Anthropic sets IPO range of $70 to $78, valuing it at up to $1.4 trillion
The Claude maker launched its roadshow for 825 million Nasdaq shares under the ticker ANT. The top of the range sits well below the $2 trillion figure reported weeks earlier.
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$1.404Tfully diluted valuation at the top of the range
What to know
- Anthropic is offering 825 million Class A shares at $70 to $78 each on Nasdaq under the ticker ANT.
- At the top of the range the offering would raise about $64.4 billion and value the company at $1.404 trillion, fully diluted.
- Seven strategic partners, including Google and Nvidia, agreed to buy $26 billion of non-voting stock at the IPO price.
IPO figure is fully diluted at $78 a share. Source: TechCrunch.
Anthropic, the maker of the Claude AI models, set a price range of $70 to $78 a share for its initial public offering on November 10 and began its investor roadshow, according to TechCrunch and Fortune.
The company is offering 825 million Class A shares on Nasdaq under the ticker ANT. At the top of the range, the sale would value Anthropic at $1.404 trillion on a fully diluted basis and raise about $64.4 billion, TechCrunch reported, citing the updated filing. Underwriters also have an option to buy up to 123.75 million more shares from the company.
Trading is expected to start close to November 19, TechCrunch reported, citing CNBC. Fortune said shares could begin trading as early as Wednesday or Thursday of next week.
The terms
- Range: $70 to $78 per share, with a $74 midpoint.
- Gross proceeds: $57.75 billion to $64.35 billion across the range, per TechCrunch.
- Underwriters: a group that includes Goldman Sachs and Morgan Stanley.
- Retail: up to 20% of the offering is expected to go to individual investors, TechCrunch reported.
- Insider sales: seven co-founders and executives, including chief executive Dario Amodei and president Daniela Amodei, each plan to sell nearly 3.4 million shares, about $250 million apiece at the midpoint.
Alongside the offering, seven strategic partners (AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC) agreed to buy $26 billion of non-voting Class N stock at the IPO price. Google and Nvidia are each putting in $10 billion.
Who controls the company
Public buyers will have limited say. Anthropic is a public benefit corporation. Its founders hold a Class F share carrying 50.1% of the voting power, and a body called the Long-Term Benefit Trust elects a majority of the board, according to TechCrunch.
The numbers behind the price
Anthropic's annualized revenue run rate reached about $81 billion at the end of October, up from about $71 billion in late September, both outlets reported. TechCrunch, citing the filing, put third-quarter revenue at $17 billion and revenue for the first nine months of 2026 at $33.2 billion, against a nine-month net loss of $104 billion. The company lists $900.9 billion in compute and infrastructure commitments and holds nearly $132 billion in cash and short-term investments.
Those commitments have grown sharply since the prospectus first described them, when the reported figure was $518 billion.
A smaller number than the one floated
The top of the range is well below the roughly $2 trillion valuation reported in the weeks after the filing, Fortune noted. It is still about 45% above the $965 billion valuation from Anthropic's May fundraise, per TechCrunch.
The timing is awkward. AI stocks have sold off since the midterm elections, with the Nasdaq falling 5.5% last week and losing nearly $2.5 trillion in market value in one session, Fortune reported. Kivorent covered that drop in the Nasdaq 100's worst day. For comparison, Fortune said SpaceX sought about $1.75 trillion when it listed in June.
Why it matters
The offering would give public investors direct ownership of one of the leading AI labs, with up to a fifth of the shares set aside for individuals. How the shares price, and how they trade in a shaky market for AI stocks, will be read as a test of public appetite for companies that spend far more than they earn on computing.
This article is general information. It is not investment advice, and trading involves the risk of losing money.
Sources
- Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion, TechCrunch, November 10, 2026
- Anthropic sets IPO range valuing it at up to $1.4 trillion amid AI stock sell-off, Fortune, November 10, 2026
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