Anthropic has set a $70 to $78 price range for its Nasdaq debut, with 825 million shares on offer under the ticker “ANT”.
At the top of that range, the company would be worth up to $1.4 trillion on a fully diluted basis, which counts stock options and restricted stock. Reuters puts the figure at about $1 trillion on a non-diluted basis. In September, an earlier draft filing implied roughly $2 trillion. The new range sits well below that, though above the $965 billion valuation from Anthropic’s May funding round.
Decrypt reports that the terms come from an updated SEC filing. Of the 825 million shares, 801.4 million are new and 23.6 million come from existing shareholders. TechCrunch reports that underwriters, including Goldman Sachs and Morgan Stanley, can buy up to 123.75 million more.
According to CNBC, which cites people familiar with the matter, the company plans to price on 18 November and start trading on 19 November. The same people say about 20% of the offering is aimed at retail investors, against the usual 5% to 10%.
Anthropic expects net proceeds of about $84.6 billion at the $74 midpoint, counting a private placement, and about $93.7 billion if the underwriters’ option is exercised in full. It plans to use the proceeds for general corporate purposes, including compute and infrastructure. Seven of its suppliers (Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC) have agreed to buy $26 billion of non-voting Class N stock at the IPO price.
Anthropic reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier. It says run-rate revenue hit $81 billion by the end of October. It also posted a net loss of $104 billion, most of it a $94.3 billion non-cash charge tied to convertible notes. Anthropic also overtook OpenAI in business adoption, a shift Tbreak covered in May.
Buyers of Class A shares won’t get much say. A single Class F share held by an entity owned by the seven co-founders carries 50.1% of voting power on most matters, making Anthropic a “controlled company” under Nasdaq rules. The co-founders are also each selling nearly 3.4 million shares, worth about $250 million apiece at the midpoint.
The filing is also blunt about risk. Deadline quotes it as saying AI systems could, without proper safeguards, “pose catastrophic or existential risks to humanity”. The warning lands weeks after researchers urged labs to air-gap frontier models.
