Anthropic sets $70-$78 IPO range in bid for $1T valuation

Anthropic set a price range of $70 to $78 per share for its initial public offering, which could value the maker of the Claude chatbot at more than $1 trillion. It plans to sell 825 million shares and raise as much as $64.4 billion, according to an amended Securities and Exchange Commission filing released Tuesday, Nov. 10. A separate $26 billion private placement with technology companies including Google Alphabet Inc. ↗ 1.16%, Nvidia ↗ 3.25%, Microsoft ↘ 2.47% and AMD Advanced Micro Devices, Inc. ↗ 5.02% brings the total that could be raised to about $90.4 billion, Fox Business reported.foxbusiness.com

Anthropic expects to price the shares on Wednesday, Nov. 18. Trading is set to start the next day on the Nasdaq ↗ 0.00% under the ticker ANT, according to The New York Times.nytimes.com

How the valuation adds up

The filing does not state a valuation, so outlets have worked out different figures from the same numbers. Reuters put the value at up to $1.02 trillion based on outstanding shares, while other calculations that count stock options and similar securities reach about $1.3 trillion to $1.4 trillion, Forbes noted. Of the 825 million shares on offer, Anthropic is selling about 801.4 million, and existing shareholders are selling the rest. Axios reported that the fully diluted value at the top of the range would be about $1.4 trillion, below earlier talk of as much as $2 trillion.axios.com+1

The range comes after a draft prospectus sent to banks on Monday listed about 867 million shares at $70 to $80. Anthropic later told underwriters those terms were wrong, Forbes reported. The company plans to set aside about 20% of the shares for individual investors, the Times reported.forbes.com+1

Growth versus spending

Revenue reached $33.2 billion in the first nine months of 2026, up from $2.5 billion a year earlier. Over the same period, Anthropic posted a $1.3 billion operating loss and a $104 billion net loss, mostly from noncash financing charges, Fox Business reported. The company also has computing commitments of up to $895.4 billion through 2045, according to the Times.nytimes.com+1

"What we are seeing is essentially a reassessment of Anthropic's value in a more challenging AI environment," Swissquote Bank analyst Ipek Ozkardeskaya told Reuters. Patrick Moorhead of Moor Insights & Strategy suggested the company may be "pricing it to go crazy on IPO day," Yahoo Finance reported.foxbusiness.com+1

Roadshow ahead

On Friday, Nov. 13, CEO Dario Amodei is scheduled to hold a fireside chat with JPMorgan Chase ↘ 0.13% CEO Jamie Dimon. Goldman Sachs The Goldman Sachs Group, Inc. ↗ 1.33% and Morgan Stanley ↗ 0.70% are leading the underwriting, the Times reported. The deal arrives during a volatile market for AI stocks, and several AI infrastructure companies have delayed their listings, which makes the offering a test of whether investors will pay for AI growth.nytimes.com