A tall dark glass office tower at night under an overcast blue-black sky, every floor dark except one band of warmly lit windows near the top, its dark lobby at street level beside trees and streetlamps, and a wet street in the foreground with the blurred red tail lights and headlights of passing cars reflected on it.

The Offering

Anthropic’s Emailed IPO Pricing Was Retracted, Reuters Says

Reuters reported an email to banks showing $70 to $80 a share, up to $69.3 billion; a second email called the pricing inaccurate. Those figures remain unfiled.

SAN FRANCISCO, Nov. 9 — A representative of Anthropic sent banks a copy of a securities filing that showed about 866.7 million shares on offer at $70 to $80 each, raising up to $69.3 billion, Reuters reported late on Monday, citing emails it had seen.

Then came a second email. It said the details about the pricing were inaccurate, and that Anthropic would update the filing later. The email did not tell the bankers what was wrong, Reuters said, and the agency could not determine what was incorrect. Anthropic declined to comment.

Nothing new has been filed. At 5:15 a.m. Eastern on Tuesday, and again at 5:21 a.m., the newest of Anthropic’s documents on the S.E.C.’s EDGAR system was still the first amendment to its registration statement, filed on Nov. 2, in which the price range and the number of shares are left blank. Until a filing fills them in, $70 to $80 is a figure from a withdrawn email, not Anthropic’s terms.

According to Reuters, the withdrawn copy also showed Anthropic itself selling about 843.3 million of the shares and existing shareholders 23.3 million. It also described $26 billion more from seven companies, Alphabet’s Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC, which had agreed to buy Anthropic’s Class N stock in a private placement at the offering price, to close immediately after it. Which of the copy’s details were wrong is not known.Class NClass N shares carry the same rights as Class A except for voting and conversion: they have no vote, except as the law requires. Their holders “are primarily strategic business partners,” Anthropic’s filing says.

The Suppliers

All seven turn up in Anthropic’s own prospectus where it describes its computing. It trains and serves Claude on “AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs,” it says, and relies on three cloud providers, Amazon, Google and Microsoft, and on “suppliers, such as Broadcom.” Its risk factors place the most advanced chipmaking “primarily at” TSMC and name Micron as one of three companies that largely make high-bandwidth memory. Amazon, an investor in Anthropic and a supplier of its computing power, Reuters notes, is not among the seven.

The amendment on file gives a name and an amount for only one such commitment. It says Anthropic granted Google an option to buy up to $10.0 billion of Class N stock “in a private placement concurrent with this offering at the initial public offering price,” which, if exercised, would reduce by the same amount the notes Anthropic can issue to Google under a note purchase agreement. It also refers more generally to “certain contractual rights to private placements concurrent with this offering.”

The money also flows the other way. Anthropic says it has entered into purchase commitments and leases with an aggregate committed spend of about $895.4 billion, “substantially all of which is related to compute and infrastructure,” about $69.8 billion of it due in the 12 months after Sept. 30.What Can Be CancelledAbout $213.8 billion of Anthropic’s contractual obligations are subject to termination rights or to conditions, such as a counterparty’s ability to secure financing, facilities or regulatory approvals, the filing says. If those conditions are not met, “the arrangement may be terminated.” “These commitments represent substantial fixed obligations,” the filing says. “However, our revenue is primarily consumption-based, and much of it is not subject to long-term contractual commitments, while our compute and infrastructure commitments generally extend over multiple years.”

These commitments represent substantial fixed obligations.

— Anthropic, in its amended registration statement

The Size

Using only the figures in the withdrawn copy, and by this paper’s arithmetic, 866.7 million shares would raise about $60.7 billion at $70 and $69.3 billion at $80, of which the selling shareholders’ 23.3 million shares would take about $1.6 billion to $1.9 billion. Were the placement to go ahead as described, the total would come to about $86.7 billion to $95.3 billion.The Mark to BeatSpaceX’s June prospectus offered 555,555,555 shares at $135.00 each, which comes to about $75.0 billion by this paper’s arithmetic, before any shares the underwriters had an option to buy. At the top of the range, the share sale alone would come to less than SpaceX’s June offering; only the placement, as described, would carry the total past it.

Reuters did not report a valuation from the emailed copy, and the talk has been falling. Investors once discussed as much as $2 trillion, and $1.5 trillion came to be seen as the high end, Reuters has reported. Some institutional investors are now pushing for less than the $1.5 trillion target discussed as recently as last week, The Wall Street Journal reported, according to TechCrunch. Bloomberg News reported on Friday, Nov. 6, that would-be buyers were discussing $1.2 trillion to $1.3 trillion, and that some were weighing a value as low as $1.1 trillion, citing one of the people familiar; deliberations were continuing (our report).

The market is not a kind one. Other AI infrastructure and data-center companies have delayed or withdrawn listings as rising interest rates fed a selloff in the shares and bonds of operators such as CoreWeave, Reuters noted. It added that Anthropic’s quarterly growth rate has declined sharply, though revenue was almost $17 billion in the three months to Sept. 30. Anthropic’s filing itself warns: “We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all.”

The Week Ahead

Anthropic is expected to formally launch its roadshow on Tuesday, with pricing expected the following week, Reuters reported; it plans to begin trading on Thursday or Friday of next week, Nov. 19 or 20, the Journal reported, according to TechCrunch. It has applied to list on the Nasdaq Global Select Market as “ANT.”

On Monday, Anthropic also released its newest models, Claude Fable 5.2 and Claude Mythos 5.2, at what it called a lower price (our report). OpenAI’s mark has not moved yet: SoftBank Group, reporting on Tuesday, carried its OpenAI stake at a fair value of $99.6 billion at the end of September and said a potential increase in OpenAI’s valuation from a new funding round had not yet been reflected in its results, CNBC reported (our report).

Daily Cortex is written with AI models, including Anthropic’s Claude, and fact-checked with OpenAI’s GPT models.

Sources

  1. Reuters (via MarketScreener), “Anthropic’s nearly $70 billion IPO plan briefly circulated to banks, then retracted,” Nov. 9, 2026.
  2. Anthropic, PBC (SEC Form S-1/A), “Amendment No. 1 to Form S-1 registration statement and preliminary prospectus,” Nov. 2, 2026.
  3. U.S. Securities and Exchange Commission (EDGAR), “Anthropic, PBC (CIK 0002130357): filing history,” Nov. 10, 2026.
  4. TechCrunch, “Anthropic reportedly plans to move forward with IPO plans,” Nov. 9, 2026.
  5. The Wall Street Journal, “Anthropic prepares to push ahead with IPO despite market jitters,” Nov. 9, 2026.
  6. Space Exploration Technologies Corp. (SEC Form 424(b)(4)), “Prospectus: 555,555,555 Shares of Class A Common Stock,” June 12, 2026.
  7. Bloomberg News, “Anthropic IPO Buyers See Valuation as Low as $1.1 Trillion,” Nov. 6, 2026.
  8. Anthropic, “Introducing Claude Fable 5.2 and Claude Mythos 5.2,” Nov. 9, 2026.
  9. CNBC, “SoftBank swings to $7 billion loss after U.S. data center hit and Intel share decline,” Nov. 10, 2026.
  10. Bloomberg News (via Moneycontrol), “Anthropic IPO buyers see valuation as low as $1.1 trillion,” Nov. 6, 2026.