Anthropic Sets IPO Price Range at $70 to $78, Aiming to Raise Up to $64.4 Billion on Nasdaq

Finance
Written by Methodical Millions

The Claude maker plans to sell 825 million shares on Nasdaq under the ticker "ANT," and seven of its biggest suppliers and partners have agreed to buy another $26 billion of stock on the side.

Anthropic (proposed Nasdaq: ANT) set the price range for its initial public offering on Tuesday, November 10th 2026. The AI lab and some existing shareholders plan to sell 825 million Class A shares at $70 to $78 each, according to an updated S-1 filed with the SEC. At the top of the range, that's about $64.4 billion USD, which would make it one of the largest IPOs on record, per Reuters.

Add a separate $26 billion USD private placement and the total raise could reach $90.4 billion USD.

What happened

The filing breaks the deal into a few pieces:

  • Anthropic is selling 801,351,354 new shares. Selling stockholders are offering another 23,648,646 shares, and Anthropic gets none of the money from those.
  • Underwriters get an option on 123,750,000 more shares to cover extra demand. Goldman Sachs and Morgan Stanley lead a syndicate of more than 20 banks.
  • A $26 billion USD side deal. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy Class N shares at the IPO price, closing right after the offering. At the $74 midpoint, Google and Nvidia would each put in about $10 billion USD, AMD about $2.5 billion USD, Broadcom, Micron and Microsoft about $1 billion USD each, and TSMC about $500 million USD.
  • Net proceeds of about $84.6 billion USD from the IPO and the placement combined at the midpoint, Anthropic estimates. That rises to about $93.7 billion USD if the underwriters take all of their extra shares.

Those cornerstone shares aren't covered by underwriter lock-ups, CNBC notes. Reuters reported that an earlier version of the terms went to banks and was pulled back late Monday.

What it's worth

At the high end of the range, Anthropic could be worth up to $1.405 trillion USD on a fully diluted basis, according to CNBC. That's up from the $965 billion USD valuation of its private round in May. The filing shows about 13.09 billion shares outstanding after the deal, before options and unvested stock awards. At $78, that works out to roughly $1 trillion USD on its own.

That's below where talk started. CNBC reported last week that Anthropic had been eyeing $2 trillion USD until recently, and that some shareholders called even $1.5 trillion USD a "stretch."

Context: the numbers behind the pitch

The business is growing fast. Anthropic reported $33.24 billion USD in revenue for the nine months ended September 30, up roughly 1,200% from a year earlier, per CNBC. Third-quarter revenue came in at $16.96 billion USD, up 47% from the prior quarter but slower than the 144% jump in the quarter before that, Reuters reported.

The costs are huge too. Anthropic posted a $104 billion USD net loss over those nine months, though CNBC notes most of it came from changes in the fair value of convertible notes and derivative liabilities. Reuters says the company has nearly $900 billion USD in computing commitments with partners including Amazon and Google.

The timing is tricky. The Nasdaq had its deepest one-day drop in 19 months last Thursday on fears of tighter AI and data center rules after the midterms. Nasdaq futures were lower early Tuesday ahead of October inflation data, per Reuters and The Globe and Mail.

Why it matters

This is the first public-market price for a frontier AI lab. Until now, valuations were set in private rounds by a small group of investors. Once ANT trades, everyone gets a daily vote, and that price will likely become the benchmark for OpenAI and every AI startup raising after it.

The cornerstone list matters too. Most of the seven buyers sell chips, cloud or memory to AI labs. Their support helps fill the book, but it feeds the "circular financing" worry Reuters describes.

The money lesson

1. A price range is a negotiation, not a verdict. Anthropic went from $2 trillion USD talk to a range that tops out around $1.4 trillion USD fully diluted. Big buyers push back, and that's normal. The final price is set by demand on the roadshow.

2. Read the share count, not just the headline. About 3% of the offered shares come from existing holders, and that money skips the company. The filing also says up to 3.6 billion locked-up shares could become sellable before the 180-day lock-up ends. Supply matters as much as the story.

3. Strategic money comes with strings. Investors who are also your suppliers bring stability and complications. Know what each check really buys.

4. Don't chase day one. Hot IPOs can swing hard early. Size any position so a rough first month can't hurt you.

For a primer on how companies go public, listen to Episode 31 - IPOs and SPACs. It covers the listing process Anthropic is now starting.

What to watch

  • Final pricing. CNBC says the offering is expected in mid-November. Watch whether it prices inside, above or below $70 to $78.
  • The roadshow. Does valuation pushback ease or get louder?
  • Today's CPI print. A hot number could weigh on tech right as marketing begins.

At the time of writing (about 7:00 AM ET on Nov 10, 2026), Anthropic has not priced its IPO and the terms could still change. This article is for informational purposes only and is not financial advice.

Sources:

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This article may be AI-assisted and is subject to errors and omissions.

Methodical Millions https://methodicalmillions.com
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