Anthropic IPO Update | Anthropic Sets IPO Range at $70–$78, Targeting Up to $1.4 Trillion Fully Diluted as Annualized Revenue Hits $81 Billion

Anthropic has set the price of its upcoming stock market launch, called an initial public offering (IPO), at $70 to $78 per share. The company plans to sell 825 million Class A shares on the Nasdaq stock exchange under the symbol ANT. Anthropic is aiming for a value of about $1 trillion, or as much as $1.4 trillion when all stock options and convertible securities are included.

According to the company, it expects to set the final share price on Wednesday, November 18, and begin trading on Thursday, November 19.

Annual Revenue Rate Rises by $10 Billion in October

Anthropic said its annualized revenue reached about $81 billion by October 31. This was $10 billion higher than the figure on September 30, a 14% increase in just one month (calculated).

Investors had been waiting for the October figure because the company's earlier filing did not include it. They wanted to see whether growth had picked up again after slowing during the third quarter. Anthropic reported revenue of $33.24 billion for the first nine months of 2026.

$64 Billion IPO Plus a $26 Billion Private Share Sale

If Anthropic sells all 825 million new shares at the highest price of $78, it could raise about $64.35 billion. At the lowest price of $70, it could raise about $57.75 billion (calculated). Existing shareholders will also sell 23,648,646 shares, worth about $1.7 billion to $1.8 billion.

At the same time as the IPO, Anthropic will sell another $26 billion in shares directly to private investors at the same price as the IPO. These buyers include Google's parent company Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. According to Yahoo Finance, the two share sales together could raise about $90.4 billion.

The IPO alone would be smaller than SpaceX's $75 billion stock market launch in June, unless Anthropic increases the size of its offering.

Valuation Is Lower Than Earlier Expectations

Anthropic's proposed price values the company below the $1.5 trillion to $2 trillion that bankers and investors had discussed in recent weeks. At the highest share price, the company's value would reach about $1.4 trillion when all stock options and convertible securities are counted. That is roughly 45% higher than its $965 billion value during a private funding round in May.

Using its October annualized revenue of $81 billion, a company value of $1 trillion equals about 12 times annualized revenue. A value of $1.4 trillion equals about 17 times revenue (calculated).

These IPO terms come after AI stocks fell last week. At the time, potential investors told Reuters that they wanted a more attractive company valuation and were unsure whether Anthropic would go public in November.

Final Share Price Expected on November 18

Goldman Sachs and Morgan Stanley are leading a group of 22 banks that will help manage the IPO. The roadshow, a series of meetings where the banks meet investors and collect their share orders, is taking place this week. Anthropic expects to set the final share price on November 18.