Anthropic Sets $70-$78 IPO Price: Raise, Valuation & Key Dates
Anthropic set its IPO price range at $70 to $78 a share, offering 825 million shares and lining up $26 billion from Google, Nvidia and five other tech giants.
Image: Wikimedia Commons / UK Prime Minister
SAN FRANCISCO, Nov. 10 — Anthropic set the price range for its initial public offering at $70 to $78 a share on Tuesday, putting the Claude developer on course to raise as much as $64.4 billion in what would be the largest stock market debut on record. The terms appear in an amended registration statement filed with the U.S. Securities and Exchange Commission.
Anthropic plans to sell 825 million Class A shares, of which 801.4 million are new shares and 23.6 million are sold by its seven co-founders. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC agreed to buy $26 billion of non-voting stock at the IPO price. The final price is expected on November 18, with trading to begin on the Nasdaq the next day under the ticker ANT.
Key Takeaways
- Anthropic will sell 825 million shares at $70 to $78, raising $57.8 billion to $64.4 billion.
- Google and Nvidia are each buying $10 billion of stock in the $26 billion placement.
- The range values Anthropic at about $1 trillion, and up to $1.4 trillion fully diluted.
- Pricing is expected November 18, with Nasdaq trading to begin November 19 under ANT.
What Anthropic Raises at $70 to $78 a Share
The offering raises $57.8 billion at $70 and $64.4 billion at $78. Goldman Sachs and Morgan Stanley lead the 22-bank syndicate, which holds an option to buy up to 123.75 million extra shares at the IPO price, about $9.7 billion at $78. Net proceeds are estimated at about $84.6 billion at the $74 midpoint, rising to about $93.7 billion if the banks take their full option.
| Offering term | Detail |
|---|---|
| Price range | $70 to $78 per Class A share |
| Shares offered | 825 million Class A |
| Gross proceeds | $57.8 billion to $64.4 billion |
| Underwriters' option | 123.75 million extra shares |
| Private placement | $26 billion of Class N shares |
| Net proceeds at midpoint | About $84.6 billion |
| Implied valuation | About $1 trillion; up to $1.4 trillion |
| Listing | Nasdaq, ticker ANT |
The valuation rests on about 13.1 billion shares outstanding after the deal, worth about $1 trillion at $78, or up to $1.4 trillion counting staff options and restricted shares. The founders hold a single Class F share carrying 50.1 percent of the voting power. Revenue for the three months ended September 30 was $17 billion, 12 times a year earlier, and $33.2 billion for the first nine months against $2.5 billion in 2025.
Who Buys $26 Billion of Anthropic Stock
The seven buyers sell Anthropic its chips and cloud capacity. At the $74 midpoint, Google and Nvidia would each buy about $10 billion of the non-voting Class N shares, AMD about $2.5 billion, Broadcom, Micron and Microsoft roughly $1 billion each, and TSMC about $500 million. The placement closes after the offering, and the shares escape the usual post-IPO lock-up.
When Anthropic Shares Start Trading
Anthropic opened its investor roadshow on Tuesday, November 10, with meetings through the week before pricing on November 18. The filing corrects a false start: on November 9 the company sent banks preliminary details, then withdrew them as inaccurate. The amended statement replaces them with the $70 to $78 range and the 825 million share count.
The listing lands in a cooler market for artificial intelligence shares. AI-linked stocks fell heavily last week on doubts over data-centre spending, then rebounded on Monday, when the S&P 500 rose 2.35 percent and a chip index gained 6.9 percent. SoftBank swung to a $7.1 billion loss as its AI holdings fell. Anthropic launched Claude Fable 5.2 and Claude Mythos 5.2 on Monday, its newest models.
Frequently Asked Questions
When will Anthropic shares start trading on the Nasdaq?
Anthropic is expected to set the final price on November 18, with trading to begin on the Nasdaq the next day under the ticker ANT. The filing gives no pricing date, so the timetable is expected, not confirmed.
What valuation will Anthropic reach at $70 to $78 a share?
At $78, the shares outstanding after the deal are worth about $1 trillion, or up to $1.4 trillion counting staff options and restricted shares.
How much are Google and Nvidia investing in Anthropic?
Google and Nvidia are each buying about $10 billion of non-voting Class N shares in the $26 billion placement. AMD is buying about $2.5 billion, Broadcom, Micron and Microsoft roughly $1 billion each, and TSMC about $500 million.
Anthropic is expected to set the final IPO price on November 18, with trading on the Nasdaq to begin the following day.
