Anthropic Sets $70‑$78 Share Range, Targets Up to $1.4 Trillion Valuation in Mega IPO

Anthropic set a price range of $70 to $78 per share for its initial public offering in an amended S-1 filed on November 10, offering 825 million Class A shares for listing on the Nasdaq Global Select Market under the ticker ANT. Anthropic itself is selling about 801.4 million of those shares and existing holders the remaining 23.65 million, so the offering would raise $57.75 billion to $64.35 billion before the underwriters' option. The filing states no valuation, and press estimates vary by method, from roughly $1.0 trillion on shares outstanding to as much as $1.4 trillion on a fully diluted basis.

Alongside the IPO, seven companies, AMD, AVGO, Google (GOOGL), MU, MSFT, NVDA and TSM, agreed to buy $26.0 billion of non-voting Class N stock at the IPO price in a concurrent private placement, with Google and Nvidia taking about $10 billion each. Including the placement, the deal could bring in as much as $90.4 billion, and the filing estimates combined net proceeds of about $84.6 billion at the midpoint of the range. Pricing is expected on November 18, with trading as early as November 19.

The filing also shows the scale of the business behind the deal. Revenue was $17.0 billion for the three months ended September 30, up from $1.4 billion a year earlier, roughly twelve-fold growth, and up 47% from the second quarter. Anthropic swung to a $567 million operating loss in the quarter after a $974 million operating profit in Q2, which the filing attributes mainly to $5.0 billion of short-term compute commitments and $2.0 billion of non-cash donation-matching charges. It also disclosed about $900.9 billion of committed spending, substantially all on compute and infrastructure.

Goldman Sachs, the lead bank on the offering, projects Anthropic's revenue will exceed $600 billion by 2030, more than 130 times its 2025 sales of $4.6 billion, with free cash flow turning positive only in 2030 at $33.6 billion, according to the Financial Times. Those are underwriter projections, not company guidance.

What to watch: where the deal prices against the range, whether the underwriters' option is exercised, and how the shares trade once ANT opens. For the listed placement buyers, several of which also supply Anthropic's compute, the offering marks a fresh, public price on a stake in one of their largest AI customers.