Anthropic seeks up to $69.3 billion in IPO, Reuters says

Anthropic is seeking to raise as much as $69.3 billion in what could be one of the largest initial public offerings on record, Reuters reported Monday, November 9, after seeing a copy of a filing. The terms are the first concrete deal figures from the Claude maker. They come after a sharp sell-off in AI stocks last week pushed potential investors to cut what they think the company is worth.reuters.com

Reuters' report, as relayed by Futu News, puts the indicative price range at $70 to $80 per share on about 866.7 million new Class A shares. Until now, Anthropic's filings had left the price range, share count and offering size blank. Its amended S-1 from November 2 still read "between $ and $" per share, MLQ.ai noted.mlq.ai+1

Valuation Talks Fall

Potential buyers were discussing a valuation of about $1.2 trillion to $1.3 trillion, and some were weighing a figure as low as $1.1 trillion, Bloomberg reported on November 6, citing people familiar with the matter. Before that, investors had told bankers that a fair value was around $1.4 trillion to $1.5 trillion. Bloomberg said deliberations were ongoing. Bloomberg Law said the post-midterm market turmoil had forced a rethink of AI valuations.news.bloomberglaw.com+1

The new range is well below the up to $2 trillion figure discussed in early October, according to Yahoo Finance. It is still above the $965 billion post-money valuation from Anthropic's Series H round in May, AbabNews noted.ababnews.com+1

Timeline and Comparisons

Anthropic could start formally marketing the deal as early as Tuesday, November 10, Yahoo Finance reported, citing Bloomberg. The Wall Street Journal reported that the company is aiming for its shares to start trading Thursday, November 19, or Friday, November 20, FourWeekMBA said. The stock is set to list on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the deal, Moneycontrol reported.finance.yahoo.com+2

At the top of the range, the raise would still fall short of SpaceX's $86 billion offering in June, which set records, according to the Associated Press. Earlier reports had said Anthropic might raise as much as $100 billion. Separately, the amended filing gives Google an option to buy up to $10 billion of shares at the IPO price, TokenPost reported.tokenpost.com+1

The pitch to investors depends on growth. Revenue reached $33.2 billion in the first nine months of 2026, up more than 1,200% from a year earlier, according to Bloomberg. Still, some investors are skeptical. "It is a lot to justify a valuation of $1.5 trillion to $2 trillion," Jim Lebenthal, chief market strategist at Cerity Partners, told Bloomberg.bloomberg.com