Anthropic has set a price range of $70 to $78 per share for its stock market listing, in an offering that could value the maker of the Claude chatbot at up to $1.4 trillion on a fully diluted basis.
The terms
The company said in an updated IPO filing on Tuesday that it would offer 825 million Class A shares, raising between $57.75 billion and $64.35 billion. The sale also includes a concurrent $26 billion private placement of non-voting shares to seven corporate investors, including Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners.
Anthropic intends to start trading on the Nasdaq close to November 19, under the ticker symbol “ANT”, according to CNBC. The company filed its original prospectus with the US Securities and Exchange Commission on October 26, followed by an amended filing on November 2.
A valuation that has slipped
On a narrower calculation using the 13.09 billion shares outstanding after the offering, the valuation would be about $916 billion to $1.02 trillion, or about $968 billion at the $74 midpoint — roughly in line with the $965 billion valuation from Anthropic’s May private round. Either way, the range is well below the $2 trillion the company was reportedly targeting a couple of months ago. Investors have cooled on AI stocks in recent weeks, and one investor told the Wall Street Journal the listing could end up closer to $1 trillion.
The numbers behind the listing
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 was $33.2 billion in the first nine months of 2026, up more than 1,200% year on year, though the company reported a $104 billion net loss over the same period, mostly an accounting charge tied to its May funding round.
The filing also disclosed about $900 billion in aggregate purchase commitments and lease agreements, almost all of it for computing and infrastructure. OpenAI, Anthropic’s biggest rival, was reportedly valued at $1.25 trillion last week after raising $11 billion.
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