Anthropic Sets IPO Price Range of $70-$78, Plans Nasdaq Debut Nov. 19

Anthropic, an artificial intelligence company founded in 2021, has revealed plans to offer 825 million shares in its initial public offering (IPO) at a price range between $70 and $78 per share. This disclosure, made in an updated filing on Tuesday, marks a significant step toward what could be a landmark public debut on the Nasdaq stock exchange scheduled for November 19.

According to sources familiar with the matter who spoke under anonymity, Anthropic intends to finalize its IPO pricing on November 18, with shares beginning to trade the following day under the ticker symbol "ANT." Notably, the company is aiming to allocate about 20% of the offering to retail investors, which is substantially higher than the typical 5% to 10% range commonly seen in IPOs.

If shares are priced at the upper end of the proposed range, Anthropic stands to raise roughly $64.35 billion from the offering. This would push the company's fully diluted valuation to approximately $1.405 trillion, a significant increase from the $965 billion valuation announced during a funding round in May.

Anthropic has also secured commitments from major technology firms including Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing Company to purchase $26 billion worth of Class N common stock in a private placement. This transaction will occur at the IPO price but the shares involved will not be part of the registered offering and will not be subject to lock-up agreements with underwriters.

The company’s leadership faces a challenging environment as they promote the IPO. Recent political developments, such as the results of the midterm elections which brought a Democratic majority in Congress and various statewide ballot initiatives, could influence regulatory and policy approaches to AI advancement. Additionally, growing skepticism in public markets about AI investments has emerged amid concerns that rising interest rates might increase the cost of debt financing for companies heavily investing in infrastructure.

Reports last week indicated that some investors are adjusting their expectations downward regarding Anthropic’s valuation. While the company had previously been targeting a valuation as high as $2 trillion, several shareholders now consider $1.5 trillion a more realistic, albeit still ambitious, figure.

Should Anthropic proceed with its planned Nasdaq listing, it would follow in the footsteps of SpaceX’s public debut five months ago, which set records by raising $85.7 billion. SpaceX currently holds a market capitalization just under $2 trillion, similar to its valuation at the time of going public. Sources suggest that demand from institutional investors for Anthropic’s shares is even stronger in this phase than it was for SpaceX, and the offering is reportedly fully subscribed within the indicated price range.

Dario Amodei, Anthropic’s CEO and co-founder, established the company after departing OpenAI along with a group of researchers. Anthropic’s reputation rests largely on its development of the Claude family of AI models, which primarily serve business clients. Recently, the company introduced two new AI models, Claude Fable 5.2 and Claude Mythos 5.2. These are the first frontier models released since Amodei advocated for a slowdown in AI development pace earlier this year. The firm emphasized that these models underwent stringent safety and alignment evaluations, alongside new assessment and monitoring tools introduced post-launch.

Financially, Anthropic reported revenue of $33.24 billion for the nine months ending September 30, representing an increase of about 1,200% compared to the same period last year. However, the company recorded a net loss of $104 billion in the same timeframe, largely attributed to changes in the fair value of convertible notes and derivative liabilities. For comparison, the net loss was $25.1 billion during the same period in 2025. The company’s run-rate revenue had climbed to approximately $81 billion by the end of October, up $10 billion from the previous month.

In their prospectus, Anthropic's co-founders expressed the company’s mission to guide humanity safely through technological progress, open new avenues of discovery, and usher in significant advancements. They invited all shareholders, institutional and individual alike, to join in pursuing this vision.