Anthropic sets IPO price range of $70 to $78 per share, implying a valuation of up to $1.404 trillion

What happened

In an updated IPO filing on Tuesday, Anthropic said it would offer 825 million Class A shares at an estimated price range of $70 to $78 per share, raising an expected $57.75 billion to $64.35 billion. If shares list at the top of the range, the company would reach a fully diluted valuation of $1.404 trillion. The company plans to begin trading on Nasdaq close to November 19 under the ticker "ANT."

Notably, the company is moving forward despite deteriorating conditions — the filing makes clear Anthropic intends to push ahead with its IPO despite shakier markets and a broader pullback from AI investing.

Key details

• Valuation: $1.404 trillion is a significant jump from the $965 billion reached in a May fundraise, but still below the $2 trillion the company was reportedly targeting a couple months ago.
• Private placement: Anthropic 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, with Google and Nvidia investing $10 billion apiece.
• Total proceeds: Including an underwriters' option to buy up to 123.75 million additional shares (a greenshoe), net proceeds are estimated between $84.6 billion and $93.7 billion. Underwriters include Goldman Sachs and Morgan Stanley.
• Financials: Run-rate revenue hit $81 billion by the end of October, about $10 billion more than at the end of September; Q3 revenue was $17 billion and nine-month revenue $33.2 billion; the company reported a nine-month net loss of $104 billion, with compute and infrastructure commitments of $900.9 billion and nearly $132 billion in cash and short-term investments.
• Founder sales: Seven co-founders, including CEO Dario Amodei and president Daniela Amodei, are each selling nearly 3.4 million shares — roughly $250 million each at the $74 midpoint.
• Terminology: The filing uses "super intelligence" and "SI" interchangeably with "AI," citing Trump's September executive order directing government agencies to use the new terminology.

Why it matters

This is one of the largest public listings in the AI industry to date, both in offering size and valuation. If achieved, the $1.404 trillion valuation would exceed the $1.25 trillion reportedly assigned to its biggest rival OpenAI last week — OpenAI raised $11 billion, nearly half the $20 billion it had first tried to raise.

The $26 billion private placement also ties Anthropic to key players across the chip and cloud stack — Nvidia, AMD, Google, Microsoft, TSMC and others — before the IPO, embedding supply-chain stakeholders directly as shareholders.

Governance also matters: as a public benefit corporation, the founders hold a Class F share with 50.1% of voting power, and the Long-Term Benefit Trust will elect a board majority, so Class A buyers will have limited influence. Up to 20% of the offering may be allocated to retail investors.

Who it affects

• AI industry professionals: The pricing and market demand will serve as a barometer for real appetite in the AI sector during the investment pullback.
• Investors: Particularly given the gap between its large losses ($104 billion net loss over nine months) and $900.9 billion in compute commitments, plus the retail allocation mechanism.
• Chip and cloud vendors: AMD, Nvidia, TSMC and others become shareholders via non-voting Class N stock, aligning their interests with Anthropic's future compute purchases.

Anthropic intends to push ahead with its IPO despite shakier markets and the broader pullback from AI investing.

The Claude-maker said in an updated IPO filing on Tuesday that it would be offering 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.

The company could end up being worth a hefty $1.404 trillion if its shares list at the top of the price range, on a fully diluted basis. That would represent a significant jump up from the $965 billion valuation Anthropic reached in a May fundraise, but it’s still lower than the $2 trillion the company was reportedly targeting a couple months ago.

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 investing $10 billion apiece.

All up, Anthropic estimates net proceeds to reach somewhere between $84.6 billion and $93.7 billion (the latter if the IPO 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.

As a public benefit corporation, the founders hold a Class F share with 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, so Class A buyers will have limited influence.

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

Anthropic also gave out a few new details in the updated filing. The company said its run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September.

Also, the filing now lists how many shares the company’s 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 IPO price range, that would land them about $250 million each.

The updated filing also has a small but important change that hints at the company’s stance toward the Trump administration: The company at many points uses “super intelligence” and “SI” interchangeably with “artificial intelligence” and “AI,” citing Trump’s executive order from September that directed government departments and agencies to use that new terminology to refer to AI.

The company’s 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 has nearly $132 billion in cash and short-term investments.

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.

Note: This story has been updated with additional details and color from the updated IPO filing.

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Rebecca Bellan is a senior reporter at TechCrunch where she covers the business, policy, and emerging trends shaping artificial intelligence. Her work has also appeared in Forbes, Bloomberg, The Atlantic, The Daily Beast, and other publications.

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