Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion

Anthropic is moving ahead with its public offering even as AI markets cool, disclosing in an updated filing that it will sell 825 million Class A shares at an estimated $70 to $78 each. At the top of that range the sale would raise roughly $57.75 billion to $64.35 billion, and the company's fully diluted valuation would reach about $1.404 trillion. That marks a steep climb from the $965 billion valuation it secured in a May fundraise, though it falls short of the $2 trillion it was reportedly aiming for a couple of months ago.

The offering comes bundled with a large private book. Anthropic said it had agreed to 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 each committing $10 billion. Together with the public sale, the company expects net proceeds of $84.6 billion to $93.7 billion. Underwriters led by Goldman Sachs and Morgan Stanley can also buy up to 123.75 million additional shares at the IPO price.

Class A investors are buying into a structure designed to keep control concentrated. As a public benefit corporation, Anthropic's founders hold Class F shares carrying 50.1% of the voting power, and the Long-Term Benefit Trust will elect a board majority, leaving public shareholders with limited influence over strategy.

The financials disclosed alongside the range underscore both Anthropic's growth and its burn. Third-quarter revenue reached $17 billion and nine-month revenue $33.2 billion, against a nine-month net loss of $104 billion, with compute and infrastructure commitments standing at $900.9 billion and cash and short-term investments near $132 billion. Rival OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion — about half the $20 billion it initially sought.

Trading is expected to begin on the Nasdaq around November 19 under the ticker ANT. The open questions are whether the top-of-range price holds amid the broader pullback from AI investing, how much of the chip-partner cash actually converts into compute capacity, and whether OpenAI's smaller-than-planned round signals a repricing of the sector that could pressure Anthropic once it is a public mark-to-market benchmark.