Anthropic Sets IPO Price at $70–$78, Targeting Up to $1.4 Trillion Valuation
Anthropic has put a price on the biggest stock market debut of the year. The company behind the Claude chatbot launched its IPO roadshow on Tuesday, 10 November, setting a price range of $70 to $78 a share for 825 million shares — a deal that would raise up to $64.35 billion and value the artificial intelligence firm at roughly $1 trillion, or as much as $1.4 trillion on a fully diluted basis.
The terms, set out in Amendment No. 2 to Anthropic’s registration statement filed with the US Securities and Exchange Commission, bring the long-awaited listing into its final stretch. The shares are due to list on the Nasdaq Global Select Market under the ticker ANT, although the company has not yet confirmed a first day of trading.
The terms in detail
Of the 825 million Class A shares on offer, 801,351,354 are being sold by Anthropic itself and 23,648,646 by existing shareholders. At the bottom of the range the public sale would raise $57.75 billion; at the top, $64.35 billion. The underwriters, led by Goldman Sachs and Morgan Stanley, also hold a 30-day option to buy up to 123.75 million more shares, which would lift the total to about $74 billion.
Alongside the public offering, Anthropic plans a concurrent private placement of $26 billion of non-voting Class N shares, priced at whatever the IPO price turns out to be. The buyers are seven of its own suppliers and partners — AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Reuters reported commitments of about $10 billion each from Google and Nvidia, $2.5 billion from AMD, about $1 billion each from Broadcom, Micron and Microsoft, and about $500 million from TSMC. Combined with the public sale, the deal could raise up to about $90.4 billion, according to Reuters. The filing estimates Anthropic’s net proceeds from the offering and the placement at about $84.6 billion at the $74 midpoint price.
A valuation well below the $2 trillion talk
The headline valuation depends on how the shares are counted. On the roughly 13.09 billion shares that will be outstanding after the offering and the private placement, the range implies a value of about $916 billion to $1.02 trillion. Counting stock options and unvested employee shares as well, CNBC calculates a fully diluted value of up to about $1.405 trillion at the top of the range. Renaissance Capital puts the fully diluted value at about $1.2 trillion at the midpoint.
Either way, the numbers are well below the figures discussed only weeks ago. Some investors had valued Anthropic at close to $2 trillion at the start of October, and investors had already pushed back when a $1.5 trillion figure circulated — a scepticism sharpened by a sell-off in AI stocks. At the $74 midpoint, the implied value of about $968 billion sits within 1 per cent of the $965 billion valuation Anthropic received in its last private funding round in May.
The numbers behind the listing
The filing gives investors a business growing at extraordinary speed — and spending at a similar pace. Anthropic said its annualised revenue reached about $81 billion as of 31 October, up $10 billion in a single month. Revenue for the 12 months ended 30 September was $35.3 billion.
More than 11,900 customers generated at least $100,000 in trailing 12-month revenue as of 30 September, including every Fortune 10 company and more than half of the Fortune 500. The momentum follows the release of Claude Fable 5.2, the company’s latest model, which Anthropic says built a working operating system in eight days.
The same appetite for computing power is driving heavy infrastructure spending. Anthropic has reportedly committed $3.4 billion to gas generators to power its AI data centres, a measure of how far the company is going to secure electricity for its models.
A wobble before the launch
The roadshow began only after a false start. Late on Monday, 9 November, Reuters reported that Anthropic had emailed bankers a version of its filing showing about 867 million shares at $70 to $80 each, worth up to $69.3 billion. A follow-up email said those pricing details were inaccurate and that an updated filing would follow. The terms filed on Tuesday — fewer shares, topping out at $78 — replace the withdrawn version.
What happens next
Pricing is expected next week. CNBC reported, citing people familiar with the deal, that Anthropic expects to set the final price on Wednesday, 18 November, with trading to begin the next day, while The Wall Street Journal has reported trading is planned for Thursday or Friday, 19 or 20 November. Renaissance Capital expects pricing and trading during the week of 16 November. The registration statement has been filed but has not yet become effective, so no date is final.
If the deal prices at the top of the range and the underwriters’ option is exercised in full, it would be the second-largest IPO of all time, behind the $75 billion raised by SpaceX in June 2026 — $86 billion including its greenshoe — according to Renaissance Capital and IndMoney.
For now, the market has a number to argue over. After weeks of speculation about a $2 trillion valuation, Anthropic has told investors what it is actually asking for — and the answer is closer to $1 trillion.
