Anthropic filed Amendment No. 2 to its Form S-1 on November 10, 2026, proposing a base offer of 825 million Class A shares at $70–$78 per share. The filing breaks that total into new shares issued by Anthropic and shares sold by existing holders; it also describes a separate option for additional shares. Its assumed November 19 pricing date sits within a broader window that runs through April 2027. The SEC-filed prospectus describes a proposed Nasdaq Global Select Market listing under the ticker ANT.
The 825 million-share base offer and the optional allotment are separate parts of the proposed share count.
How the proposed share offering is divided
Of the 825 million shares in the base offer, 801,351,354 are primary shares issued by Anthropic, while 23,648,646 are secondary shares offered by existing holders. Primary shares raise money for the company; proceeds from secondary shares go to the holders selling them.
The prospectus separately describes an over-allotment option, which would let overseas underwriters sell up to 123,750,000 additional shares. Including the full option would bring the potential total to 948,750,000 shares.
| Offering component | Shares | What it represents |
| Primary shares | 801,351,354 | New shares issued by Anthropic |
| Secondary shares | 23,648,646 | Existing shares sold by holders |
| Base offer | 825,000,000 | Primary and secondary shares combined |
| Optional over-allotment | Up to 123,750,000 | Additional shares overseas underwriters may sell |
| Potential total with the full option | 948,750,000 | Base offer plus the maximum over-allotment |
What the prospectus says about timing
The prospectus allows the Pricing Date—the date the offering price is set—to fall between November 2026 and April 2027. It uses November 19, 2026 as an assumed Pricing Date. Under the filing’s schedule, Nasdaq trading would begin on the next U.S. business day after pricing.
Earlier NeoTeo coverage of reported IPO valuation expectations provides background to the offering; the amended filing lays out its proposed share structure and timing.
