TLDR
- Anthropic is targeting a valuation of up to $1.4 trillion for its Nasdaq debut.
- It plans to sell 825 million shares at an indicative $70 to $78 each.
- A $26 billion private placement involves Google, Microsoft, Nvidia, AMD, Broadcom and Micron.
- Third-quarter revenue was about $17 billion, with a $23.3 billion net loss.
- Trading is expected to begin on November 19.
Anthropic, the developer of the Claude AI assistant, is preparing one of the largest stock market debuts on record. The company is targeting a valuation of up to $1.4 trillion.
Anthropic’s proposed IPO price range of $70-$80 per share implies a fully diluted valuation of roughly $1.27T to $1.45T
That’s below what some investors had previously expected.
Calculation by Claude. https://t.co/xigFK9bqWr pic.twitter.com/NWcJBX2Kx9
— Wall St Engine (@wallstengine) November 10, 2026
According to its latest regulatory filing, Anthropic plans to offer 825 million shares. The indicative price range is $70 to $78 per share, and the terms can still change.
Who Is Backing the Offering
The public offering could raise about $64.4 billion for the company. A separate $26 billion private placement involves technology investors and would be added to that amount.
Together, the two transactions could bring in about $90.4 billion. The total depends on where the final share price lands within the range.
Google, Microsoft, Nvidia, AMD, Broadcom and Micron are listed among the major participants in the private placement. All six are large technology companies.
Anthropic has also disclosed about $895 billion in computing commitments. These commitments run across future periods and are not debt that is due right away.
The $1.4 trillion figure is a fully diluted valuation. It would place Anthropic among the most valuable technology companies in the world before its shares begin trading.
Revenue, Losses and Valuation
Anthropic reported about $17 billion in revenue for the third quarter. That was up 47% from the previous quarter.
Revenue for the first nine months of 2026 reached $33.2 billion. That is roughly thirteen times the amount from the same period in 2025. The growth has come with heavy spending.
The company posted a net loss of $23.3 billion in the third quarter. The figure includes accounting effects, so it is not the same as cash losses.
Anthropic’s adjusted operating margin reached 15%. That measure points to improving core business economics despite large infrastructure costs.
The company reports an annualised revenue run rate of $81 billion. At a $1.4 trillion valuation, the shares would trade at about 17 times that figure. The company operates in a fast-changing and capital-intensive industry.
Claude models have drawn interest from businesses using AI for software development, research and workplace productivity. Competitors including OpenAI and Google continue to release more capable models.
The partnerships with major technology providers give Anthropic financial backing and access to computing infrastructure. Smaller rivals may struggle to secure the same access.
Anthropic shares are expected to begin trading on the Nasdaq on November 19. The final offering price and valuation remain subject to change.
