Anthropic Tells Regular Investors How to Ask for IPO Shares

Claude's maker estimates $70 to $78 a share, with pricing Nov. 18 and Nasdaq trading as ANT the next day.

Anthropic, the AI company behind Claude, pointed the internet to its stock sale at 3:30 a.m. Pacific on Thursday with four words and a link: "Our initial public offering." The legal disclaimer under the post from @AnthropicAI ran longer than the announcement.

The link leads to Anthropic's IPO website, ipo.anthropic.com, which reads less like a press release than a help desk. Next to a roadshow video and quarterly results, it answers the questions a first-time investor would type, such as whether they're eligible and whether they'll get every share they ask for. A company most people know as a chatbot is now explaining to regular brokerage customers how to request a piece of it.

The basic terms are on that page. Anthropic is selling Class A common stock that will trade on Nasdaq as ANT, at an estimated range of $70 to $78 a share. The price is expected to be set Nov. 18, and trading is expected to start Nov. 19, subject to regulatory clearance.

The deal is huge. Fortune reported that Anthropic is offering 825 million shares, which would bring in as much as $64.4 billion if they sell at $78. That price would put the company's fully diluted value as high as $1.4 trillion, below the $2 trillion figure in news reports a few weeks earlier. Google, Nvidia and five other strategic partners have also committed $26 billion to non-voting shares, paying the same per-share price as the public.

Here's how a regular person gets in. You need an active account at a participating brokerage, where you submit an "indication of interest." That's a request, not a guaranteed order. The company's FAQ says there's no promise of getting all or any of the shares requested, and that applicants should be ready to pay for every share they ask for.

The answer arrives on the first day of trading, when the brokerage app confirms what came through. Shares filled in the IPO cost the offering price. Anything bought after the stock opens costs whatever the market is charging at that moment, and those two numbers aren't necessarily the same.

One number in the paperwork looks alarming, and it's a ceiling, not a price. The European prospectus lists a maximum of $120 a share. Anthropic says it set that cap above the U.S. range so European and Swiss retail investors can still take part if the final price climbs. Everyone who gets shares, in the U.S. or Europe, pays the same single price, in U.S. dollars.

The quarterly results need the same kind of translation. Anthropic reported $17.0 billion in revenue for its third quarter, more than 12 times what it made a year earlier. It also reported a $23.3 billion net loss. The company says $21.9 billion of that loss is a non-cash charge caused by its own rising valuation, which raised the paper value of convertible notes, SAFEs and derivatives on its books.

In other words, getting more valuable cost Anthropic money on paper. Its operating margin was negative 3%. The 15% margin it highlights is an adjusted measure it defines itself. Growth is also slowing. Fortune reported, in an analysis Yahoo Finance republished, that revenue rose 47% from the second quarter to the third, down from 144% the quarter before.

The paperwork also includes a warning that doesn't usually come with a stock sale. Fortune reported that Anthropic's latest filing says internal estimates show it "may imminently meet" the point its own safety policy defines as AI dramatically speeding up AI progress, roughly a doubling. The company said no current model has crossed that line. That warning sits in the same packet as a founders' letter that ranks AI among the most consequential inventions people have ever made.

The price gets set on Nov. 18. For everyone who asked for shares, the answer won't come in a four-word post. It'll come as a confirmation in a brokerage app on Nov. 19, the day ANT is expected to start trading.

Source: X, retrieved November 12, 2026. Other sources: ipo.anthropic.com, sec.gov, fortune.com, finance.yahoo.com.