Anthropic Cuts IPO Target 7% to $64.4 Billion

Repriced Filing Lands Days Before Debut

Anthropic has cut the maximum size of its initial public offering to $64.4 billion, about 7% or $4.9 billion less than the terms its outside counsel sent to banks on Monday night and withdrew hours later as incorrect. The company behind the Claude chatbot now plans to offer roughly 825 million shares priced at $70 to $78, according to a revised draft Reuters reviewed on Tuesday. The pulled version had floated roughly 867 million shares priced between $70 and $80, worth as much as $69.3 billion at the top. The floor of the range held; the ceiling moved down. According to The Information, counsel in Canada told the underwriting banks that some details in the first document were wrong. Anthropic has not explained the error or commented, so it is unclear whether the smaller deal reflects weaker demand or a simple correction. The stumble lands days before trading is due to begin on Thursday or Friday next week, and the fallout reaches well beyond one company.

Seven Tech Giants Commit $26 Billion

The second amended S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on November 10 sets the ticker ANT for a Nasdaq Global Select Market listing. The offering comprises 825 million Class A shares: 801 million issued by the company and about 23.65 million sold by existing holders, with underwriters holding an option on another 124 million. Running alongside it, Google, Nvidia, Advanced Micro Devices (AMD), Broadcom, Micron, Microsoft and TSMC Partners will buy $26 billion of Class N shares at the IPO price once the offering completes; Google's purchase discharges part of an investment commitment it had already made. At the $74 midpoint, Google and Nvidia each take about $10 billion, AMD roughly $2.5 billion, Broadcom, Micron and Microsoft about $1 billion apiece, and TSMC around $500 million. The placement shares carry no underwriting discount and sit outside the underwriters' lock-up, though they are restricted securities needing registration or an exemption before resale. Anthropic estimates net proceeds of about $84.6 billion from the offering plus the placement at the midpoint, roughly $93.7 billion if the over-allotment is exercised in full, and several directors have signaled non-binding interest in buying up to $303 million at the IPO price.

Founder Control and $900.9 Billion in Compute

Control stays with the founders after listing. The IPO's 825 million shares equal about 6.3% of the Class A and Class N shares outstanding afterward, with existing holders at roughly 91%. Before the offering, Anthropic will issue a single Class F share to a Founder LLC whose members are CEO Dario Amodei, president Daniela Amodei and five other co-founders; that one share carries a fixed 50.1% of total voting power and no economic rights, while employees other than the founders receive Class E shares with limited voting and no economic interest. The filing also shows revenue of $33.2 billion for the first three quarters of 2026, up from $2.5 billion a year earlier, with third-quarter price cuts costing about $600 million in revenue. Purchase and lease commitments total about $900.9 billion, almost all of it compute and infrastructure, and $70.7 billion falls due within 12 months. CNBC host Jim Cramer called Anthropic “the most consequential deal of our time” on Tuesday, arguing that the scandal around Nvidia CEO Jensen Huang was obscuring the offering; Nvidia shares fell more than 4% on Monday, and Cramer added that he sees no path to a real recovery in AI-related stocks unless the deal lands. Next week's final pricing will set the market cap public investors assign to the company at the end of the AI spending chain.

Pre-IPO shares of Anthropic last changed hands at $1,278.37, down 7.01% in 24 hours and inside a daily range of $1,254.48 to $1,437.00. COINOTAG's composite scoring flags the strongest resistance at $1,434.62 with a score of 86 out of 100, while support at $1,257.43 carries a score of 24 out of 100. The daily trend reads as a downtrend, the 14-day RSI sits at 22.8, and perpetual open interest stands near $117.8 million. Reclaiming the $1,434.62 level before next week's pricing would be the first sign that the pre-IPO discount is closing.