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

What happened

In an updated IPO filing, Anthropic announced it would offer 825 million Class A shares at a price range of $70 to $78 per share, expecting to raise $57.75 billion to $64.35 billion. At the top of the range, the company would reach a fully diluted valuation of $1.404 trillion. Trading is planned to begin on the Nasdaq close to November 19 under the ticker "ANT," with up to 20% of the offering expected to be allocated to retail investors.

Notably, this valuation is a significant jump from the $965 billion Anthropic reached in a May fundraise, but still below the $2 trillion the company was reportedly targeting a couple months ago. The company is pushing ahead, per the report, "despite shakier markets and the broader pullback from AI investing."

Key details

• Private placement: Separately, 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.
• Underwriters: Underwriters including Goldman Sachs and Morgan Stanley have the option to buy up to 123.75 million additional shares at the IPO price. With that option exercised, estimated net proceeds range from $84.6 billion to $93.7 billion.
• Governance: 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.
• Financials: Run-rate revenue reached $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, compute and infrastructure commitments of $900.9 billion, and nearly $132 billion in cash and short-term investments.
• Founder selling: Seven co-founders, including CEO Dario Amodei and president and chairperson Daniela Amodei, are each selling nearly 3.4 million shares, landing them about $250 million each at the $74 midpoint.
• The filing also contains a notable wording change: the company at many points uses "super intelligence" and "SI" interchangeably with "AI," citing Trump's September executive order directing government departments and agencies to adopt that terminology — read as a hint at the company's stance toward the administration.

Why it matters

This is one of the largest public listings in the AI industry. The implied $1.404 trillion valuation would surpass Anthropic's biggest rival OpenAI, which was reportedly valued at $1.25 trillion last week after raising $11 billion — nearly half the $20 billion it had first tried to raise.

The $26 billion private placement shared among seven tech giants spanning chips and cloud shows deeply intertwined capital structures across the AI supply chain. Meanwhile, the massive net loss and $900.9 billion in compute commitments will now face direct public-market scrutiny of the AI business model.

The governance arrangement is also significant: the Class F share and the Long-Term Benefit Trust ensure founders and the trust retain control, leaving public shareholders with limited say — a precedent for public-benefit-corporation IPOs.

Who it affects

Retail and institutional investors considering the IPO will need to weigh the growth data (rapidly rising run-rate revenue) against losses and compute commitments, along with the limited voting power. Companies across the AI supply chain, secondary-market investors, and practitioners tracking AI governance models can all draw reference from the valuation shift and terms in this filing.

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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