Anthropic Sets IPO Price at $70 to $78 a Share, Targeting a $1.4 Trillion Valuation in the Biggest AI Listing Ever Attempted

Anthropic has put a price on the biggest artificial intelligence listing ever attempted. The company behind the Claude chatbot told investors on Tuesday that it will sell 825 million shares at between $70 and $78 each in its initial public offering, a deal that could raise up to $64.4 billion and value the five-year-old company at as much as $1.4 trillion, according to Reuters.

The terms were set out in an amended prospectus filed with the United States Securities and Exchange Commission on Tuesday, the first version of the filing to carry a price range. Anthropic also launched its roadshow on the same day, the round of meetings in which a company and its banks pitch the shares to fund managers before the final price is set.

At the top of the range, the offering would be the second-largest stock market debut in history, behind only SpaceX, which raised $85.7 billion in its June listing after its underwriters exercised their option to buy extra shares, according to Reuters. It would comfortably pass the $29.4 billion raised by Saudi Aramco in 2019, which still holds the record for a conventional initial public offering.

The listing is also the first public-market test of a frontier artificial intelligence laboratory, and it arrives at an uneasy moment for the sector. Shares in AI companies have fallen sharply in recent weeks as investors have begun to question the cost of the vast spending on chips and data centres, and the size of the returns it will ever produce. Anthropic’s own price range is lower than the valuation some investors were discussing only weeks ago, and the company has now had to correct its own numbers once already. Whether fund managers buy the deal at anything close to the top of the range will be read, well beyond Anthropic itself, as a verdict on the whole AI boom.

The terms of the deal

Anthropic is selling 801,351,354 new Class A shares, and existing shareholders are selling a further 23,648,646, making 825 million shares in all, according to the amended filing. At $70 a share the sale would raise about $57.8 billion; at $78 it would raise about $64.35 billion, according to Reuters.

The banks running the deal, led by Goldman Sachs, Morgan Stanley and J.P. Morgan as part of a group of 22, will have a 30-day option to buy up to 123,750,000 more shares from Anthropic if demand is strong. If that option is exercised in full at the top of the range, the total size of the offering would rise to about $74 billion, according to Reuters.

The shares will trade on the Nasdaq Global Select Market under the ticker ANT. Anthropic expects to price the offering on 18 November and begin trading on 19 November, according to CNBC, although the filing itself leaves the delivery date blank and no date has been formally confirmed by the company.

Based on the roughly 13.09 billion shares the filing says will be outstanding after the offering, the price range implies a market value of about $916 billion at $70 a share and about $1.02 trillion at $78, according to Reuters calculations. On a fully diluted basis, counting employee share awards and other stock not yet issued, the company could be worth up to $1.405 trillion at the top of the range, according to CNBC.

That is a large step up from the $965 billion valuation Anthropic announced in a funding round in May, when it raised $65 billion in a Series H round, according to TechCrunch. It is also a large step down from the roughly $2 trillion valuation that some investors were discussing in early October, before Anthropic told them its growth was cooling, according to Reuters.

Alongside the public offering, Anthropic has agreed to sell $26 billion of non-voting Class N shares in a private placement at the IPO price, according to the filing. The buyers are seven of the biggest names in technology: Google and Nvidia are investing $10 billion each, and Advanced Micro Devices, Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing are also taking part, according to TechCrunch.

Anthropic estimates net proceeds of about $84.6 billion from the offering and the private placement combined at the midpoint of the price range, or about $93.7 billion if the underwriters exercise their option in full, according to TechCrunch.

Anthropic also expects up to 20 per cent of the offering to be allocated to retail investors, well above the norm for a listing of this size, according to CNBC. The company declined to comment on the earlier draft filing, according to Reuters.

A false start on Monday

The filing landed only after an embarrassing false start. Late on Monday, Reuters reported, citing emails it had seen, that Anthropic had sent bankers a copy of a filing showing plans to sell about 867 million shares at $70 to $80 each, a deal that could have raised as much as $69.3 billion. A second email followed saying the pricing details were inaccurate and that an updated filing would be provided later. The follow-up did not say which details were wrong.

The filing that went public on Tuesday offers fewer shares and tops out at $78, cutting the maximum size of the deal by about $4.9 billion, or roughly 7 per cent, according to Reuters. Anthropic has not explained the error or commented on it, so it remains unclear whether the smaller deal reflects weaker demand or a simple correction.

Fiona Cincotta, senior market analyst at City Index in London, told Reuters the revised range was “a little bit lower than an initial expectation around the 69 billion that was sent out earlier this morning, but that was then considered inaccurate”. She added that, “given the volatility, concerns towards AI that we’ve seen in sort of particularly last week, this is actually fairly bullish and it’s showing that they are still sort of upbeat about the outlook as far as AI is concerned and that obviously that they think that the demand is going to be there.”

Anthropic’s chief executive, Dario Amodei, is planning a livestream event with JPMorgan Chase chief executive Jamie Dimon on Friday to talk about the IPO, according to Bloomberg. The filing also shows that the company’s seven co-founders, including Amodei, president and chairperson Daniela Amodei, chief compute officer Tom Brown, Anthropic Institute head Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish and interpretability research lead Christopher Olah, are each selling nearly 3.4 million shares in the offering, according to TechCrunch. At the $74 midpoint of the price range, that would land them about $250 million each.

Revenue up twelvefold, losses up too

The filing gives the fullest picture yet of Anthropic’s finances, and it is a picture of extraordinary growth alongside extraordinary cost.

Revenue for the nine months ended 30 September reached $33.24 billion, about twelve times the $2.5 billion recorded in the same period a year earlier, according to the filing. Third-quarter revenue came in at about $17 billion, up 47 per cent from the previous quarter, although the pace of growth slowed from the 144 per cent jump recorded in the quarter before that, according to Reuters.

Run-rate revenue, the annualised pace of sales implied by the most recent month, reached roughly $81 billion at the end of October, about $10 billion more than at the end of September, according to the filing.

The company reported a net loss of $104 billion for the first nine months of the year, against a loss of $25.1 billion in the same period of 2025, according to TechCrunch. Most of that loss was due to changes in the fair value of convertible notes and derivative liabilities rather than cash spending, according to the filing, but the scale of the figure is still striking, and it underlines how much of Anthropic’s paper value rests on financial instruments tied to its own rising valuation.

The largest single number in the filing is not the revenue or the loss but the bill for the future. Anthropic’s purchase and lease commitments total about $900.9 billion, almost all of it for computing power and infrastructure, according to the filing. About $70.7 billion of that falls due within the next 12 months. The company has nearly $132 billion in cash and short-term investments, according to TechCrunch.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank in Geneva, told Reuters: “What we are seeing is essentially a reassessment of Anthropic’s value in a more challenging AI environment. The company continues to post impressive growth, but investors are increasingly focused on the cost of generating that growth. The shift from a $2 trillion valuation to today’s level reflects a change in focus from revenue growth alone to the significant financial commitments and spending required to sustain it.”

She added: “The timing of the IPO is notable because investors have become much more focused on the costs of the AI buildout than they were over the past few years. Political and regulatory uncertainties, along with a higher interest-rate environment, have also raised questions about future AI spending. As a result, many investors see Anthropic’s IPO as an important test of appetite for AI-related investments.”

A company built in five years

Anthropic was founded in 2021 by Amodei and a small group of researchers who left OpenAI after disagreements over governance and AI safety, according to Reuters. It is now that rival’s most direct competitor, and the first of the frontier AI laboratories to attempt a public listing.

The company filed confidentially for an initial public offering in June 2026 and filed its public Form S-1 registration statement with the Securities and Exchange Commission on 26 October, according to Reuters. Its first public filing left the share count and the price range blank, which is standard practice, and the amendment filed on Tuesday filled in the numbers for the first time.

Anthropic is a public benefit corporation, a legal form that obliges it to consider the public interest alongside shareholder returns. That structure is reflected in the control arrangements set out in the filing. Before the offering, Anthropic will issue a single Class F share to a Founder LLC whose members are Amodei, Daniela Amodei and five other co-founders. That one share carries a fixed 50.1 per cent of total voting power and no economic rights, according to the filing. The Long-Term Benefit Trust will also elect a majority of the board, so buyers of the Class A shares being sold to the public will have limited influence over the company, according to TechCrunch.

The filing also contains a small but telling change in language. At many points it uses “super intelligence” and “SI” interchangeably with “artificial intelligence” and “AI”, according to TechCrunch, citing an executive order signed by President Donald Trump in September that directed government departments and agencies to use the new terminology to refer to AI.

Anthropic’s biggest rival, OpenAI, was reportedly valued at $1.25 trillion last week after it raised $11 billion, nearly half of the $20 billion it had first tried to raise, according to TechCrunch. OpenAI remains private, which makes Anthropic’s listing the first chance for ordinary investors to buy shares in a company building frontier AI models at scale.

The listing also follows a burst of product news from Anthropic. On Monday, the company launched Claude Fable 5.2 and Claude Mythos 5.2, its newest frontier models, with lower prices and faster output than the previous generation. The timing was not accidental: a company asking the public for $64 billion wants the market to see its products moving quickly.

A market that has turned sceptical

The listing arrives after a turbulent period for AI stocks. Some major investors told The Wall Street Journal last week that Anthropic’s expected $1.5 trillion valuation would likely need to come down following a sell-off in AI shares, with one suggesting a figure closer to $1 trillion, according to Reuters. Nasdaq-listed companies lost a combined $2.5 trillion in market value in a single session last week, according to the Journal.

CNBC host Jim Cramer called Anthropic “the most consequential deal of our time” on Tuesday, according to Reuters, arguing that the scandal around Nvidia chief executive Jensen Huang was obscuring the offering. Nvidia shares fell more than 4 per cent on Monday after President Trump said the Federal Bureau of Investigation was examining an alleged affair between Huang and a suspected Chinese spy, a story NEXA reported on Monday. Cramer added that he saw no path to a real recovery in AI-related stocks unless the Anthropic deal landed.

Art Hogan, chief market strategist at B Riley Wealth in New York, told Reuters the deal would set a benchmark for the sector, following years of hype that fuelled a massive influx of capital into AI companies.

Michael Baker, head of UK premium clients at Capital.com in London, told Reuters: “You’ve got to build a sustainable client base that is willing to pay those sizeable bills, both on the consumer side and among businesses, that’s what Anthropic will have to sustain. At the same time, it has to keep up with the costs of chips and data centers while continuing to offer competitive models and outperform major Chinese rivals.” He added: “It’s a huge valuation, and I think it will take a lot to convince investors that it represents a fair price.”

The scepticism is not only about Anthropic. Across the industry, investors are asking whether the hundreds of billions of dollars being spent on data centres will ever earn an adequate return, and whether the race to build ever-larger models is producing profits or simply ever-larger bills. Anthropic’s filing, with its $900.9 billion in computing commitments, is the sharpest statement of that question yet put before the public markets.

Analysis: Why It Matters

A price cut that is still a record

The first thing to notice about this filing is that it is both a climbdown and a record at the same time. Anthropic has cut its ambitions sharply from the $2 trillion valuation discussed in September, and then again from the $69.3 billion deal it sent to bankers on Monday night and withdrew within hours. Yet even after those cuts, the deal on the table would be the second-largest listing in history, behind only SpaceX. That tension runs through the whole story: the market has cooled on AI, but it has not gone cold. Investors are still willing to contemplate paying more than a trillion dollars for a five-year-old company that has never made a profit. The question the roadshow must answer is whether they will do so at $78 a share, or only at $70, or only lower still.

The $26 billion side deal that matters as much as the IPO

The private placement deserves as much attention as the public offering. Google and Nvidia are each putting in $10 billion, and five other chip and cloud giants are joining them, in a deal that is contingent on the IPO completing. That is not a normal feature of a listing. It is a vote of confidence from the companies that supply Anthropic’s computing power and, in Google’s case, one of its biggest cloud customers. It also raises a question that investors should ask plainly: how much of Anthropic’s growth depends on the goodwill of the very companies now buying its shares? When your suppliers are also your shareholders, the line between a commercial relationship and a financial one blurs. The placement strengthens the deal, but it also concentrates the risk. If those relationships sour, Anthropic loses both its compute and its backers at once.

Growth that is real, and a bill that is enormous

The revenue figures in the filing are genuinely remarkable. Sales of $33.2 billion in nine months, up twelvefold in a year, with run-rate revenue rising by $10 billion in a single month, are numbers that very few companies in history have ever produced at this age. Anthropic is not a story about a promise of future demand. The demand is here, and customers are paying for it now. But the filing is equally honest about the cost. Nearly $901 billion in computing commitments, with more than $70 billion falling due in the next year, is a bill that dwarfs the revenue. The business model of frontier AI is, in effect, a bet that revenue will keep growing faster than the cost of the machines that produce it. For now it is winning that bet. The IPO asks the public to trust that it will keep winning it, at ever larger stakes, for years to come.

Control stays with the founders

Perhaps the most important sentence in the filing for anyone thinking of buying the shares is the one about control. A single Class F share, held by a company owned by the seven co-founders, will carry just over half of all voting power, while the Long-Term Benefit Trust elects a majority of the board. The 825 million shares being sold to the public represent only about 6.3 per cent of the shares outstanding after the offering. Buyers will own a slice of the economics and almost none of the decisions. That is not unusual for a technology listing, and Anthropic’s founders have argued from the start that insulation from short-term market pressure is necessary to build safe AI. But it is a real trade-off, and it should be stated plainly: this is an investment in a management team and a mission, not a vote in how the company is run. Anyone buying ANT shares should be comfortable with that, because there is no mechanism to change it later.

The market’s verdict on the whole AI boom

Finally, this listing is bigger than Anthropic. It is the first time the public markets have been asked to put a price on a frontier AI laboratory, and the answer will echo through the entire sector. If the shares price at the top of the range and trade well, it will validate the enormous valuations private investors have placed on OpenAI and others, and it will reopen the door for more listings. If the deal has to be cut further, or if the shares struggle after trading begins, it will confirm the suspicion that the AI boom has run ahead of its economics, and it will make every other AI company harder to finance. That is why Cramer called it the most consequential deal of our time, and why the next nine days, between now and the expected pricing on 18 November, matter so much. Anthropic is not just selling its own shares. It is selling the market’s belief in the AI story itself.

What to Watch Next

1. The roadshow: Anthropic’s executives began pitching the deal to fund managers on Tuesday. The order book they build over the next week will determine whether the shares price at $70, at $78, or somewhere in between.
2. Pricing on 18 November: The final price is expected to be set on 18 November, according to CNBC, with trading on the Nasdaq under the ticker ANT expected to begin on 19 November. Both dates are reported, not confirmed by the company, and the filing leaves the delivery date blank.
3. The retail allocation: Anthropic expects up to 20 per cent of the offering to go to retail investors, far above the norm. How much demand comes from ordinary investors, and at what price, will be closely watched.
4. The greenshoe: The underwriters’ option to buy up to 123.75 million extra shares could take the deal to about $74 billion. Whether they exercise it will be an early signal of how the shares are trading.
5. The founders’ livestream: Dario Amodei is planning a livestream with JPMorgan Chase chief executive Jamie Dimon on Friday, according to Bloomberg, in an unusual piece of public marketing for a listing of this size.
6. The $26 billion placement: The private placement from Google, Nvidia and the other five technology companies is contingent on the IPO completing. Any change to its terms would be a significant signal.
7. The wider market: AI stocks have fallen sharply in recent weeks. Whether the sector stabilises before pricing day will shape how much investors are willing to pay for Anthropic, and whether other AI companies follow it to market.

Sources

• Reuters — Anthropic targets $1 trillion IPO valuation in key test for AI market
• TechCrunch — Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion
• TheWrap — Anthropic Targets $1.4 Trillion Valuation in IPO
• New York Post — Anthropic targets $1.4 trillion market value in blockbuster IPO
• Decrypt — Anthropic Sets IPO Price Range at $70 to $78, Valuing Company at Up to $1.4 Trillion
• SRN News (Reuters) — Anthropic eyes $1.4 trillion IPO valuation in test of Wall Street’s AI fervor