Anthropic sets IPO range of $70 to $78 a share, implying a $1.404 trillion valuation

Anthropic set the price range for its initial public offering at $70 to $78 per share in an updated filing reported by TechCrunch on November 10. The Claude maker plans to sell 825 million Class A shares, a sale that would raise between $57.75 billion and $64.35 billion.

At the top of the range, Anthropic would be valued at $1.404 trillion on a fully diluted basis. Underwriters including Goldman Sachs and Morgan Stanley have the option to buy up to 123.75 million additional shares, and the company estimates net proceeds of $84.6 billion to $93.7 billion.

The figure lands well above the $965 billion valuation Anthropic reached in a May fundraise, but below the $2 trillion it was reportedly targeting a couple of months ago. TechCrunch notes the company is pushing ahead despite shakier markets and the broader pullback from AI investing.

Separately, Anthropic struck a deal to privately 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 investing $10 billion apiece. The arrangement puts key chip and cloud suppliers directly on the shareholder register.

The filing also disclosed fresh operating figures: run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September. Third-quarter revenue was $17 billion, nine-month revenue $33.2 billion, and the nine-month net loss $104 billion, against $900.9 billion in compute and infrastructure commitments and nearly $132 billion in cash and short-term investments.

Governance will limit outside influence. As a public benefit corporation, Anthropic gives its founders' Class F shares 50.1% of voting power, and the Long-Term Benefit Trust will elect a board majority. The company intends to list on Nasdaq under the ticker "ANT" around November 19, per CNBC, with up to 20% of the offering allocated to retail investors.

Founders are also cashing in: Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah each expect to sell nearly 3.4 million shares, worth roughly $250 million apiece at the $74 midpoint.

The offering is a test of both Anthropic and the public market's appetite for capital-heavy AI growth. Watch the first trades around November 19, whether underwriters exercise their option, and how the listing compares with OpenAI, which was reportedly valued at $1.25 trillion last week.