Anthropic Sets IPO Range at $70 to $78 a Share: What the Updated Filing Shows

Anthropic, the company behind the Claude models, has put a price on its initial public offering. In an updated filing with the US Securities and Exchange Commission on Tuesday, November 10, it said it plans to sell 825 million Class A shares at an estimated $70 to $78 each. If the deal prices at the top of that range, the fully diluted valuation reaches roughly $1.4 trillion, and the Nasdaq debut is expected around November 19.

The key numbers

• Price range: $70 to $78 per share, for 825 million Class A shares.
• Amount raised: between about $57.75 billion and $64.35 billion from the public offering, according to TechCrunch's reading of the filing.
• Valuation: up to $1.404 trillion on a fully diluted basis at the top of the range. That is well above the $965 billion reached in a May fundraise, but below the roughly $2 trillion the company was reportedly aiming for a couple of months ago. On basic shares outstanding the figure is lower; Basis Desk puts it at about $916 billion to $1.02 trillion.
• Ticker and timing: the shares are expected to trade on the Nasdaq as ANT. The filing itself gives no dates, but CNBC reports pricing is planned for November 18 and first trades for November 19.
• Retail access: up to 20% of the offering is expected to go to individual investors, which is a much larger share than is typical for a deal of this size.

A $26 billion private placement from the AI supply chain

Alongside the public sale, Anthropic said it has agreed to sell $26 billion of non-voting Class N stock privately, at the IPO price, to seven companies: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each putting in $10 billion. Anthropic estimates that net proceeds from the IPO and the placement together will land between $84.6 billion and $93.7 billion. The higher figure assumes the underwriters, which include Goldman Sachs and Morgan Stanley, use their option to buy up to 123.75 million additional shares.

The buyer list matters because these are also the companies that supply the chips, memory, manufacturing and cloud capacity Anthropic depends on. Those relationships are part of why the company's compute commitments are so large.

What the financials say

The updated filing gives fresh figures that are worth reading closely:

• Third-quarter revenue was $17 billion, and revenue for the first nine months of 2026 was $33.2 billion.
• Run-rate revenue reached $81 billion by the end of October, about $10 billion higher than at the end of September.
• The company reported a net loss of $104 billion for the nine months. Readers should look at the filing itself to see how much of that figure comes from accounting items rather than day-to-day operations.
• Compute and infrastructure commitments stand at $900.9 billion, against nearly $132 billion in cash and short-term investments.

That gap between commitments and cash is the central question hanging over the offering. Revenue is growing quickly, but the spending Anthropic has agreed to make is many times larger than what it has in the bank today.

Who controls the company after the IPO

Anthropic is a public benefit corporation, and the filing keeps control with insiders. The founders hold a Class F share carrying 50.1% of the voting power, and the Long-Term Benefit Trust elects a majority of the board. People who buy Class A shares in the IPO will therefore have limited influence over governance.

The filing also shows that seven co-founders and senior leaders plan to sell shares: Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. Each is selling close to 3.4 million shares, which comes to about $250 million apiece at the $74 midpoint of the range.

Market backdrop

The IPO is arriving in a more nervous market than the one the company planned around. TechCrunch notes that Anthropic is going ahead despite shakier markets and a broader pullback from AI investment, and CNBC points to a tumultuous political climate after last week's US midterm elections. Even so, Bloomberg reports that bankers expect to raise the share price above the announced range and have discussed a valuation of $1.5 trillion or more. That would depend on demand from investors when the book is built.

For comparison, OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion, which was about half of the $20 billion it first set out to raise.

The product launches around it

The filing landed in the same week as a burst of product news. On November 9 Anthropic released Claude Fable 5.2 and Claude Mythos 5.2, priced at $8 per million input tokens and $40 per million output tokens, down from $10 and $50. On November 10 it launched Claude Meetings, part of a wider set of workplace tools aimed at knowledge workers.

What to watch next

• Whether the final price is set above the $70 to $78 range, as bankers are reportedly signalling.
• Pricing on the evening of November 18 and the first day of trading on November 19.
• How the market weighs fast revenue growth against nearly $901 billion in commitments and a large reported net loss.
• How retail investors fare, given the unusually large allocation. Brokerages say an order request does not guarantee any shares.

This article is a news summary and not investment advice. Figures come from Anthropic's updated S-1 as reported by TechCrunch, CNBC and Bloomberg, and may change before the offering prices.

Disclosure: this article was drafted with Claude, an AI assistant made by Anthropic, the company it covers.