Anthropic withdrew pricing details from an initial public offering document sent to banks on November 9, 2026, saying the figures were inaccurate and that it would provide an updated version. The company did not specify which details were wrong, according to Reuters, and declined to comment. Its investor roadshow was still expected to begin as early as November 10, with pricing planned for the following week.
The withdrawn document proposed selling about 866.7 million shares at $70 to $80 each, implying a maximum offering size of about $69.3 billion. That figure is not final. It also included roughly 23.3 million shares to be sold by existing shareholders, whose proceeds would not go to Anthropic.
The document described a separate, proposed $26 billion private investment by Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. They would buy Class N shares at the final IPO price, with the transaction set to close immediately after the IPO. Those terms, too, appeared in the document whose pricing information was withdrawn.
Investor expectations for Anthropic’s valuation had already shifted. Reuters reported in October that some investors were discussing a valuation of about $1.5 trillion, down from an earlier $2 trillion expectation. Bloomberg later reported that some prospective buyers discussed $1.2 trillion to $1.3 trillion, with some considering as little as $1.1 trillion. These were reported investor discussions, not an agreed IPO valuation.
Anthropic’s updated prospectus showed third-quarter 2026 revenue of $16.956 billion, up about 47% from $11.555 billion in the second quarter. It also reported a $567 million operating loss, compared with a $974 million operating profit in the preceding quarter. Anthropic attributed the reversal chiefly to about $5 billion in short-term computing costs and a roughly $2 billion non-cash charge related to charitable matching.
The filing disclosed approximately $895.4 billion in multiyear spending commitments, mostly tied to computing and infrastructure. These are commitments, not costs already paid or amounts due immediately. According to Reuters, about $69.8 billion was due within the 12 months following September 30, 2026.
Whether the proposed timetable and offering size hold will depend on the updated terms and investor demand. The final price and proceeds cannot be established from the withdrawn figures.