Anthropic Sets $70 to $78 IPO Price Range, Eyes Up to $64 Billion in Blockbuster Nasdaq Debut Under 'ANT'

NEW YORK — Anthropic, the artificial intelligence company behind the Claude chatbot, set a price range of $70 to $78 per share on Tuesday for its initial public offering. The deal could raise as much as $64.4 billion and would be one of the largest stock market debuts ever.

In an amended filing with the U.S. Securities and Exchange Commission, the San Francisco-based company said it plans to sell 825 million shares of Class A common stock. Of those, about 801.4 million are new shares issued by Anthropic, and about 23.6 million are being sold by existing shareholders. At the range, the offering would raise $57.75 billion to $64.35 billion before fees.

Anthropic has applied to list on the Nasdaq Global Select Market under the ticker "ANT." Goldman Sachs and Morgan Stanley are leading a group of 22 underwriters. The banks will have a 30-day option to buy up to 123.75 million additional shares, which could lift total proceeds to about $74 billion at the top of the range.

The company launched its investor roadshow on Tuesday. It plans to price the offering on Nov. 18 and begin trading on Nov. 19, CNBC reported, citing people familiar with the matter. Those people said Anthropic is targeting about 20% of the shares for retail investors, well above the usual share for a large IPO.

Institutional demand is even stronger than it was for SpaceX at the same stage, the people told CNBC. They said the order book was already covered at the $70 to $78 range.

If the listing goes ahead this month, it will come about five months after SpaceX went public in June in a record offering that raised $85.7 billion. Elon Musk's rocket and AI company now has a market value of just under $2 trillion.

At the top of the range, Anthropic would be valued at about $1 trillion based on shares outstanding after the offering, according to Bloomberg. On a fully diluted basis, which includes options and restricted stock units, the valuation could reach about $1.405 trillion, CNBC reported. The filing shows about 13.09 billion shares outstanding after the deal.

That is well below the roughly $2 trillion valuation discussed earlier this fall. Last month, investors cited by the Financial Times said the company was aiming to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion.

The terms were also trimmed at the last minute. A version of the document sent to banks on Monday and then withdrawn showed about 866.7 million shares at $70 to $80 each, which would have raised up to $69.3 billion, Reuters reported.

Anthropic is also lining up major technology companies as investors. Nvidia, Google, Advanced Micro Devices, Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing Co. have agreed to buy $26 billion of non-voting stock at the IPO price in a concurrent private placement. Based on a $74 midpoint, the filing estimates Anthropic's net proceeds from the IPO and the placement at about $84.6 billion.

The company said it will use the money for general corporate purposes, including "investments in compute and infrastructure."

That spending is enormous. Anthropic disclosed purchase commitments and lease agreements for computing power and infrastructure totaling about $900.9 billion. About $70.7 billion of that is due within 12 months of Sept. 30.

The filing also shows how fast the company's sales have grown. Anthropic reported revenue of about $17 billion for the three months ended Sept. 30 and $33.2 billion for the first nine months of 2026, up from about $2.5 billion a year earlier. Full-year revenue in 2025 was about $4.6 billion.

The company warned that profitability could swing with its computing costs. It said operating margins will "fluctuate over time, particularly in periods when substantial incremental compute is delivered to us."

Chief Executive Dario Amodei has spoken publicly about the risks of overbuying computing capacity. "If my revenue is not $1 trillion, if it's even $800 billion, there's no force on Earth, there's no hedge on Earth that could stop me from going bankrupt if I buy that much compute," he said on Dwarkesh Patel's podcast in February, according to Fortune.

Anthropic was founded in 2021 by former OpenAI employees, including Amodei and his sister, President Daniela Amodei. In May it raised $65 billion in a Series H round at a $965 billion post-money valuation. It confidentially submitted a draft registration statement on June 1 and made its filing public on Oct. 26.

Investors are also focused on the company's unusual governance structure. Anthropic is a Delaware public benefit corporation. That means it must balance shareholders' financial interests with the interests of those affected by its conduct and with its stated purpose: "the responsible development and maintenance of advanced AI for the long-term benefit of humanity."

Before the offering closes, Anthropic will issue a single share of a special Class F stock to an entity owned by its seven co-founders. That share will carry 50.1% of the voting power on most shareholder matters. The filing says the structure gives the founders "the ability to determine the outcome of all matters submitted to a vote of our stockholders generally for the foreseeable future."

Separately, the company's Long-Term Benefit Trust, an independent body created in 2023 whose trustees have no financial stake in Anthropic, generally has the power to elect and remove a majority of the board.

The prospectus warns public investors about the trust directly. "The LTBT may have interests that differ from yours, and it may exercise its power in a way with which you disagree or in a way that may be adverse to your interests," the filing states.

The structure has drawn criticism from some investors. New York City Comptroller Mark Levine wrote to Amodei last month urging the company to pause the IPO until it fully addresses AI safety and governance concerns.

The offering comes after a volatile stretch for AI stocks, as investors weigh huge infrastructure spending against how quickly companies can turn it into profit. Anthropic's IPO will be one of the biggest tests yet of whether public markets will back the leading AI developers at valuations reached in private funding rounds.

The final price may still change. IPOs can be priced above, within or below the filed range depending on demand, and the price is usually set the evening before trading begins.