Anthropic prices its IPO at $70 to $78 a share, aiming for a $1.4 trillion debut

The Nasdaq MarketSite in Times Square. Photo: ajay_suresh, CC BY 2.0, via Wikimedia Commons.

Anthropic has put a price on its stock market debut. The company behind the Claude AI models said Tuesday it expects to sell shares at $70 to $78 each in an initial public offering that would rank among the largest on record, with trading on the Nasdaq under the ticker “ANT.”

The terms came in an amended filing with the Securities and Exchange Commission and a company announcement that marked the start of its investor roadshow. Anthropic plans to sell 825 million shares of Class A common stock. About 801.4 million of those are new shares from the company, and roughly 23.6 million are being sold by existing stockholders, who keep that money. Underwriters led by Goldman Sachs and Morgan Stanley have a 30-day option to buy up to 123.75 million more shares.

What the numbers add up to

At the range given, the base offering would raise between $57.75 billion and $64.35 billion, TechCrunch calculated from the filing. On a fully diluted basis, the top of the range would value the company at about $1.4 trillion. That is well above the $965 billion valuation Anthropic set in a private funding round in May, but short of the roughly $2 trillion figure that had been floated earlier this fall.

Anthropic also lined up a separate $26 billion private placement. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. agreed to buy non-voting Class N shares at whatever price the IPO sets, CNBC reported. Those shares are not part of the registered offering and are not covered by the usual lock-up agreements with underwriters. Google and Nvidia are putting in $10 billion each, according to TechCrunch.

Counting the IPO and the private sale together, Anthropic estimates net proceeds of roughly $84.6 billion to $93.7 billion, depending on whether underwriters take the extra shares.

Timing and who gets shares

The company is expected to price the deal on Nov. 18 and begin trading Nov. 19, CNBC reported, citing people familiar with the plans. Those people said Anthropic is aiming to set aside about 20% of the offering for individual investors. Retail allocations in a typical IPO run closer to 5% to 10%.

If it closes on that schedule, the listing would follow SpaceX’s record offering by about five months. SpaceX raised $85.7 billion when it went public earlier this year.

Revenue, losses and control

The filing shows a business that is growing very fast and spending heavily. Anthropic reported $33.2 billion in revenue for the nine months ended Sept. 30, up about 1,200% from a year earlier, and $17 billion in the third quarter alone. It posted a $104 billion net loss over those nine months, most of which the company attributed to changes in the fair value of convertible notes and derivative liabilities. It lost $25.1 billion in the same stretch of 2025.

The company said its annualized revenue run rate reached about $81 billion at the end of October, up roughly $10 billion from a month earlier. It reported nearly $132 billion in cash and short-term investments and $900.9 billion in compute and infrastructure commitments, according to TechCrunch’s review of the filing.

Buyers of Class A stock will have limited say over the company. Anthropic is organized as a public benefit corporation. Its founders hold a Class F share class carrying 50.1% of the voting power, and the company’s Long-Term Benefit Trust elects a majority of the board.

A tougher market than expected

The roadshow opens in a shaky week for technology stocks. The Nasdaq Composite fell 0.7% on Tuesday after October consumer prices rose 0.4%, a bit more than economists expected, strengthening bets that the Federal Reserve will raise rates again in December, Investopedia reported. Shares of Nvidia, one of the private-placement buyers, dropped 5.5% the same day.

Investors have also been weighing last week’s midterm results, which gave Democrats control of both chambers of Congress, and what that could mean for the pace of AI data center construction. CNBC reported last week that some Anthropic shareholders were preparing for a lower valuation than they had hoped for. Even so, people familiar with the offering told the network that orders already cover the shares on offer at the current range.

Anthropic was founded in 2021 by Dario Amodei and a group of former OpenAI researchers. It sells mostly to businesses, and on Monday it released two new Claude models. Its main rival, OpenAI, was valued at $1.25 trillion after a fundraising round last week, TechCrunch reported.

The offering will be made only by prospectus, and the registration statement has not yet been declared effective by the SEC, so the terms could still change before pricing.

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