Anthropic Prices IPO at $70–$78, Aiming for $1.404 Trillion Valuation

Anthropic will offer 825 million Class A shares at $70 to $78 each, a price range that values the company at up to $1.404 trillion on a fully diluted basis if the shares list at the top end. The updated IPO filing, published Tuesday, sets up one of the largest public market debuts on record despite shakier markets and a broader pullback from AI investing.

The sale itself is expected to raise between $57.75 billion and $64.35 billion. A separate private placement adds more: Anthropic has struck a deal to sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion apiece.

The strategic buyer list matters as much as the money. Every name on it supplies the compute that Anthropic burns: Nvidia and AMD make the accelerators, Broadcom the custom silicon and networking, TSMC the wafers, Micron the memory, Microsoft and Google the data center capacity. In plain terms, Anthropic's chip and cloud vendors are buying equity in their own largest customer, tying their balance sheets to the demand they serve.

What do the numbers say about the business?

The filing discloses revenue moving fast. Run-rate revenue reached $81 billion by the end of October, roughly $10 billion more than at the end of September. Third-quarter revenue came in at $17 billion, and nine-month revenue totaled $33.2 billion.

The cost side is heavier. Anthropic reported a nine-month net loss of $104 billion, and its compute and infrastructure commitments have hit $900.9 billion. The company holds nearly $132 billion in cash and short-term investments.

That $900.9 billion commitment figure explains why the chipmakers are in the deal. Anthropic's future spending on GPUs, custom silicon and data centers is the revenue line of its own investors. In plain words, the IPO is partly a way to pre-fund a nearly trillion-dollar hardware bill.

How much money comes in total?

Anthropic estimates total net proceeds of $84.6 billion to $93.7 billion, the upper figure applying if underwriters exercise their option to buy additional shares. Goldman Sachs and Morgan Stanley lead the underwriting group, which can purchase up to 123.75 million more shares from Anthropic at the IPO price.

The target valuation has come down. Anthropic reached a $965 billion valuation in a May fundraise, and reports two months ago suggested it was aiming for $2 trillion. The final range implies the company accepted a discount to that ambition.

Who actually controls the company?

Public buyers will hold limited power. Anthropic is a public benefit corporation, and the founders hold a Class F share carrying 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority. Class A shareholders, in effect, are buying economics without control.

Trading is expected to start on the Nasdaq close to November 19 under the ticker "ANT", per reporting from CNBC. Anthropic expects to allocate up to 20% of its IPO shares to retail investors.

How does the competitive picture look?

OpenAI, Anthropic's biggest rival, was reportedly valued at $1.25 trillion last week after raising $11 billion — nearly half of the $20 billion it first tried to raise. Both companies are therefore accepting smaller raises and softer valuations than they wanted, which suggests private AI capital is getting harder to find at any price.

If the listing prices at the top of the range, Anthropic would become the most valuable AI company on public markets, and its roughly $94 billion in maximum proceeds would bankroll a compute pipeline already contracted at more than nine times that amount.