Key facts
- Anthropic set the IPO price range at $70 to $78 a share, selling 825 million Class A shares.
- At the top of the range the offering would raise about $64.4 billion.
- Basic-share valuation at the range is $916 billion to $1.02 trillion, or up to $1.405 trillion fully diluted.
- A $26 billion private placement of non-voting Class N stock was bought by seven compute suppliers.
- Google and Nvidia each take about $10 billion of the private placement, per the report.
Anthropic set an IPO price range of $70 to $78 a share, selling 825 million Class A shares to raise about $64.4 billion at the top of the range, according to a newsletter item in Decrypt dated November 11, 2026. Shares would trade on Nasdaq under ANT, with pricing expected November 18 and trading starting November 19.
At the range, Anthropic would be worth $916 billion to $1.02 trillion on basic shares, or up to $1.405 trillion fully diluted. About 20% of the offering is set aside for retail investors, roughly double what a book of this size usually allocates. The Wall Street Journal reported that major investors now see the company landing closer to $1 trillion after last week's AI selloff, down from a reported $2 trillion target in September.
The offering sits alongside a $26 billion private placement of non-voting Class N stock, bought at the IPO price by seven of Anthropic's compute suppliers. Google and Nvidia take about $10 billion each, AMD $2.5 billion, Broadcom, Micron and Microsoft about $1 billion apiece, and TSMC $500 million, according to the report. Combined with the IPO, Anthropic would receive roughly $84.6 billion for general corporate purposes, mostly compute.
Anthropic reported revenue of $33.2 billion through nine months against $2.5 billion a year earlier, a $1.26 billion operating loss and a $104 billion net loss, almost all of it a non-cash charge on convertible notes, the report said. It also reported $900.9 billion in committed spending, with $70.7 billion due within twelve months. The report said the order book was described as covered rather than oversubscribed.