Anthropic prices IPO at $70-$78 a share, valuing it at up to $1.4T

Anthropic has put a price on its stock market debut. In an updated IPO filing on Tuesday, November 10, the Claude maker set a range of $70 to $78 per share for 825 million Class A shares. At the top of that range, the company would be worth $1.404 trillion on a fully diluted basis, meaning a count that includes options and other securities that can become shares.

This is the step the previous Unicorn API report flagged as expected this week, based on a Wall Street Journal report. The range is no longer a press expectation. It now comes from Anthropic’s own filing and statement. The number lands below the targets discussed earlier in the process. The filing also adds new details on revenue, a large private stock sale to tech partners, and how much the co-founders plan to sell.

What Anthropic’s $70-$78 range means in dollars

Anthropic stated the range directly. The Verge quotes the company:

The initial public offering price is expected to be between $70.00 and $78.00 per share. Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.”

That statement appears in The Verge’s report. Based on the updated filing, TechCrunch reports that the sale of 825 million shares should raise between $57.75 billion and $64.35 billion. The underwriters, including Goldman Sachs and Morgan Stanley, also have an option to buy up to 123.75 million more shares from Anthropic at the IPO price.

Item	Figure	Source basis
Price range	$70 to $78 per share	Anthropic statement
Shares offered	825 million Class A	Updated filing
IPO raise	$57.75B to $64.35B	Updated filing
Valuation at top of range	$1.404T, fully diluted	TechCrunch
Underwriter option	Up to 123.75 million extra shares	Updated filing
Private Class N sale	$26B	Updated filing
Estimated net proceeds	$84.6B to $93.7B	Updated filing
Retail allocation	Up to 20% of the offering	Updated filing
Exchange and ticker	Nasdaq Global Select Market, ANT	Anthropic statement

Anthropic expects up to 20% of the offering to go to retail investors, meaning individual buyers rather than funds. For a deal this size, that is a notable share for ordinary brokerage accounts.

Lower than the $2 trillion talk, higher than the May round

The $1.404 trillion top figure sits between two earlier reference points. It is well above the $965 billion valuation from Anthropic’s May fundraise. That was a $65 billion Series H round, the one that first put Anthropic’s private valuation ahead of OpenAI’s. But it is lower than the $2 trillion the company was reportedly targeting a couple of months ago, according to TechCrunch. The Verge, citing Reuters, likewise notes that the IPO was previously expected to be valued at as much as $2 trillion.

Business Insider’s report on the original S-1 in late October said Anthropic was expected to be valued at more than $1.5 trillion when it went public. The WSJ-based report last week said some investors were pushing for a number below that $1.5 trillion target. The range filed today points to a top-end figure below $1.5 trillion.

The Verge links the lower expectations to several factors. These include months of debate around AI safety and midterm election results showing souring public opinion toward AI companies and the data center projects they invest in heavily. The outlet also points to weekend revelations about an alleged Chinese spy’s involvement with Nvidia CEO Jensen Huang. Unicorn API covered that story in Nvidia’s probe into its CEO’s ties to an alleged Chinese spy. TechCrunch describes Anthropic as pushing ahead despite shakier markets and a broader pullback from AI investing.

For comparison, OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion. That is nearly half of the $20 billion it first tried to raise.

A $26 billion side deal with chip and cloud partners

Alongside the public offering, Anthropic says it has agreed to privately sell $26 billion of non-voting Class N stock at the IPO price. The buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion. Combining the IPO and this private sale, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion. The higher figure applies if the underwriters exercise their option to buy extra shares.

The buyer list is made up of companies that design chips, make memory, manufacture chips or run cloud platforms. Google’s stake was already large: Business Insider reported that Amazon and Google will each own more than 5% of Anthropic after the IPO conversions.

New numbers in the updated filing

The amended filing also updates Anthropic’s financial picture. According to TechCrunch:

• Run-rate revenue reached $81 billion by the end of October. That is about $10 billion more than at the end of September. Run rate projects a full year of revenue from a shorter recent period.
• Third-quarter revenue was $17 billion, and nine-month revenue was $33.2 billion.
• Nine-month net loss was $104 billion.
• Compute and infrastructure commitments stand at $900.9 billion.
• Cash and short-term investments total nearly $132 billion.

The filing also lists how many shares the co-founders plan to sell. 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 each selling nearly 3.4 million shares. At the $74 midpoint, that is about $250 million each. That is a small slice of their holdings. Business Insider reported from the S-1 that each co-founder owns roughly 232 million to 244 million shares, with Brown’s stake the largest. Each co-founder has pledged to dedicate 80% of their personal equity in the company to philanthropic causes, according to that report.

One wording change stands out. In many places, the updated filing uses “super intelligence” and “SI” interchangeably with “artificial intelligence” and “AI”. It cites a September executive order from President Trump that directed government departments and agencies to use that terminology. TechCrunch reads this as a hint about the company’s stance toward the Trump administration. Anthropic has been in a legal fight with the US government after the Pentagon declared it a supply-chain risk, Fortune reported in June.

Who controls Anthropic after the listing

Buyers of Class A shares will own part of the company but will have little say over it. Anthropic is a public benefit corporation, a legal form that lets a company weigh a stated public mission alongside shareholder returns. Its founders hold a Class F share carrying 50.1% of the voting power. The Long-Term Benefit Trust also elects a board majority. As a result, TechCrunch notes, Class A buyers will have limited influence. Business Insider reported from the S-1 that the Class F share is issued to an LLC controlled by the seven co-founders. Its votes cover matters including the election of directors other than those chosen by the trust.

What the IPO means for teams building on Claude

An IPO does not change how Claude models are offered through Anthropic’s API. Still, a few points in the filing matter for teams that depend on them:

• Compute funding. Anthropic reports $900.9 billion in compute and infrastructure commitments against nearly $132 billion in cash. Estimated net proceeds of $84.6 billion to $93.7 billion would add to that cash. The gap between commitments and cash shows how much capacity planning depends on continued access to capital.
• Supplier ties. Seven chip, memory and cloud companies are buying stock directly. Those relationships now carry an equity link as well as a commercial one.
• Losses. Revenue is growing fast, with run rate up about $10 billion in a month. The nine-month net loss is still $104 billion. Public-market pressure on margins is an open question for future pricing and product decisions. The sources do not address it directly.
• Governance. Founder and trust control means public shareholders cannot easily force strategy changes. That includes changes to safety policy.

Earlier coverage in this thread covers the risk sections of the prospectus. That includes the warning about AI-accelerated research in the amended filing and the original S-1’s financials and governance details.

What to watch next

The next milestone is the final price and the first day of trading. The Wall Street Journal’s sources say Anthropic is “aiming for its shares to start trading Thursday or Friday next week,” as quoted by The Verge. TechCrunch, citing CNBC, says trading should start close to November 19 under the ticker ANT. The Verge says the offering is expected to make Anthropic one of the world’s most valuable publicly traded companies as soon as next week.

Points to follow:

• Whether the final price lands at the top, middle or bottom of the $70 to $78 range.
• Whether the underwriters exercise their option on the extra 123.75 million shares, which moves net proceeds toward $93.7 billion.
• How the listing value compares with OpenAI’s reported $1.25 trillion.
• Whether the market factors The Verge cites keep weighing on AI valuations through the debut: safety debate, public opinion after the midterms and the Nvidia story.

The process started with a confidential filing on June 1. At that time, Anthropic said the number of shares and the price had not been set. Five months later, both are on paper. Only the market’s answer remains.