The final price is not yet set. Pricing is expected November 18, with trading starting November 19. The filing reports a first-half 2026 loss of roughly $80.7 billion, and the prospectus warns that ongoing disputes with the Trump administration and the Pentagon could cause material revenue losses. The size of the losses from those disputes is not quantified. Reporting says the broader market has already cut AI valuation expectations by roughly 15% to 40%, depending on the benchmark. Separately, Nvidia CEO Jensen Huang apologized Sunday in a staff email for an extramarital affair with Alice Huang, a Megaspeed executive whom the New York Times reported was allegedly a Chinese intelligence asset. Nvidia's board has launched an independent investigation, and Huang remains CEO. Three House Republicans have pressed him on his dealings with her and on Nvidia's espionage safeguards.
For attorneys, the offering is a test of whether investors will still pay for AI-sector risk, and several terms deserve close reading. Anthropic is targeting about 20% retail allocation, far above the usual IPO share, and has allocated shares through Schwab, Fidelity, Robinhood, SoFi and E-Trade. Its phased lock-up lets employees and early investors sell on the first trading day, departing from the standard 180-day lockup. Watch the government-dispute risk factors in later amendments and any quantification of revenue exposure. Also watch whether the Nvidia investigation produces disclosure or governance consequences, since Nvidia is both a major Anthropic supplier and a $26 billion investor in this deal. Finally, the listing sets up a direct rivalry with OpenAI, which has said it does not plan to list in the near term.