Anthropic Sets IPO Range at $70–$78, Eyes $1.4T Value

Anthropic has set the terms of its initial public offering. In a notice on its newsroom the company said it had launched the roadshow for a sale of 825 million Class A shares at an expected price of $70 to $78 each, and that it has applied to list on the Nasdaq Global Select Market under the symbol ANT. Of those shares, 801,351,354 are new stock sold by Anthropic and 23,648,646 come from existing holders, whose proceeds go to them rather than to the company. The underwriters, led by Goldman Sachs and Morgan Stanley, get a 30-day option on up to 123.75 million more shares. The step follows the public S-1 filing BitsMinds covered in October.

The numbers behind the range come from the amended registration statement, as reported by TechCrunch and CNBC. The base offering would raise between $57.75 billion and $64.35 billion. At $78 a share Anthropic would be valued at about $1.4 trillion on a fully diluted basis, up from the $965 billion it put on itself in its Series H round in May. Alongside the IPO, Anthropic has agreed to sell $26 billion of non-voting Class N stock at the IPO price in a private placement to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, with Google and Nvidia putting in $10 billion each. Those shares are not part of the registered offering and are not bound by the underwriters’ lock-up. Counting the placement, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion, the top figure assuming the underwriters take their extra shares.

Offering term	Figure
Class A shares offered	825,000,000 (801.35M new, 23.65M from holders)
Price range	$70.00–$78.00 per share
Gross raise, base offering	$57.75B–$64.35B
Underwriters’ option	Up to 123.75M more shares
Class N private placement	$26B at the IPO price
Fully diluted value at $78	About $1.4T
Ticker	ANT, Nasdaq Global Select Market

The filing also brings the financials up to date. Run-rate revenue reached about $81 billion at the end of October, roughly $10 billion more than a month earlier. Revenue for the nine months to 30 September was $33.24 billion, up about 1,200% on the same period of 2025, with $17 billion of it in the third quarter. The nine-month net loss was $104 billion, which CNBC notes came mostly from changes in the fair value of convertible notes and derivative liabilities rather than from operations; the loss over the same stretch of 2025 was $25.1 billion. TechCrunch reports compute and infrastructure commitments of $900.9 billion and nearly $132 billion in cash and short-term investments.

The founders are selling too, in identical amounts. Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah will each sell 3,378,378 shares, worth just under $250 million apiece at the $74 midpoint. Each keeps a share of supervoting Class F stock, so the seven together retain majority voting control, and the Long-Term Benefit Trust elects a majority of the board, which leaves public Class A buyers little say over how the company is run. Two directors are buying: Reed Hastings has indicated he wants $300 million of stock through his donor-advised fund, and Christopher Liddell $3 million. One smaller change caught TechCrunch’s eye: the amended prospectus uses “super intelligence” and “SI” interchangeably with “AI”, citing the September executive order that told federal agencies to adopt the term.

The timetable is not in the notice. According to CNBC’s sources, Anthropic plans to price on 18 November and start trading on 19 November, and it is aiming to put about 20% of the deal in the hands of retail investors, against the 5% to 10% typical of an IPO. The same people told CNBC the order book was already covered across the range. The market around the deal is less friendly than it was. CNBC reported earlier in November that some shareholders were bracing for a lower number after the company had been looking at $2 trillion, and a range that tops out near $1.4 trillion confirms it. It also puts Anthropic just above OpenAI, which TechCrunch says was valued at $1.25 trillion after raising $11 billion. The roadshow lands a day after Anthropic released Claude Fable 5.2, which gives its bankers a fresh product to sell along with the numbers.