Anthropic Sets IPO Price Range of $70 to $78 Per Share, Targeting an Implied $1.404 Trillion Valuation

The Claude maker is pressing ahead with its public offering despite shakier markets, with a deal that could raise up to $64.35 billion and includes major strategic investments from Nvidia, Google, and others.

A Landmark Offering in a Wary Market

Anthropic intends to push ahead with its IPO despite shakier markets and a broader pullback from AI investing. In an updated IPO filing on Tuesday, the Claude-maker said it would offer a total of 825 million Class A shares at an estimated price range of $70 to $78 per share. The sale is expected to raise anywhere from $57.75 billion to $64.35 billion.

At the top of the price range, on a fully diluted basis, the company could be worth $1.404 trillion. That would represent a significant jump from the $965 billion valuation Anthropic reached in a May fundraise, though it remains below the $2 trillion the company was reportedly targeting a couple of months ago.

Strategic Investors Commit $26 Billion

Separately, Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are each investing $10 billion.

All told, Anthropic estimates net proceeds will reach somewhere between $84.6 billion and $93.7 billion, the latter if underwriters exercise their option to buy additional shares. Underwriters, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price.

Governance: Founders and the Trust Hold the Reins

As a public benefit corporation, Anthropic’s founders hold a Class F share carrying 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, meaning Class A buyers will have limited influence over the company’s direction. It’s a structure designed to preserve the company’s mission and long-term decision-making, but it also means public shareholders will have less say than they might expect at a typical IPO.

Anthropic intends to start trading on the Nasdaq close to November 19, according to CNBC, under the ticker symbol “ANT.” The company expects up to 20% of the offering to be allocated to retail investors.

Financial Details

The updated filing revealed several new details about Anthropic’s business. The company said its run-rate revenue reached $81 billion by the end of October, roughly $10 billion more than at the end of September. Third-quarter revenue came in at $17 billion, and nine-month revenue was $33.2 billion.

The company reported a nine-month net loss of $104 billion, with compute and infrastructure commitments hitting $900.9 billion. It holds nearly $132 billion in cash and short-term investments.

The filing also disclosed how many shares the co-founders expect to sell in the IPO. CEO Dario Amodei, president and chairperson Daniela Amodei, chief compute officer Tom Brown, Anthropic Institute head Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish, and interpretability research lead Christopher Olah are all selling nearly 3.4 million shares each. At the $74 midpoint of the range, that would land them about $250 million each.

A Subtle Nod to Washington

The updated filing includes a small but telling change that hints at the company’s stance toward the Trump administration. At many points, Anthropic uses “super intelligence” and “SI” interchangeably with “artificial intelligence” and “AI,” citing Trump’s September executive order directing government departments and agencies to use that new terminology.

Competitive Context

OpenAI, Anthropic’s biggest rival, was reportedly valued at $1.25 trillion last week after it raised $11 billion, nearly half the $20 billion it had first tried to raise. The comparison is instructive: both leading AI labs are commanding extraordinary valuations, but both are also finding that the capital markets are more cautious than they were earlier in the year.

Conclusion

Anthropic’s IPO filing is a milestone for the AI industry, marking one of the largest public offerings in tech history and a major test of investor appetite for frontier AI companies. The price range and the strategic commitments from chip and cloud giants signal strong institutional confidence, while the governance structure ensures that founders and the Long-Term Benefit Trust retain control regardless of public market pressure.

The coming weeks will reveal whether Anthropic can close the gap toward its earlier valuation ambitions or whether, like OpenAI’s recent raise, it settles for less than originally sought. What is already clear is that the AI boom is entering a new phase, one in which public markets, strategic partners, and policymakers all have a seat at the table. How Anthropic performs as a public company will shape not only its own future but the broader narrative around AI investment for years to come.

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