Anthropic Sets IPO Price Range at $70 to $78 a Share
Anthropic said in an updated filing on Tuesday that it will offer 825 million Class A shares at $70 to $78 each, raising up to $64.35 billion at an implied valuation of $1.404 trillion. Trading on the Nasdaq is expected near November 19.
Anthropic sets IPO price range at $70 to $78 per share, according to an updated filing the company made on Tuesday, November 10, 2026. The maker of the Claude AI assistant will offer 825 million Class A shares and expects to raise between $57.75 billion and $64.35 billion.
At the top of that range, the company would be worth $1.404 trillion on a fully diluted basis. Anthropic is pressing ahead despite shakier markets and a broader pullback from AI investing.
The figure is well above the $965 billion valuation Anthropic reached in a May fundraise. It is still below the $2 trillion the company was reportedly targeting a couple of months ago.
Anthropic intends to begin trading on the Nasdaq close to November 19 under the ticker symbol "ANT", according to CNBC reporting. The company expects up to 20% of the offering to go to retail investors.
Private sale to chipmakers and tech giants
Separately, Anthropic said it has agreed to sell $26 billion of non-voting Class N stock privately, at the IPO price. The buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion.
Anthropic estimates total net proceeds of $84.6 billion to $93.7 billion. The higher figure assumes the underwriters exercise their option to buy extra shares.
Underwriters, including Goldman Sachs and Morgan Stanley, can buy up to 123.75 million more shares from Anthropic at the IPO price.
Governance and founder sales
Anthropic is a public benefit corporation. Its founders hold a Class F share carrying 50.1% of the voting power, and the Long-Term Benefit Trust will elect a majority of the board. Buyers of Class A shares will have limited influence.
The updated filing also lists planned founder sales. CEO Dario Amodei, president and chairperson Daniela Amodei, chief compute officer Tom Brown, Anthropic Institute head Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish and interpretability research lead Christopher Olah will each sell nearly 3.4 million shares. At the $74 midpoint, that is about $250 million each.
Revenue and losses
Anthropic said its run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September. Third-quarter revenue came in at $17 billion, and nine-month revenue was $33.2 billion.
The company reported a nine-month net loss of $104 billion. Its compute and infrastructure commitments total $900.9 billion, and it holds nearly $132 billion in cash and short-term investments.
Rival OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion, nearly half the $20 billion it first tried to raise.
