Anthropic Sets $70–$78 IPO Range, Valuing Claude Maker at Up to $1.4 Trillion
Anthropic set a $70–$78 price range for its IPO of 825 million shares, a deal that could raise up to $64.35 billion and value the Claude maker at as much as $1.4 trillion on a fully diluted basis.
What happened
Anthropic, the company behind the Claude AI assistant, set a price range of $70 to $78 a share for its initial public offering on Tuesday, according to an amended filing with the U.S. Securities and Exchange Commission. The company and some existing shareholders plan to sell 825 million shares.
At $70 a share, the offering would raise $57.75 billion; at $78, it would raise $64.35 billion. At the $74 midpoint, the raise would be about $61 billion.
The shares are expected to list on the Nasdaq under the ticker "ANT." The roadshow, a series of meetings in which management pitches the stock to institutional investors, is underway this week, and trading is expected to begin late next week.
A $26 billion vote from Big Tech
Alongside the IPO, Anthropic lined up a separate $26 billion private placement with a group of large technology companies, including Nvidia, Alphabet's Google, Microsoft and AMD. Including the placement, Anthropic could bring in as much as $90.4 billion.
The placement is priced at the IPO price. The companies taking part include the makers of the chips and the operators of the cloud platforms that Anthropic relies on to train and run its models.
- Price range$70–$78 per share
- Shares offered825 million
- Raise at top of range$64.35 billion
- Private placement$26 billion
- First tradingNovember 19, Nasdaq (ANT)
Analyst view — growth, valuation and the road to trading
We see three channels investors are weighing. First, growth. Anthropic generated about $17 billion of revenue in the third quarter, and $33.2 billion in the first 9 months of 2026, up from $2.5 billion a year earlier. Its run-rate revenue, a measure of annualized revenue, was about $81 billion at the end of October. But growth is expensive: Anthropic reported a $567 million operating loss in the third quarter.
Second, valuation. At the top of the range, Anthropic would be worth about $1.02 trillion on the shares expected to be outstanding, and up to about $1.4 trillion on a fully diluted basis. That is well below the roughly $2 trillion valuation discussed months ago, before a sell-off in technology shares cooled investor appetite.
Third, the test. Ipek Ozkardeskaya, a senior analyst at Swissquote, told Reuters that investors see the IPO as an important test of appetite for AI-related investments, and that the lower valuation reflects a shift in focus from revenue growth alone to the cost of sustaining that growth. Michael Baker, head of UK premium clients at Capital.com, told Reuters: "It's a huge valuation, and I think it will take a lot to convince investors that it represents a fair price."
What to watch
The final IPO price is generally set the evening before the first trade, and it can come in above, within, or below the range, depending on demand. Shares are expected to begin trading on Thursday, November 19, on the Nasdaq under the ticker "ANT."
Investors will watch how the stock trades in its first sessions, and whether the reception encourages other artificial intelligence companies to go public. This post summarizes reported facts and our view of the risks involved. It is not a forecast and not investment advice.
