Anthropic withdrew pricing information after sending banks an IPO plan valuing it at up to about $69.3 billion
According to an exclusive Reuters report, on the evening of November 9, Anthropic sent a securities filing to banks showing plans to sell about 866.7 million Class A shares, including secondary shares, at $70 to $80 per share, with total proceeds at the top of the offering price range potentially reaching up to $69.3 billion. Shortly after the document was sent, the company emailed again saying the pricing information was inaccurate and that it would provide an updated version. The company declined to comment, and Reuters could not confirm exactly which part was wrong.
The withdrawn filing also showed that Google, Nvidia, Microsoft, AMD, Broadcom, Micron and TSMC were proposed to participate in a total of $26 billion in private placement at the IPO, subscribing for Class N common shares at the IPO price and settling immediately after the IPO is completed. Anthropic itself plans to sell about 843.3 million shares, and existing shareholders plan to sell about 23.3 million shares.
Reuters reported that Anthropic still expects to launch its roadshow on Tuesday and price the deal the following week. What was withdrawn was the pricing information that had been sent, not the IPO plan itself. The previously circulated $69.3 billion scale cannot be regarded as the final plan.
Original source:
Title: EXCLUSIVE: Anthropic’s nearly $70 billion IPO plan briefly circulated to banks, then retracted Publisher: Reuters Publication date: 2026-11-09 URL: https://www.reuters.com/business/anthropic-aims-raise-up-693-billion-blockbuster-ipo-2026-11-10/ Nature of source: exclusive media report (based on obtained emails) Verification status: Reuters’ original article and multiple reposts were read to confirm the sending and retraction process, share count, price range and private placement arrangement; the company did not disclose the specific error content. Supporting content: sending the filing to banks, then retracting the pricing information, the up-to-$69.3 billion cap, the $26 billion private placement and the list of participating parties.
ABAB AI Insight
This retraction came against the backdrop of the public market repricing AI capital expenditure and valuations. With pricing details withdrawn before the roadshow began, that usually means the offering size, share count or price range is still being adjusted, rather than the plan itself being put on hold. Final pricing will need to be confirmed after the updated filing and roadshow feedback.
If the $26 billion private placement in the filing is retained, Google, Nvidia, Microsoft and others would be both compute suppliers or partners and buyers of shares at the same price in the IPO. This structure ties industry-chain capital to public-market pricing, but private placement subscribers and secondary-market investors do not have the same holding motives or liquidity needs.
Anthropic’s prior valuation expectations had already fallen from about $2 trillion to the around $1.5 trillion range. The price the public market is ultimately willing to offer may still differ from the price strategic investors offer in the private placement. The roadshow will test how receptive outside investors are to this highly interdependent financing structure.