Anthropic, the company behind the Claude AI assistant, has put a price on one of the biggest stock market debuts in history. In an updated filing with US regulators on Tuesday, it set a range of $70 to $78 a share for its initial public offering.
The company plans to sell 825 million shares on Nasdaq under the ticker “ANT.” At the top of the range, the offering would raise about $64.4 billion and value the company at around $1.4 trillion on a fully diluted basis. At the midpoint, the valuation would be about $1.33 trillion.
The timetable
Anthropic expects to price the offering on 18 November and begin trading on 19 November, according to reports citing people familiar with the plans. Financial media have also reported that the order book is already covered at the proposed range. About 20 percent of shares are reportedly earmarked for retail investors, well above the norm for large IPOs.
One valuation, several numbers
Headlines on Tuesday cited valuations from roughly $1 trillion to $1.4 trillion, and the difference is mostly about how shares are counted. Reuters calculated about $1.02 trillion at the top of the range using shares expected to be outstanding. The fully diluted figure, which includes stock options and restricted stock, reaches up to $1.4 trillion.
For context, the range sits above the $965 billion valuation from Anthropic’s May funding round. But it is well below the roughly $2 trillion that some investors were discussing as recently as September. Some shareholders told reporters last week that even $1.5 trillion looked like a stretch after a sharp sell-off in AI-related stocks.
It would also fall short of SpaceX, whose June listing priced at about $1.77 trillion and remains the largest IPO on record.
Who is buying
Alongside the public offering, seven of Anthropic’s suppliers have agreed to buy $26 billion of non-voting Class N stock at the IPO price. They are Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. Including that private placement, the company expects net proceeds of about $84.6 billion at the midpoint, rising to about $93.7 billion if underwriters exercise their full option.
Control and structure
Anthropic is a public benefit corporation, a legal form that lets a company weigh social goals alongside profit. A single Class F share held by an entity owned by its seven co-founders carries 50.1 percent of the voting power on most matters. That makes Anthropic a “controlled company” under Nasdaq rules, so outside shareholders will have limited influence on major decisions.
What the filing says about the business
According to summaries of the amended filing, quarterly revenue has grown roughly twelvefold to about $17 billion. The company also reported a $567 million operating loss and nearly $900 billion in commitments for data center computing power. It expects about $14.2 billion in stock-based compensation expense tied to restricted stock units when the IPO is completed.
The scale of those obligations shows how closely the company’s fortunes are tied to the AI infrastructure build-out, a theme also visible in Tuesday’s results from cloud provider CoreWeave, one of Anthropic’s suppliers.
Risks and what comes next
The market has never had a dedicated AI model developer to benchmark against, which makes pricing difficult. If demand is strong, shares could open well above the range. If the AI sell-off resumes, the company could face pressure to price lower, or investors could see early losses.
Anthropic declined to comment on its plans to one outlet. Over the coming days, investors will watch roadshow meetings, the final price, and how the stock trades in its first sessions. Those will show whether the market still has an appetite for AI at a trillion-dollar scale.
Disclosure for editors: Anthropic is the developer of the Claude AI assistant. This article is for information only and is not investment advice.
