Anthropic Sets $70-$78 IPO Range, Eyes $1.4T

Anthropic launched the roadshow for its initial public offering on Tuesday, Nov. 10, setting a price range of $70 to $78 a share for 825 million Class A shares, according to an amended S-1 filed with the SEC the same day. At the top of the range, the offering would be worth about $64.35 billion before fees.

Key takeaways

• Anthropic is offering 825 million shares at $70 to $78 each, worth $57.75 billion to $64.35 billion at the low and high ends.
• Seven chip and cloud partners, including Nvidia, Google and Microsoft, agreed to buy $26 billion of nonvoting stock at the IPO price.
• CNBC reports the company plans to price on Nov. 18 and begin trading on Nov. 19, valuing it at up to $1.405 trillion fully diluted.

Anthropic IPO price range and share count

Of the 825 million shares, Anthropic itself is selling 801,351,354 and existing stockholders are selling 23,648,646. The company will not receive money from the shares sold by those holders, the filing says. Underwriters also get a 30-day option to buy up to 123,750,000 additional shares.

At $78, Anthropic's own portion would bring in roughly $62.5 billion before underwriting discounts, by AI Newsway's calculation from the filing. The registration statement has not yet become effective, so no shares can be sold until the SEC declares it so.

Who is buying the $26 billion private placement

Alongside the IPO, Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC Partners agreed to buy a combined $26.0 billion of Class N common stock at the IPO price. Class N shares carry no voting rights.

The placement is set to close immediately after the IPO. Those shares are not covered by the underwriters' lock-up agreements, though they remain restricted securities. Many of the seven buyers also supply the chips, memory and cloud capacity that Anthropic relies on to train and run its Claude models.

Anthropic valuation and revenue run rate

CNBC, citing people familiar with the deal, reported that Anthropic plans to price the offering on Nov. 18 and start trading on Nov. 19. The top of the range implies a fully diluted value of up to $1.405 trillion, up from the $965 billion valuation set in its May funding round. The same people said the company is targeting about 20% of shares for retail investors, compared with a typical 5% to 10%.

The amended filing puts Anthropic's annualized revenue run rate at about $81 billion at the end of October, up from roughly $71 billion in late September, Fortune and CNBC reported. Revenue for the nine months through Sept. 30 was $33.24 billion, while the net loss of $104 billion was driven mostly by changes in the fair value of convertible notes and derivative liabilities.

Context: a tougher market for AI stocks

The roadshow arrives during a sell-off in AI shares. Fortune noted that the Nasdaq fell 5.5% last week after the midterm elections raised fears of tighter oversight of data centers.

The filing also carries a new safety disclosure. Anthropic said internal estimates indicate it "may imminently meet" its Responsible Scaling Policy's threshold for "dramatically accelerated progress attributable to AI," Fortune reported, while adding that no current model has crossed it. Our earlier coverage tracked how the company's revenue run rate cleared $65 billion as listing talk grew.

What's next

Executives now pitch the deal to institutional investors before final pricing. At the top of the range, the IPO and the private placement together would be worth about $90.35 billion, before any option shares.

FAQ

When will Anthropic stock start trading?
Anthropic has not announced a date. CNBC reports that pricing is planned for Nov. 18 and trading for Nov. 19 on Nasdaq under the ticker ANT.

How much is Anthropic worth at the IPO price?
At $78 a share, the company could be valued at up to $1.405 trillion on a fully diluted basis, according to CNBC.

References

• Anthropic launches roadshow for proposed initial public offering — Anthropic (Nov. 10, 2026)
• Anthropic, PBC - S-1/A-2 — U.S. SEC EDGAR (Nov. 10, 2026)
• Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say — CNBC (Nov. 10, 2026)
• Anthropic sets IPO range valuing it at up to $1.4 trillion amid AI stock sell-off — Fortune (Nov. 10, 2026)