Anthropic set an estimated IPO price of $70 to $78 for 825 million shares on 10 November 2026, putting its potential fully diluted valuation at $1.404 trillion, TechCrunch reported from an updated filing. The Claude developer began its roadshow to market the Nasdaq offering to investors, The Decoder reported. The proposed valuation at the top of the range exceeds the $965 billion Anthropic reached in a May funding round.
Key points
- The public offering is expected to raise between $57.75 billion and $64.35 billion.
- Seven investors have agreed to buy $26 billion of non-voting stock in a separate placement at the IPO price.
- Anthropic reported $33.2 billion in revenue and a $104 billion net loss for the first nine months.
- The company intends to begin Nasdaq trading around 19 November under the ticker ANT.
825 million Class A shares
The proposed public sale comprises 801,351,354 shares issued by Anthropic and 23,648,646 shares sold by existing holders. Anthropic will receive none of the proceeds from those existing-shareholder sales. Goldman Sachs and Morgan Stanley lead the underwriting group, which has a 30-day option to purchase another 123.75 million shares at the IPO price, The Decoder reported.
The valuation depends on which shares are counted. The Decoder puts Anthropic’s potential valuation at up to $1.02 trillion using the share count in the prospectus. TechCrunch’s $1.404 trillion figure is on a fully diluted basis, which includes securities that could become shares. The Economic Times puts the fully diluted target at up to $1.4 trillion and the undiluted market capitalisation at approximately $1 trillion at the top of the range.
That fully diluted target is below the $2 trillion figure some investors had previously discussed, The Economic Times reported. Investors had also pushed for a lower valuation after discussion of $1.5 trillion, The Decoder reported. In June, SpaceX raised $75 billion in an IPO at a valuation of nearly $1.75 trillion.
Pricing details were sent briefly to investment banks on the evening of 9 November before being withdrawn. AI Affairs reported the retraction of those details ahead of Anthropic’s updated filing.
Seven investors commit $26 billion
Anthropic has agreed to sell $26 billion of non-voting Class N stock privately to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC at the IPO price. Google and Nvidia are investing $10 billion each. The placement brings in those investors alongside the buyers of Class A shares in the public offering.
The company estimates total net proceeds of between $84.6 billion and $93.7 billion, including the private placement. The public offering alone is expected to raise between $57.75 billion and $64.35 billion. Its underwriters’ option would allow Anthropic to sell additional shares at the final IPO price.
Anthropic is a public benefit corporation. Its founders hold a Class F share carrying 50.1% of the voting power, while the Long-Term Benefit Trust will elect a majority of the board, according to TechCrunch. Buyers of Class A shares will therefore have limited influence over the company’s decisions.
Anthropic reports $104 billion nine-month loss
Anthropic reported third-quarter revenue of $17 billion and revenue of $33.2 billion for the first nine months, alongside a nine-month net loss of $104 billion, TechCrunch reported. The Decoder put third-quarter revenue at $16.96 billion, up 47% from the previous quarter, compared with 144% growth in the preceding quarter.
Compute and infrastructure commitments reached $900.9 billion, and Anthropic had nearly $132 billion in cash and short-term investments. Some future infrastructure capacity depends on financing outside Anthropic’s control, The Decoder reported. The commitments involve partners including Amazon and Google.
OpenAI, Anthropic’s rival, was reportedly valued at $1.25 trillion after raising $11 billion, against the $20 billion it had initially sought, TechCrunch reported. Anthropic intends to begin trading on the Nasdaq around 19 November under the ticker ANT.
