Anthropic Sets IPO Price at $70 to $78 a Share, Eyeing a Value Near $1.4 Trillion
Anthropic, the artificial intelligence company behind the Claude chatbot, set a price range of $70 to $78 a share for its initial public offering Tuesday, a deal that could raise as much as $64.35 billion.
The company is offering 825 million shares of Class A common stock and has applied to list on the Nasdaq Global Select Market under the ticker “ANT,” Anthropic announced as it launched its investor roadshow.
Of those shares, 801,351,354 are being sold by Anthropic and 23,648,646 by existing stockholders. The company will not receive proceeds from the stockholders’ sales.
Anthropic also expects to give underwriters a 30-day option to buy up to 123,750,000 additional shares.
The offering would raise $57.75 billion to $64.35 billion, TechCrunch reported, putting Anthropic’s implied valuation at about $1.4 trillion at the top of the range.
That is a sharp jump from the $965 billion valuation set in a funding round in May, though below the $2 trillion the company had been eyeing until recently, CNBC reported.
Anthropic plans to price the deal Nov. 18 and begin trading Nov. 19, according to people familiar with the details who spoke to CNBC on condition of anonymity.
Institutional demand is already strong enough to cover the deal across the price range, those people said. The company is also targeting about 20% of the shares for retail investors, well above the 5% to 10% typical of most IPOs.
The offer period for individual investors is expected to close at 4 p.m. Eastern on Nov. 17, according to Fidelity’s IPO guide.
The updated filing showed $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from a year earlier, CNBC reported.
Anthropic posted a $104 billion net loss over the same stretch, mostly from changes in the fair value of convertible notes and derivative liabilities. It lost $25.1 billion in the same period of 2025.
The company said its run-rate revenue reached roughly $81 billion at the end of October, up $10 billion from a month earlier.
A Test for the AI Trade
Beyond the public offering, Anthropic agreed to sell $26 billion of Class N stock at the IPO price in a private placement to Nvidia, Google, Advanced Micro Devices, Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing.
Those shares will not be subject to underwriter lock-up agreements, the company said.
The listing would come about five months after SpaceX went public in a record offering that raised $85.7 billion.
It also lands as investors grow uneasy about the enormous sums being poured into AI infrastructure and whether those bets will pay off.
AI-linked stocks have been under pressure since last week’s midterm elections and the news that Nvidia’s board is investigating CEO Jensen Huang.
CNBC’s Jim Cramer called a successful debut critical to steadying the market. “When Anthropic is done, we’re clear sailing to Christmas,” he said on CNBC after the filing.
Anthropic’s co-founders pitched buyers directly in the prospectus. “Everyone who owns our stock, whether an institution or an individual, becomes part of that effort,” they wrote, CNBC reported.
The IPO also arrives as rising interest rates weigh on richly valued technology stocks. A hotter-than-expected October inflation report Tuesday raised the odds of a larger Federal Reserve hike in December.
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