TL;DR — the direct answer: Anthropic has put a price on the biggest AI listing ever attempted: $70 to $78 a share, which would value the company behind the Claude chatbot at up to $1.405 trillion when it lists on the Nasdaq on 19 November.
What happened: Anthropic filed an amended S-1 with US regulators on Tuesday, 10 November, setting the terms of its initial public offering. The company plans to sell 825 million shares at $70 to $78 each, which would raise as much as $64.35 billion — the largest IPO fundraise ever after SpaceX. Pricing is set for 18 November, with trading expected to begin the next day on the Nasdaq under the ticker ANT. The filing came one day after an earlier draft sent to banks was withdrawn for carrying inaccurate figures. Alongside the IPO, Anthropic is raising another $26 billion through a private placement backed by Google, Nvidia, AMD and Microsoft, with chipmaker TSMC also planning to invest up to $1 billion in Anthropic and OpenAI.
Why it's trending: This is the most valuable private AI company in the world finally putting a number on itself — and the number is smaller than the hype. Until recently Anthropic was talked about as a $2 trillion company, and investors told CNBC that even $1.5 trillion is now in doubt. At the top of the range the valuation would be $1.405 trillion on a fully diluted basis, up from the $965 billion valuation in its May funding round, but the pullback tells its own story about a cooling AI market. The debut would also land roughly five months after SpaceX raised $85.7 billion in a record offering, and Anthropic would go public at the second-highest valuation in history, topped only by SpaceX.
Background / context: Anthropic was founded in 2021 by CEO Dario Amodei and a small group of researchers who left OpenAI, now its chief rival. Its Claude chatbot is one of the most widely used AI assistants in the world, and the business behind it is growing at an extraordinary rate: revenue reached $33.24 billion in the nine months to 30 September, up roughly 1,200% from $2.5 billion in the same period last year. But the company is not profitable yet — it posted an operating loss of $1.3 billion over the same nine months, as it spends heavily on the computing power needed to train and run its models. Goldman Sachs and Morgan Stanley lead a syndicate of 22 underwriters on the deal.
What we know / what's unconfirmed: Confirmed in the filing: the $70 to $78 range, 825 million shares, the $26 billion private placement, pricing on 18 November and a Nasdaq debut under the ticker ANT. Confirmed in the financials: $33.24 billion of revenue in nine months and a $1.3 billion operating loss. Unconfirmed: where in the range the shares will actually price, which is what will decide the final valuation — anything from about $1 trillion at the bottom of the range to $1.405 trillion at the top. Also unconfirmed: how much of the private placement each backer is committing, and whether the roadshow, which starts this week, lifts demand enough to price at the top. Anthropic's Long-Term Benefit Trust is set to control a majority of the board, which limits how much influence public shareholders will have — a governance detail investors will be watching closely.
What happens next: Anthropic meets institutional investors on its roadshow this week, prices the shares on 18 November, and is expected to start trading on the Nasdaq on 19 November — the same day GTA 6 launches. If it prices at the top of the range, the combined IPO and private placement would be a record-setting capital haul of around $88.5 billion tied to a single market debut.
Q: When does Anthropic go public?
A: Trading is expected to begin on the Nasdaq on 19 November 2026, under the ticker symbol ANT. The final share price is set on 18 November.
Q: How much is Anthropic worth in the IPO?
A: At the top of the $70 to $78 range, Anthropic would be worth up to $1.405 trillion on a fully diluted basis. At the bottom of the range the figure would be closer to $1 trillion.
Q: How much money is Anthropic raising?
A: Up to $64.35 billion from selling 825 million shares in the IPO, plus another $26 billion from a concurrent private placement — a combined haul of up to about $88.5 billion.
Q: Is Anthropic profitable?
A: No. It reported $33.24 billion in revenue for the nine months to 30 September 2026, up about 1,200% year on year, but posted an operating loss of $1.3 billion over the same period.
Q: Why is the valuation below the $2 trillion figure?
A: Investors told CNBC that expectations cooled as the AI market turned choppy, and Anthropic needs the capital urgently. The $1.405 trillion top-end figure is still well above its $965 billion valuation in May.
Sources: Crunchbase News — Anthropic seeks record $88.5B tied to public market debut, Inc. — Anthropic could raise $14 billion more than SpaceX, and Longbridge / CNBC — Anthropic sets price range of $70 to $78 in upcoming IPO.
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