Anthropic has replaced the IPO numbers it disowned on Monday night. The updated prospectus disclosed on Tuesday targets a raise of up to $64.4 billion from 825 million shares priced at $70 to $78 each — valuing the Claude maker at about $1.02 trillion on a non-diluted basis, and up to $1.4 trillion fully diluted — as the company launched its roadshow. Chip giant TSMC then added its own vote of confidence, approving up to $1 billion of investments in Anthropic and OpenAI.
November 10, 2026 — Why it matters: after a retracted filing embarrassed the deal on Monday, Tuesday’s corrected terms set the real benchmark for the largest test yet of public-market appetite for frontier AI.
What changed in the corrected filing
The sequence matters, because Tested Intelligence covered both earlier steps. A filing copy circulated to bankers on Monday showed roughly 867 million shares at $70 to $80, for a raise of up to $69.3 billion. Late Monday, Anthropic emailed bankers saying the pricing details in that document were “inaccurate” and promised an updated filing. Tuesday’s updated prospectus is that replacement: fewer shares (825 million), a lower and narrower price band ($70 to $78), and a smaller maximum raise ($64.4 billion).
On top of the public offering, Anthropic will raise $26 billion through a separate private placement with cornerstone investors including Alphabet’s Google, Nvidia and Advanced Micro Devices. Goldman Sachs and Morgan Stanley are leading the IPO, and Anthropic launched the roadshow for the deal on Tuesday, with pricing expected the following week.
TSMC puts up to $1 billion behind both Anthropic and OpenAI
The day’s second endorsement came from the company that physically makes the AI boom possible. TSMC’s board approved on Tuesday an investment of up to $500 million to acquire Anthropic shares at the IPO price, plus up to $500 million for preferred stock in OpenAI. TSMC is the world’s largest contract chipmaker and a critical supplier to Nvidia, whose processors underpin most frontier AI training.
TSMC can afford the bet: it expects full-year 2026 revenue growth of about 44 percent, says demand continues to outstrip its manufacturing capacity, and is expanding production, including a $265 billion investment in manufacturing facilities in Arizona. Its move extends a pattern visible throughout this deal — Anthropic’s biggest suppliers and infrastructure partners are also becoming its shareholders, with Google, Nvidia, AMD and Microsoft all in the $26 billion private placement.
Why it matters
Two things are being priced at once. The first is Anthropic itself: at the top of the range, even the non-diluted valuation clears $1 trillion, which would make this one of the largest stock market debuts on record. The second is the AI boom’s circularity — chipmakers and cloud providers funding the model companies that buy their chips and cloud capacity, now with public investors invited to join at the top of that loop. The Monday retraction showed how fragile the presentation of these numbers can be; the corrected prospectus is the version investors will actually be asked to pay for. Our earlier coverage of the original pricing was based on the document Anthropic has since disowned, and this post supersedes those figures.
Frequently asked questions
How much is Anthropic trying to raise in its IPO?
Up to $64.4 billion in the public offering, selling 825 million shares at an indicative $70 to $78 per share, plus $26 billion in a separate private placement with cornerstone investors.
What valuation does that imply?
About $1.02 trillion at the top of the range on a non-diluted basis, according to Reuters calculations, and up to $1.4 trillion on a fully diluted basis, which includes securities such as stock options and restricted stock.
What happened to the $69.3 billion figure reported on Monday?
It came from a filing copy circulated to bankers that Anthropic later said contained inaccurate pricing details. The company retracted it late Monday and replaced it with Tuesday’s updated prospectus.
Why is TSMC investing?
TSMC’s board approved up to $500 million for Anthropic shares at the IPO price and up to $500 million for OpenAI preferred stock — a total of up to $1 billion — positioning the chipmaker to own stakes in leading AI developers as well as supply the infrastructure they run on.
Sources: Reuters, Reuters Breakingviews