TLDR
- Anthropic plans to sell 825 million shares at $70 to $78 each.
- The range implies a valuation of about $1.3 trillion, below earlier estimates near $2 trillion.
- Tech firms including Nvidia, Microsoft and Google will buy another $26 billion of shares privately.
- Founders plan to sell about $250 million of stock each.
- Trading on the Nasdaq under ANT is expected on Nov. 19 or Nov. 20.
Anthropic has set the terms for its initial public offering. The company said in a filing on Tuesday that it will sell 825 million shares at $70 to $78 each. At the top of that range, the sale would bring in up to $64.35 billion.
Anthropic IPO, what to know—
• Ticker: $ANT
• Shares: 825 million
• Retail allocation: 20%
• Price Range: $70 – $78 per share• Base offering: $64.35 billion
• Valuation (fully diluted): $1.26-$1.41 trillion• Private investment: $26 billion (AMD, Broadcom, Google,… pic.twitter.com/PdjiNUwk3q
— Morning Brew ☕️ (@MorningBrew) November 10, 2026
The price range values the company at roughly $1.26 trillion to $1.45 trillion, depending on how shares are counted. The Wall Street Journal put the target at about $1.33 trillion. Yahoo Finance reported a fully diluted range of $1.3 trillion to $1.45 trillion.
How the Valuation Moved
In May, Anthropic announced a funding round that valued it at $965 billion. The new range is a clear step up from that figure. It is still well below Wall Street estimates, which reached as high as $2 trillion in early October.
As recently as a week ago, investors expected a target near $1.5 trillion. Then AI stocks sold off sharply last Thursday. Major investors pushed for a lower price after the drop.
Bloomberg reported that prospective buyers discussed a valuation of $1.2 trillion to $1.3 trillion. Some considered as low as $1.1 trillion. Anthropic has been meeting with investors this week.
The selloff came as investors weighed a Democratic win in Congress against the effect on the AI data center build-out. Political resistance to new data centers has also been growing.
Private Sales and Founder Stakes
Anthropic will also raise $26 billion outside the public offering. Buyers include Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron. They will buy nonvoting Class N shares at the same price public investors pay.
Because this is a private deal, those companies will not face the usual six-month lockup. A lockup normally stops insiders from selling right after a debut.
Certain executives and founding members plan to sell about 23.6 million shares. CEO Dario Amodei, his sister and company President Daniela Amodei, and five other co-founders each plan to sell about $250 million worth. That would leave each with a stake worth around $18 billion.
Adding the private placement to the public sale, Anthropic and selling shareholders could raise more than $80 billion. SpaceX raised $75 billion in a comparable measure, according to the Journal. SpaceX’s June offering was valued at about $1.77 trillion.
Yahoo Finance reported that SpaceX raised $85.7 billion in its offering. The company now has a market value of $1.9 trillion.
OpenAI recently raised less than half of what it targeted in its latest funding round. It did so at a valuation of $1.25 trillion, below its goal.
Anthropic said its run rate was about $81 billion at the end of October. Run rate is a way to estimate yearly revenue. The company also said revenue grew 1,206% to $33.2 billion in the first nine months of the year.
Its aggregate committed spend is $895.4 billion, mostly for computing and infrastructure. Goldman Sachs and Morgan Stanley are advising on the pricing. Shares are expected to start trading on Nov. 19 or Nov. 20 on the Nasdaq under the ticker ANT.
