Anthropic Sets $70-$78 IPO Price Range in Record $64.4 Billion Offering

Anthropic has set the price range for its blockbuster stock market debut, telling investors it will sell shares at $70 to $78 each in an offering that could raise up to $64.4 billion and value the maker of the Claude chatbot at as much as $1.4 trillion, making it the largest initial public offering ever attempted.

The terms, published in an amended filing on Tuesday, November 10, 2026, end days of confusion after the company was forced to pull an earlier draft that carried inaccurate figures. Trading is expected to begin on the Nasdaq on November 19 under the ticker ANT, with pricing set for November 18.

Key Points

• Anthropic will sell 825 million Class A shares at $70 to $78 each, raising up to $64.4 billion the largest IPO ever attempted.
• At the top of the range the Claude maker would be worth about $1.404 trillion on a fully diluted basis, and about $1 trillion excluding stock options and restricted stock.
• A separate $26 billion private placement of non-voting shares goes to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, with Google and Nvidia each buying $10 billion.
• Pricing is set for November 18 and trading on the Nasdaq under the ticker ANT is expected to begin on November 19, led by Goldman Sachs, Morgan Stanley and J.P. Morgan.
• Run-rate revenue reached roughly $81 billion as of October 31, up $10 billion in a single month, with third-quarter revenue of $17.0 billion.

What Happened

Anthropic published the amended prospectus on Tuesday, with the final terms of a deal Wall Street has awaited for weeks. The company will sell 825 million Class A shares, of which 801.35 million are new shares and 23.65 million are being sold by existing shareholders. At $78, the top of the range, the sale would raise up to $64.4 billion.

The filing also includes a greenshoe option for underwriters to buy a further 123.75 million shares, worth about $9.7 billion at the top price. Twenty-two banks are working on the deal, led by Goldman Sachs, Morgan Stanley and J.P. Morgan.

Alongside the public offering, Anthropic will sell $26 billion of non-voting Class N shares to seven of the biggest names in technology: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each buying $10 billion, a vote of confidence from two Anthropic customers; Nvidia also supplies the chips that power its data centres.

Background: A Roadshow, a Retraction and a Refile

The price range arrives one day after Anthropic formally launched its IPO roadshow, having emailed bankers a day earlier with a draft range of $70 to $80 a share, only to withdraw it and say corrected pricing was coming soon. That draft had shown plans to sell 867 million shares for up to $69.3 billion, implying a valuation of about $1.4 trillion.

A draft sent to banks late on Monday, November 9, was pulled after it carried inaccurate figures, including the $69.3 billion total. Tuesday's filing replaces them with the confirmed terms: 825 million shares, $70 to $78, up to $64.4 billion.

Anthropic filed its original prospectus on October 26, 2026, revealing first-half revenue of $16.3 billion and a net loss of $80.7 billion, about $72.4 billion of which was non-cash. An amended filing on November 2 added third-quarter results: revenue of about $17 billion, up roughly 1,127 percent year on year, and nine-month revenue of $33.24 billion.

Anthropic IPO Price Range: What $70 to $78 Means for Investors

The $70 to $78 range gives investors a clear yardstick for the most closely watched listing of the year, leaving Anthropic room to price below the top if demand softens. At the midpoint of $74, the company would raise about $61 billion and be valued at roughly $1.3 trillion on a fully diluted basis.

The private placement matters as much as the public sale. The $26 billion from AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC locks in long-term backing from the companies that supply Anthropic's chips, buy its services and run its models, and deepens ties with Google and Nvidia, each committing $10 billion.

Run-rate revenue of roughly $81 billion as of October 31, up $10 billion from September 30, is the number Anthropic's bankers will lean on hardest in the roadshow. Growth has slowed from the triple-digit quarterly jumps of early 2026, but it is still adding about $10 billion of annualised revenue a month.

Reactions and Analysis

CNBC's Jim Cramer has called the listing potentially "one of the most consequential IPOs in history", reflecting Wall Street's view that Anthropic's debut is a test of investor appetite for artificial intelligence after a year of heavy spending on data centres and chips.

Investors had expected a valuation of about $1.5 trillion a week ago, but the November 5 technology sell-off changed the mood. Some backers pushed for $1.2 trillion to $1.3 trillion, and one suggested closer to $1 trillion, The $70 to $78 range lands between those camps, closer to the optimistic end than the cautious one.

Why It Matters

This is the biggest test yet of the artificial intelligence boom. Anthropic is asking the public markets to value a company that is growing at an extraordinary pace but spending even faster, with nearly $900 billion in purchase commitments and leases stretching to 2045. A successful listing at or near $78 would confirm that investors still believe the AI build-out will pay off,

The deal also matters for the companies buying in. The $26 billion private placement makes AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC shareholders as well as partners, aligning their interests with Anthropic's at a moment when the race to build AI infrastructure is consuming hundreds of billions of dollars a year.

What Happens Next

Anthropic's management and its bankers will spend the next week meeting investors on the roadshow, building the order book ahead of pricing on November 18. Trading is expected to begin on the Nasdaq on November 19 under the ticker ANT, before Thanksgiving on November 26. A price at $78 would signal strong demand; a price at or below the midpoint would suggest investors want a discount for the risk.

Frequently Asked Questions

What is Anthropic's IPO price range? $70 to $78 per Class A share, set in an amended filing on Tuesday, November 10.

How much will Anthropic raise? Up to $64.4 billion from 825 million shares, which would make it the largest IPO ever attempted.

What is Anthropic worth at that price? About $1.404 trillion on a fully diluted basis at $78 a share, and about $1 trillion excluding stock options and restricted stock.

When does Anthropic start trading? Pricing is set for November 18, 2026, and trading on the Nasdaq under the ticker ANT is expected to begin on November 19.

Who is buying shares privately? AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC are buying $26 billion of non-voting Class N shares, with Google and Nvidia each buying $10 billion.

Read more: Anthropic IPO roadshow begins after $70-$80 price range is pulled; Anthropic Q3 revenue hits $17 billion as costs climb in new IPO filing; Claude Fable 5.2 and Mythos 5.2 launch ahead of Anthropic's record IPO.