Anthropic Targets $1.4 Trillion Valuation in Blockbuster IPO as Claude Maker Sets $70–$78 Share Price
Anthropic, the artificial intelligence company behind the Claude chatbot, set a price of $70 to $78 a share for its initial public offering on Tuesday, November 10, a range that would value the company at up to about $1.4 trillion when it begins trading on the Nasdaq next week. The offering is expected to raise as much as $64.4 billion, making it one of the largest stock market debuts in history.
The shares are expected to start trading on Thursday, November 19, under the ticker symbol ANT, with pricing set the day before. Reuters reported on Tuesday that Anthropic and some of its existing shareholders plan to sell 825 million shares, while a separate private placement will bring in a further $26 billion from cornerstone investors including Google, Nvidia and Advanced Micro Devices.
The numbers behind the year’s biggest listing
Together, the public offering and the private placement could raise up to $90.4 billion. The headline $1.4 trillion figure is the fully diluted valuation at the top of the price range, counting stock options and restricted shares. On the shares expected to be outstanding after the offering alone, the value would be about $1 trillion.
| IPO detail | Figure |
|---|---|
| Shares offered | 825 million Class A shares |
| Price range | $70 to $78 per share |
| IPO proceeds | Up to $64.4 billion |
| Private placement | $26 billion |
| Combined raise | Up to $90.4 billion |
| Valuation, fully diluted | Up to about $1.4 trillion |
| Valuation, shares outstanding | About $1.02 trillion |
| Nasdaq ticker | ANT |
| First trading day | Thursday, November 19, 2026 |
Goldman Sachs and Morgan Stanley are leading the banks underwriting the deal. Anthropic was last valued at $965 billion in a private funding round in May, so even the bottom of the new range would mark a sharp step up in less than six months.
Revenue is soaring, and so are the bills
The filing shows a company growing at a pace rarely seen at this scale. Anthropic’s annualized revenue run rate reached about $81 billion on October 31, up $10 billion from the end of September, according to the prospectus. Revenue for the nine months to September 30 was $33.24 billion, against $2.55 billion in the same period a year earlier.
The growth comes with heavy costs. Anthropic reported a net loss of $104 billion for those nine months, driven mostly by non-cash fair-value charges on convertible notes rather than day-to-day operating losses. The company has also taken on nearly $900 billion in computing commitments with partners including Amazon and Google, the infrastructure it needs to train and run its models.
Anthropic told investors it plans to use the proceeds for general corporate purposes, including working capital, operating expenses and investment in computing and infrastructure, as well as hiring. Founded in 2021 and led by chief executive Dario Amodei, the company filed its public prospectus with the Securities and Exchange Commission on October 26.
A cooler reception than the first whispers suggested
The price range still lands below the figures that circulated when the listing was first discussed. Preliminary terms sent briefly to investment banks late on Monday, November 9, pointed to proceeds of as much as $69.3 billion before being withdrawn, and earlier reports had put the possible valuation at $1.5 trillion to $2 trillion.
Investors are weighing Anthropic’s surging revenue against the enormous cost of expanding its AI business, and against a choppy market backdrop. The hot October inflation report has lifted the odds of a Federal Reserve rate rise in December to near certainty, while higher borrowing costs and geopolitical tension have weighed on the market for new listings — even as Wall Street’s sharp rebound on Monday showed buyers are still willing to step in.
The listing will be a defining test of Wall Street’s faith in the AI boom. Anthropic launched its roadshow to prospective investors on Tuesday, and the order book over the next week will show whether the market is ready to pay a trillion-dollar-plus price for the company behind Claude.
Anthropic IPO: questions answered
When does Anthropic start trading?
Trading is expected to begin on Thursday, November 19, 2026, on the Nasdaq under the ticker ANT. The final share price is expected to be set on Wednesday, November 18.
How much money is Anthropic raising?
Up to $64.4 billion in the public offering, plus $26 billion in a separate private placement from cornerstone investors, for a combined total of up to $90.4 billion.
What is Anthropic worth in the IPO?
At the top of the $70 to $78 range, the company would be valued at up to about $1.4 trillion on a fully diluted basis, counting stock options and restricted shares. On shares outstanding alone, the figure is about $1.02 trillion.
How fast is Anthropic growing?
Its annualized revenue run rate reached about $81 billion on October 31, up $10 billion in a single month. Revenue for the first nine months of 2026 was $33.24 billion, compared with $2.55 billion a year earlier.
Who is backing the deal?
Google, Nvidia and Advanced Micro Devices are cornerstone investors in the $26 billion private placement. Goldman Sachs and Morgan Stanley are the lead underwriters.
