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Anthropic launches IPO roadshow seeking up to $90.4 billion as SoftBank takes $3.7 billion charge on cancelled AI turbine orders
Anthropic began marketing an IPO of up to $90.4 billion at $70 to $78 a share, implying a valuation of roughly $1.3 trillion to $1.4 trillion. SoftBank took a $3.7 billion charge on cancelled gas-turbine orders meant for AI data centers.
From the Abnormal Returns article of November 11, 2026 and cited sources: Anthropic's amended S-1 offers 825 million shares at $70 to $78 each. [3] [4] [5]
SOURCES[3] tastytrade: Anthropic IPO 2026 tastytrade.com[4] Investing.com via Yahoo Finance: Anthropic IPO targets… finance.yahoo.com[5] TradingView: Anthropic, PBC begins IPO roadshow at $70–$78 tradingview.com
AT Pulse research deskPublished · Updated · 5 min read · AI-assisted analysisAI-assisted, not human-edited. Methodology Corrections Who owns this site
- Original source
- Abnormal Returns article, independent perspective
- Brief by
- AT Pulse research desk AI-assisted; publisher and contact on the desk page
- When
- November 11, 2026 article published
- Covered
- Nov 12 edition
- Evidence
- 9 sources across 9 sites
- 1Wednesday links: an article of faithabnormalreturns.com
- 2Federal Reserve FEDS Notes: The AI Buildout and the Economyfederalreserve.gov
- 3tastytrade: Anthropic IPO 2026tastytrade.com
- 4Investing.com via Yahoo Finance: Anthropic IPO targets…finance.yahoo.com
- 5TradingView: Anthropic, PBC begins IPO roadshow at $70–$78tradingview.com
- 6Crypto Briefing: SoftBank $3.7B turbine write-downcryptobriefing.com
Reach: not measured yet
Anthropic's amended S-1 offers 825 million shares at $70 to $78 each. Of those, 801.4 million are new shares and 23.6 million come from existing holders. Seven firms have also agreed to buy $26 billion of Class N shares if the offering closes. Together, those terms account for the maximum raise of about $90.4 billion. Reported valuation talk has fallen from $1.5 trillion to $2 trillion earlier to about $1.1 trillion to $1.3 trillion. Pricing is expected the week of November 16. [3] [4] [5]
According to secondary reporting on the S-1, Anthropic says Q3 2026 revenue was $16.96 billion and nine-month revenue was $33.24 billion. These are company figures. First-half results show a $693 million operating loss. The $80.7 billion net loss for the half came mostly from fair-value changes on financial instruments, not from operations. [3] [4]
SoftBank booked a ¥597.2 billion ($3.7 billion) write-down after cancelling gas-turbine orders. It had reserved more than 13 GW of turbine capacity, while the Ohio campus it was meant to power, with OpenAI as tenant, needs only 9.2 GW. The charge contributed to a quarterly net loss of ¥1.12 trillion. Elon Musk said SoftBank was defaulting on the contracts. SoftBank denied this and said the cancellations reflected changes in project needs. [6] [7]
A July note by Federal Reserve Board economists found that AI-related spending added meaningfully to quarterly GDP growth from 2025 through Q1 2026. Imported computer equipment offset much of that gain. The authors warn that hyperscaler capex also includes non-AI spending and that the national accounts have no separate AI category. [2]
The filing sets the deal terms, and SoftBank's results put a price on over-reserving power. One implication is that a listed Anthropic would report frontier-lab costs and margins every quarter.
Read the full assessment
Another is that buying power equipment for AI has become a capital risk taken years before compute demand arrives.
Sources gathered on the Anthropic IPO filing, SoftBank's turbine write-down and the Fed's AI-buildout note; the dossier follows.
Executive brief
A daily links roundup, Abnormal Returns (Nov 11, 2026), put two AI-finance stories side by side. Anthropic is marketing an IPO of up to $90.4 billion at a valuation of about $1.4 trillion. SoftBank has just taken a $3.7 billion write-down on gas turbines it reserved for AI data centers. Both show what the AI build-out costs and how much it depends on public markets. Anthropic's revenue grew 47% from Q2 to Q3 2026. SoftBank, a large AI-infrastructure investor, reported its first net loss in nearly two years. The roundup only linked these stories. The details below come from other reporting and filings.
What changed and event timeline
Fed staff measure the AI build-out
Federal Reserve Board economists find AI-related spending added meaningfully to quarterly GDP growth from 2025 through Q1 2026. Imported computer equipment cancels out much of that gain.
Anthropic files its S-1 publicly
It follows a confidential draft filed June 1. The proposed listing is on the Nasdaq Global Select Market under the ticker ANT.
Valuation talk comes down
Reported valuation discussions fell to $1.1–1.3 trillion, from $1.5–2 trillion earlier. Pricing was expected the week of November 16.
Roadshow starts at $70–$78
Amendment No. 2 to the S-1 offers 825 million shares: 801.4 million new shares from Anthropic and 23.6 million from existing holders. Seven firms agreed to buy $26 billion of Class N shares, conditional on the offering closing.
SoftBank books the turbine write-down
It took a ¥597.2 billion ($3.7 billion) charge after cancelling gas-turbine orders. Its net loss for the quarter was ¥1.12 trillion ($7 billion).
Capabilities and access
No sources describe a new model, version or product release.
Read the full section
No sources describe a new model, version or product release. The news is about capital and infrastructure:
- Anthropic: a public listing of Anthropic, PBC (a public benefit corporation). Goldman Sachs and Morgan Stanley lead a group of 22 underwriters, and a $15 billion revolving credit facility is planned (tastytrade). Trading could start around Nov 19, but that date is not confirmed (Forge).
- SoftBank: the turbines were meant for its 9.2 GW PORTS-Pike campus in Ohio, where OpenAI is the tenant (Crypto Briefing).
Technical analysis for researchers and developers
- Power is the constraint. SoftBank reserved more than 13 GW of turbine capacity from GE Vernova between late 2025 and early 2026. That was far more than its 9.2 GW Ohio site needed (Crypto Briefing).
- Measuring AI's economic effect is hard. The Fed note combines METR task-horizon data, Epoch AI GPU costs, SEC capex filings and BEA/BLS series.
Read the full section
- Power is the constraint. SoftBank reserved more than 13 GW of turbine capacity from GE Vernova between late 2025 and early 2026. That was far more than its 9.2 GW Ohio site needed (Crypto Briefing). Securing on-site generation is now a capital decision made years ahead of compute demand.
- Measuring AI's economic effect is hard. The Fed note combines METR task-horizon data, Epoch AI GPU costs, SEC capex filings and BEA/BLS series. It warns that hyperscaler capex includes non-AI spending, that national accounts have no AI line item, and that survey-based adoption figures may overstate how intensively AI is used (FEDS Notes).
Claims and evidence
- Q3 2026 revenue of $16.96 billion; $33.24 billion for nine months (Investing.com/Yahoo). This matches a reported first-half figure of about $16.3 billion (tastytrade).
- Run rate of about $81 billion at end of October. H1 operating loss of $693 million.
- About $1.4 trillion (tastytrade) versus about $1.33 trillion, attributed to the WSJ in the same source.
Read the full section
- Q3 2026 revenue of $16.96 billion; $33.24 billion for nine months (Investing.com/Yahoo). This matches a reported first-half figure of about $16.3 billion (tastytrade). These are company figures from the S-1, as reported by secondary outlets.
- Run rate of about $81 billion at end of October; H1 operating loss of $693 million; H1 net loss of $80.7 billion, mostly from fair-value changes on financial instruments (tastytrade).
- Valuation estimates differ. About $1.4 trillion (tastytrade) versus about $1.33 trillion, attributed to the WSJ in the same source. The $90.4 billion maximum raise is consistent with 825 million shares × $78 plus the $26 billion private placement.
- SoftBank's turbine spending: $9.48 billion in advance payments through Sep 30, with up to $2.1 billion in conditional rebates (Crypto Briefing).
Context and prior work
- Private rounds: Anthropic's Series G (Feb 2026) valued it at $380 billion and its Series H (May 2026) at $965 billion (tastytrade).
- Size: the offering is pitched at or above SpaceX's record IPO (Investing.com/Yahoo).
- SoftBank and OpenAI: SoftBank's $64.6 billion OpenAI stake ties its losses to the same build-out (Crypto Briefing).
Read the full section
- Private rounds: Anthropic's Series G (Feb 2026) valued it at $380 billion and its Series H (May 2026) at $965 billion (tastytrade).
- Size: the offering is pitched at or above SpaceX's record IPO (Investing.com/Yahoo).
- SoftBank and OpenAI: SoftBank's $64.6 billion OpenAI stake ties its losses to the same build-out (Crypto Briefing).
- The FT's framing: the roundup links an FT piece arguing that "everybody needs" the Anthropic IPO to happen (Abnormal Returns).
Limitations, safety and contested findings
- Anthropic's disclosed risks: slowing growth, political uncertainty around data centers and access to capacity, and possible AI-safety policy changes after Democratic midterm wins (Investing.com/Yahoo).
- Governance: commentators flag the PBC structure as a governance risk (Winzheng).
- SoftBank and Musk: Elon Musk claimed SoftBank was defaulting on the turbine contracts.
Read the full section
- Anthropic's disclosed risks: slowing growth, political uncertainty around data centers and access to capacity, and possible AI-safety policy changes after Democratic midterm wins (Investing.com/Yahoo).
- Governance: commentators flag the PBC structure as a governance risk (Winzheng).
- SoftBank and Musk: Elon Musk claimed SoftBank was defaulting on the turbine contracts. SoftBank denied this and said the cancellations reflected changes in project needs (Tom's Hardware).
- Macro effect: the Fed finds the net GDP contribution is smaller than gross AI investment suggests.
Business and practitioner implications
- Public disclosure: once listed, Anthropic will report quarterly, which will give much better visibility into frontier-lab costs and margins and into how stable its API pricing is.
- Power planning: SoftBank's write-down shows that over-reserving power equipment has a real cost.
- Labor effects: Fed staff see early signs of slower hiring of younger workers rather than broad layoffs (FEDS Notes).
Read the full section
- Public disclosure: once listed, Anthropic will report quarterly, which will give much better visibility into frontier-lab costs and margins and into how stable its API pricing is.
- Power planning: SoftBank's write-down shows that over-reserving power equipment has a real cost. Teams planning capacity should treat energy procurement as a financial risk, not just an engineering task.
- Labor effects: Fed staff see early signs of slower hiring of younger workers rather than broad layoffs (FEDS Notes).
- Not yet final: pricing, the listing date and the valuation can still change.
The source trail.
Sources (9)
Wednesday links: an article of faith
Article text retrieved; extracted text may omit tables or interactive elements.
abnormalreturns.com