Micron's placement purchase is approximately $1.0 billion. The prospectus also identifies Micron among the three companies that largely manufacture high-bandwidth memory, which it calls a key component in high-performance accelerators.
TSMC's placement purchase through TSMC Partners, Ltd. is approximately $500 million. The prospectus says most of the world's most advanced chip manufacturing capacity is concentrated in Taiwan, primarily at TSMC.
Snowflake represents the data platform connection
Snowflake is named among the data platforms through which customers can adopt Claude, alongside systems integrators and consultants. That places the company in Anthropic's broader ecosystem partnerships rather than among the placement investors identified in the source.
The filing and accompanying company details show the range of relationships surrounding Anthropic's proposed listing: Amazon through cloud services, chips and convertible notes, AMD through hardware and investment, Micron and TSMC through the hardware supply chain and placement, and Snowflake through data platform partnerships. For users and the market, the filing offers a view of the infrastructure and commercial partners Anthropic relies on as it moves toward a public offering, although the registration statement is still not effective.
