Anthropic Sets IPO Price Range at $70 to $78, Valuing Company at Up to $1.4 Trillion

The IPO price range reflects a significant adjustment from the $2 trillion valuation Anthropic had been eyeing as recently as September. The company plans to sell 825 million shares, including 801.4 million new shares and 23.6 million from existing shareholders, on the Nasdaq under the ticker "ANT." At the top of the range, the offering would raise about $64.4 billion, including the selling shareholders' stake.

Anthropic expects to price the offering on November 18 and begin trading on November 19, with a retail allocation of about 20%, well above the norm for an IPO. The range implies a market value of about $916 billion to $1.02 trillion based on the roughly 13.09 billion shares outstanding after the offering. On a fully diluted basis, the company could be worth up to $1.405 trillion.

The company reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier, but posted a net loss of $104 billion over the period, most of it from a $94.3 billion non-cash charge tied to the rising value of its convertible notes and other instruments. Its operating loss was $1.26 billion.

Chipmakers buy in

Alongside the IPO, seven of the companies that supply Anthropic's computing power have agreed to buy a combined $26 billion of Class N common stock, which has no voting rights, at the IPO price. At the midpoint of the range, Google and Nvidia would each buy about $10 billion, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each, and TSMC about $500 million, according to the filing. Those shares will not be subject to the usual post-IPO lock-up period.

Anthropic expects net proceeds of about $84.6 billion from the IPO and the private placement combined at the midpoint, which it plans to use for general corporate purposes, including investment in compute and infrastructure. The company has also committed to about $900.9 billion of spending, mostly on compute and infrastructure, of which about $70.7 billion is due within the next 12 months.

Governance and investor doubts

Anthropic will list as a public benefit corporation with an unusual governance structure. Its Long-Term Benefit Trust, a body of financially disinterested trustees, will elect a majority of its board, while a single share of Class F stock held by an entity owned by its seven co-founders will carry 50.1% of the company's voting power on most matters. As a result, Anthropic will be a "controlled company" under Nasdaq rules, and holders of its Class A shares will have limited influence over major decisions.

The IPO's order book is already covered at the proposed range, according to CNBC, citing people familiar with the matter. The listing marks a pivotal moment for the AI industry, as investors weigh the company's massive valuation against its financial performance and the broader market trends.