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

Anthropic said it will offer 825 million shares in its upcoming IPO at a price range of $70 to $78 per share, according to an updated filing on Tuesday. The move brings the five-year-old artificial intelligence lab a step closer to a potentially historic Nasdaq debut.

The company plans to price on Nov. 18 and begin trading on Nov. 19, according to people familiar with the details, who spoke on condition of anonymity because they were not authorized to speak publicly. Anthropic is targeting a retail allocation of about 20%, the people said, far above the typical 5% to 10% for retail investors in an initial public offering.

At the high end of the range, Anthropic would net up to $64.35 billion in proceeds from the IPO. The company could be worth as much as $1.405 trillion on a fully diluted basis, up from the $965 billion valuation it announced in May as part of a funding round.

Anthropic also said it has agreed with Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. to purchase $26 billion of its Class N common stock in a private placement, at a price per share equal to the IPO price. The shares sold in the private placement will not be registered in the offering and will not be subject to lock-up agreements with the underwriters, the company said.

As Anthropic executives prepare to pitch the offering to investors, they face a turbulent political environment. Last week's midterm elections produced a Democratic sweep in Congress and the passage of numerous statewide ballot measures that could slow the AI buildout. The company is also contending with a public market that has grown increasingly skeptical of the AI trade, amid concern that rising interest rates will make debt unaffordable for companies that need it to fund costly infrastructure purchases.

CNBC reported last week that some Anthropic investors were bracing for a lower valuation than previously expected. Although Anthropic had been aiming for a $2 trillion valuation until recently, shareholders told CNBC that even $1.5 trillion is now in doubt. One investor called that figure a "stretch."

If Anthropic lists on Nasdaq this month as planned, under the ticker symbol "ANT," the debut would come roughly five months after SpaceX went public in a record offering that raised $85.7 billion. Elon Musk's reusable rocket and AI company has a market capitalization of just under $2 trillion, roughly its valuation at the time of its IPO.

Institutional demand for Anthropic is even stronger than it was for SpaceX at this stage of the process, the people said. The book is already covered at the $70 to $78 per share range on an allocable basis, they said.

Anthropic CEO Dario Amodei co-founded the company in 2021 after he and a small group of researchers left OpenAI, now its chief rival. Anthropic is best known for developing a family of AI models called Claude, and it primarily sells its products and services to other businesses.

On Monday, Anthropic introduced two new AI models, Claude Fable 5.2 and Claude Mythos 5.2. It was the first time the company has released so-called frontier models since Amodei called for slowing the pace of AI development in September. Anthropic said the models went through rigorous safety and alignment testing and that the company developed new evaluations and post-launch monitoring tools ahead of the release.

For the nine months ended Sept. 30, Anthropic said it generated $33.24 billion in revenue, up roughly 1,200% from the same period a year earlier. It reported a net loss of $104 billion for the nine-month period, though most of that was due to changes in the fair value of convertible notes and derivative liabilities. Anthropic lost $25.1 billion over the same stretch in 2025, the filing said.

In its amended filing on Tuesday, Anthropic said its run-rate revenue was roughly $81 billion at the end of October, up $10 billion from the previous month.

"Our aim is to help humankind chart a safe course through this technological evolution, open new frontiers of discovery, and bring forth an age of miracles," Anthropic's co-founders wrote in the prospectus. "Everyone who owns our stock, whether an institution or an individual, becomes part of that effort. We hope you will share our ambition to see it through."