Anthropic Sets IPO Price Range at $70 to $78, Valuing Company at Up to $1.4 Trillion

Anthropic has set a price range of $70 to $78 per share for its initial public offering (IPO), according to an updated filing with the Securities and Exchange Commission on Tuesday.

The AI company plans to sell 825 million shares of Class A common stock on the Nasdaq stock market under the ticker symbol "ANT." Of these shares, 801.4 million are new shares and 23.6 million are being sold by existing shareholders. The company announced the ticker when it made its IPO filing public last month. At the highest price in the range, the sale would raise about $64.4 billion, including the shares sold by existing shareholders. The banks helping with the sale also have the option to buy another 123.75 million shares.

Anthropic expects to set the final share price on November 18 and begin trading on November 19. It is also aiming to offer about 20% of the shares to everyday investors, a much larger share than is usual for an IPO, CNBC reported, citing people familiar with the plans.

The filing says about 13.09 billion shares will exist after the IPO. Based on that number, the proposed share price would give Anthropic a market value of about $916 billion to $1.02 trillion. If all possible shares and stock-based payments are counted, the company could be worth as much as $1.405 trillion, according to CNBC. That is higher than the $965 billion value the company announced in a funding round in May.

Chipmakers buy in

At the same time as the IPO, seven companies that provide Anthropic with computing power have agreed to buy a total of $26 billion in Class N common stock. These shares will not give the buyers voting rights, and they will pay the same price as IPO investors. Based on the middle of the proposed price range, Google and Nvidia would each buy about $10 billion worth of shares. AMD would buy about $2.5 billion, Broadcom, Micron and Microsoft would each buy about $1 billion, and TSMC would buy about $500 million, according to the filing. These shares will not have the usual waiting period that prevents investors from selling shares for a set time after an IPO.

Anthropic expects to receive about $84.6 billion in total after expenses from the IPO and the private share sale, based on the middle of the price range. According to the filing, it plans to use the money for general business needs, including spending on computing power and infrastructure.

The company reported revenue of $33.2 billion in the first nine months of 2026, up from $2.5 billion during the same period a year earlier. It reported a net loss of $104 billion during those nine months. Most of this loss came from a $94.3 billion accounting charge that did not involve a cash payment. The charge was linked to the rising value of its convertible notes and other financial instruments. Its operating loss was $1.26 billion. Anthropic has also agreed to spend about $900.9 billion, mostly on computing power and infrastructure. About $70.7 billion of that amount must be paid within the next 12 months.

Governance and investor doubts

Anthropic will become a public benefit corporation, a type of company that aims to consider public benefits as well as profits. It will also have an unusual system for controlling the company. Its Long-Term Benefit Trust, made up of trustees who do not have a financial interest in the company, will choose most of the board members. At the same time, one Class F share held by an organization owned by the company's seven co-founders will give them 50.1% of the voting power on most decisions, according to the filing. This means Anthropic will count as a "controlled company" under Nasdaq rules. The filing warns that people who own Class A shares will have limited power over important company decisions.

The proposed price range comes after a difficult week for AI stocks. Last week, some major investors told The Wall Street Journal that Anthropic's expected value of $1.5 trillion would probably need to fall after investors sold AI stocks. One investor suggested that a value closer to $1 trillion would be more realistic. As recently as September, Anthropic had been considering a value of about $2 trillion, according to an earlier draft of its IPO filing.

Orders from investors already cover all the shares being offered within the proposed price range, CNBC reported, citing people familiar with the matter.