Anthropic has set a price range of $70 to $78 per share for its initial public offering, according to an updated filing with the Securities and Exchange Commission on Tuesday.
The AI company plans to sell 825 million shares of Class A common stock, 801.4 million of them new shares and 23.6 million from existing shareholders, on the Nasdaq under the ticker "ANT," which it revealed when it made its IPO filing public last month. At the top of the range, the offering would raise about $64.4 billion, including the selling shareholders' stake. Underwriters have an option to buy a further 123.75 million shares.
Anthropic expects to price the offering on November 18 and begin trading on November 19, and is targeting a retail allocation of about 20%, well above the norm for an IPO, CNBC reported, citing people familiar with the details.
Based on the roughly 13.09 billion shares the filing says will be outstanding after the offering, the range implies a market value of about $916 billion to $1.02 trillion. On a fully diluted basis, the company could be worth up to $1.405 trillion according to CNBC, up from the $965 billion valuation it announced in a funding round in May.
Chipmakers buy in
Alongside the IPO, seven of the companies that supply Anthropic's computing power have agreed to buy a combined $26 billion of Class N common stock, which has no voting rights, at the IPO price. At the midpoint of the range, Google and Nvidia would each buy about $10 billion, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each, and TSMC about $500 million, according to the filing. Those shares will not be subject to the usual post-IPO lock-up period.
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Anthropic expects net proceeds of about $84.6 billion from the IPO and the private placement combined at the midpoint, which it plans to use for general corporate purposes, including investment in compute and infrastructure, according to the filing.
The company reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier. It posted a net loss of $104 billion over the period, most of it from a $94.3 billion non-cash charge tied to the rising value of its convertible notes and other instruments; its operating loss was $1.26 billion. Anthropic has also committed to about $900.9 billion of spending, mostly on compute and infrastructure, of which about $70.7 billion is due within the next 12 months.
Governance and investor doubts
Anthropic will list as a public benefit corporation with an unusual governance structure. Its Long-Term Benefit Trust, a body of financially disinterested trustees, will elect a majority of its board, while a single share of Class F stock held by an entity owned by its seven co-founders will carry 50.1% of the company's voting power on most matters, according to the filing. As a result, Anthropic will be a "controlled company" under Nasdaq rules, and holders of its Class A shares will have limited influence over major decisions, the filing warns.
The range comes after a turbulent week for AI stocks. Some major investors told The Wall Street Journal last week that Anthropic's expected $1.5 trillion valuation would likely need to come down following a sell-off in AI stocks, with one suggesting a figure closer to $1 trillion. Anthropic had been eyeing a valuation of around $2 trillion as recently as September, according to an earlier draft filing.
The IPO's order book is already covered at the proposed range, CNBC reported, citing people familiar with the matter.
Disclosure
This article was drafted with the assistance of Claude, an AI model developed by Anthropic.
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