Anthropic Sets IPO Price Range of $70-$78, Eyes $1.4 Trillion Valuation
Anthropic, the artificial intelligence company behind the Claude language model, has officially set the price range for its initial public offering between $70 and $78 per share — implying a fully diluted valuation of up to $1.404 trillion. The announcement on November 10, 2026, marks the formal launch of the company's roadshow and consolidates its position as the most significant capital markets event in the artificial intelligence sector.
According to Amendment No. 2 to the Form S-1 filed with the U.S. Securities and Exchange Commission (SEC) at 06:29 ET on Tuesday, Anthropic is offering 825 million Class A ordinary shares, of which 801,351,354 are newly issued shares and 23,648,646 are sold by existing shareholders. The shares will be listed on the Nasdaq Global Select Market under the ticker "ANT," with Goldman Sachs and Morgan Stanley as lead underwriters.
At the top of the price range ($78 per share), the offering would raise $64.35 billion in gross proceeds — approximately $62.51 billion for Anthropic and $1.84 billion for selling shareholders. With the underwriters' over-allotment option of up to 123,750,000 additional shares, the total could reach $74 billion.
A $26 billion support package
One of the most notable elements of the IPO structure is the already-secured purchase commitments from strategic partners. Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC Partners have agreed, severally, to purchase a total aggregate of $26 billion in Anthropic Class N common stock at the IPO price. Google and Nvidia each commit $10 billion at the midpoint of the range ($74).
This $26 billion support package is a significant guarantee: Anthropic will receive the full proceeds, with no underwriting commission. It is also a powerful signal of institutional confidence in the company's future, considering that these same investors had participated in a Series H funding round in May 2026 that valued Anthropic at $965 billion.
The valuation pullback
The current price range reflects a realistic adjustment from earlier expectations. In October, investors discussed valuations between $1.5 trillion and $2 trillion. Over recent weeks, the valuation discussion dropped substantially — investors now talk in the range of $1.1 trillion to $1.3 trillion, with some considering a floor closer to $1 trillion as more prudent.
This compression occurred amid a sharp selloff in technology stocks following the U.S. midterm elections. The Nasdaq 100 fell 14% over this period, and the VIX volatility index briefly surged above 25 last week — a level at which companies typically postpone IPOs.
According to CNBC, Anthropic is targeting a pricing date of November 18 and first trading on November 19. Bloomberg has reported that the roadshow — including a live-streamed event with CEO Dario Amodei and JPMorgan's Jamie Dimon — could begin as early as Friday, November 13.
The numbers behind the valuation
The financial data presented in the S-1/A reveal a company in accelerated growth but still unprofitable. In Q3 2026 (three months ended September 30), Anthropic reported revenue of $16.96 billion, a sequential growth of 47% over the $11.56 billion in Q2. The nine-month expenses reached $33.24 billion, approximately 13 times the same period in 2025.
The Q3 operating result was negative $567 million, a significant decline from the $974 million operating profit in Q2. Compute expenses accounted for 57% of revenue in the latest quarter, down from 172% in the same period a year ago — a substantial improvement suggesting operating leverage is in progress.
Valuing Anthropic at the $70-$78 range implies: $857 billion at $70, $906 billion at the midpoint of $74, and $955 billion at $78. These figures are based on 12,239,831,631 basic shares outstanding (including Class A and Class N in the accounting capitalization table).
The macro context
Anthropic's IPO arrives at a particularly challenging moment for the technology market. The midterm elections produced mixed results for the sector: anti-data center candidates won in several districts, while political support for AI remained robust at the federal level. The VIX, which moved from comfortable levels below 15 to above 25 and now stabilizes around 20.73, remains an indicator of uncertainty.
The comparison with SpaceX is inescapable: SpaceX listed in August with a $2 trillion valuation and raised more than $75 billion. Anthropic aims to become the first "frontier" AI company to list, while OpenAI — its chief rival — maintains a "lastmile" structure and has not yet defined a clear IPO timeline.
The question is whether the market is prepared to absorb the largest IPO from an artificial intelligence company — or whether the $1.4 trillion valuation, even with the discount, still represents too steep a premium for a sector that has yet to prove long-term financial sustainability.
Sources: The Verge, TechCrunch, CNBC
✓ Independent sources cross-checked and verified before publishing
