Anthropic has put a price on its stock market debut. The maker of the Claude chatbot filed an amended prospectus with the US Securities and Exchange Commission on Tuesday, setting a range of $70 to $78 a share for its initial public offering, and launched the roadshow in which it will pitch the shares to investors.
The offering covers 825 million Class A shares, of which about 801.4 million are being sold by Anthropic itself and the rest by existing shareholders. At the top of the range it would raise about $64.35 billion, making it one of the largest share sales ever brought to market. Anthropic has applied to list on the Nasdaq Global Select Market under the ticker ANT, and Goldman Sachs and Morgan Stanley are leading a syndicate of 22 banks. The underwriters also hold a 30-day option to buy up to a further 123.75 million shares.
The headline valuation depends on how it is counted. On the roughly 13.09 billion shares that would be outstanding after the offering and a concurrent private placement, $78 a share implies a value of about $1.02 trillion. Counting stock options and other awards that could become shares, the fully diluted figure rises to about $1.4 trillion, according to CNBC. Either way, it would be the first public listing by a frontier artificial intelligence lab, according to Reuters.
Seven of the biggest names in chips and cloud computing have already committed to buy in. Advanced Micro Devices, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC have agreed to purchase $26 billion of stock in a concurrent private placement, at whatever price the IPO settles on.
The filing also lays bare the scale — and the cost — of Anthropic’s business. Run-rate revenue, an annualised measure based on recent usage, reached about $81 billion by the end of October, up $10 billion in a month. Revenue for the three months to 30 September was $17 billion, and $33.2 billion for the first nine months of the year, up more than twelvefold on a year earlier. But the nine-month net loss was $104 billion, and the filing puts purchase commitments and leases, almost all of it for computing power and infrastructure, at about $900.9 billion.
The range is lower than the figures discussed earlier in the process. Reports in early October had suggested valuations of up to $2 trillion, and last week investors were said to be balking at $1.5 trillion. A day before Tuesday’s filing, a draft showing about 867 million shares at $70 to $80, for up to $69.3 billion, circulated to bankers before Anthropic said the pricing details were inaccurate and withdrew it.
Nothing is final yet. The price range is an estimate that the roadshow will test, the registration has not yet become effective, and no shares can be sold until the regulator declares it so. CNBC and Bloomberg, citing people familiar with the plans, report that Anthropic intends to price the offering on 18 November and begin trading the next day, but the company has not confirmed those dates in its filing.
Sources: Anthropic, “Anthropic launches roadshow for proposed initial public offering” (https://www.anthropic.com/news/roadshow-launch); Anthropic, Amendment No. 2 to Form S-1, US Securities and Exchange Commission, 10 November 2026 (https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm); Reuters; CNBC.
