Anthropic sets IPO price at $70 to $78 a share, targeting a $1.4 trillion valuation
Photo: TechXplore (file photo)Anthropic set the price range for one of the largest stock market debuts in history on Tuesday, aiming to raise as much as $64.4 billion in a listing that could value the maker of the Claude chatbot at $1.4 trillion.
The company said in an updated filing with the Securities and Exchange Commission that it will offer 825 million Class A shares at $70 to $78 each. The sale is expected to raise between $57.75 billion and $64.35 billion, and the company could be worth $1.404 trillion at the top of the range on a fully diluted basis.
On the shares actually outstanding, Reuters put the valuation at up to $1.02 trillion — still well short of the roughly $2 trillion investors discussed earlier this year, and a sign of cooling appetite for artificial intelligence stocks. Anthropic was last valued at $965 billion in a private funding round in May.
The company launched the roadshow for the offering on Tuesday. Its shares are expected to start trading on the Nasdaq close to November 19 under the ticker symbol "ANT," according to CNBC, and Anthropic expects up to 20% of the offering to go to retail investors.
Separately, Anthropic struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion apiece. All told, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion, including the underwriters' option to buy up to 123.75 million additional shares. Goldman Sachs and Morgan Stanley are leading the underwriting group.
The updated filing also showed the business growing fast — and spending heavily. Anthropic said its run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September. Revenue for the first nine months of the year was $33.2 billion, up from $2.5 billion in the same period a year earlier, while its computing and infrastructure commitments reached about $900 billion. The company held nearly $132 billion in cash and short-term investments.
The filing also disclosed that Anthropic's co-founders — including chief executive Dario Amodei — each plan to sell nearly 3.4 million shares in the offering, worth about $250 million each at the $74 midpoint of the price range.
Investors buying in will have limited say over the company. Anthropic is a public benefit corporation, and its founders hold a Class F share carrying 50.1% of the voting power, while the Long-Term Benefit Trust will elect a majority of the board.
The listing comes as Wall Street takes a harder look at the AI boom. The tech-heavy Nasdaq suffered its deepest one-day drop in 19 months last Thursday on fears of more scrutiny of data center construction, after Democrats made sweeping gains in the midterm elections. Some prospective investors have questioned whether the company's huge infrastructure commitments and the recent volatility in AI stocks justify a top-end valuation.
Even so, the deal would rank among the biggest debuts ever. It follows Elon Musk's SpaceX, which raised $75 billion in the world's largest IPO in June at a valuation of nearly $1.75 trillion. Anthropic's main rival, OpenAI, was reportedly valued at $1.25 trillion last week after raising $11 billion.
Sources: Reuters, "Anthropic sets modest $1 trillion IPO valuation target in test of Wall Street's AI fervor" (Nov. 10, 2026, full text verified); TechCrunch, "Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion" (Nov. 10, 2026, full text verified). Event date verified: November 10, 2026 (updated S-1 filing and roadshow launch).
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