Anthropic IPO: Claude Maker Targets $1.4 Trillion Valuation

The Anthropic IPO moved a big step closer on Tuesday, 10 November 2026, when the artificial intelligence company filed an updated prospectus with the US Securities and Exchange Commission. Anthropic is best known for its Claude chatbot. The filing sets a price range of $70 to $78 a share for 825 million Class A shares. At the top of that range, the company would be valued at up to $1.404 trillion.

The Anthropic IPO sale is expected to raise between $57.75 billion and $64.35 billion. That would make it a very large public offering. The company will also raise $26 billion through a separate private placement. Seven large technology companies are taking part in that placement: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. The placement is priced at the same level as the public offering.

The valuation figure needs care, because two numbers are in use. On a fully diluted basis, the top of the range gives a value of up to $1.404 trillion. That count includes stock options and restricted stock held by staff. On a non-diluted basis, counting only the shares actually in issue, the value would be about $1 trillion. Both figures describe the same company at the same price. The difference is only in how many shares are counted.

What the Anthropic IPO Price Range Means

An IPO, or initial public offering, is the first time a company sells its shares to the public on a stock market. Before that, its shares are held by private investors and staff. A price range is the band the company and its bankers set for the first sale. Investors place orders inside that band. The final price is fixed after the company pitches the deal to fund managers. The Anthropic IPO is expected to set its final price on 18 November.

The Anthropic IPO also comes with a large side deal. The $26 billion private placement lets seven chip and technology giants buy shares directly from the company at the IPO price. Google and Nvidia are among them. Such placements show that big buyers want a stake before trading starts. They also give the company extra cash on top of the public sale. The seven buyers are all large names in chips and computing. Their backing is a strong signal of confidence in the company.

The Anthropic IPO filing also shows fast growth. Anthropic's run-rate revenue reached $81 billion by the end of October 2026. That is about $10 billion more than at the end of September. Revenue in the third quarter of 2026 was $17.0 billion. That is 12 times the $1.38 billion recorded a year earlier. The figures explain why investors are watching the listing so closely. Growth at that pace is rare for a company of this size.

The Anthropic IPO valuation is still below some earlier hopes. Anthropic was last valued at $965 billion in a private funding round in May 2026. A couple of months ago, reports put the figure as high as $2 trillion. The new range is lower than that. Its biggest rival, OpenAI, was reportedly valued at $1.25 trillion last week after raising $11 billion. The two companies are now close in value, and the market will judge both on growth.

Goldman Sachs and Morgan Stanley lead the group of banks handling the Anthropic IPO sale. J.P. Morgan is also among the 22 banks in the syndicate. The underwriters have an option to buy up to 123.75 million more shares at the IPO price within 30 days. That option is known as the greenshoe. It lets the banks steady the share price in the first days of trading if demand is strong.

Anthropic IPO: Revenue and the Road to Nasdaq

Trading is expected to start on the Nasdaq on 19 November, under the ticker symbol ANT. A ticker symbol is the short code used to identify a company's shares on a stock exchange. Investors will use ANT to find and trade the shares. The pricing on 18 November is a date the whole market will watch, because of the size of the deal.

For now, nothing is priced or trading. The Anthropic IPO still has to complete its roadshow, in which executives pitch the deal to fund managers. The final price could still land outside the $70 to $78 range. Until 18 November, the range is the only firm number. Readers should treat any other figure as a report, not a fact.

What is the Anthropic IPO?

The Anthropic IPO is the first sale of shares in Anthropic, the artificial intelligence company behind the Claude chatbot, to the public on the Nasdaq stock market. The company plans to sell 825 million shares at $70 to $78 each, with trading expected to start on 19 November under the ticker ANT.

How much is Anthropic worth in the Anthropic IPO?

At the top of the $70 to $78 range, the Anthropic IPO values the company at up to $1.404 trillion on a fully diluted basis, which counts stock options and restricted stock. On a non-diluted basis, counting only shares in issue, the value is about $1 trillion.

When will Anthropic shares start trading?

The final price is expected to be set on 18 November, and trading is expected to start on the Nasdaq on 19 November. The shares will trade under the ticker symbol ANT. The Anthropic IPO is not yet priced, and no shares are trading today.

Who is buying shares in the Anthropic IPO?

Seven large technology companies, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, will buy $26 billion of shares in a separate private placement at the IPO price. Goldman Sachs and Morgan Stanley lead the 22 banks handling the public sale. The banks can also buy up to 123.75 million more shares.

How fast is Anthropic growing?

Anthropic's run-rate revenue reached $81 billion by the end of October 2026, about $10 billion more than at the end of September. Revenue in the third quarter was $17.0 billion, 12 times the $1.38 billion a year earlier. The company was last valued at $965 billion in a private round in May 2026.