Anthropic Prices Its IPO at $70-$78, Targeting a $1.4 Trillion Debut

Anthropic set the price range for its IPO at $70 to $78 a share on Tuesday, an implied valuation of $1.404 trillion at the top of the range, fully diluted. In an updated filing, the Claude maker said it will offer 825 million Class A shares in a sale expected to raise $57.75 billion to $64.35 billion.

That range sits below the $2 trillion Anthropic reportedly targeted a couple of months ago, and well above the $965 billion it reached in a May fundraise. For scale, the base deal alone would raise about twice the $33.2 billion the company booked in revenue over the first nine months of the year.

How much cash actually reaches the balance sheet?

Anthropic estimates net proceeds of $84.6 billion to $93.7 billion, with the higher figure assuming the underwriters take up their option on additional shares. Goldman Sachs and Morgan Stanley, among the underwriters on the deal, can buy up to 123.75 million more shares from Anthropic at the IPO price.

Who is buying privately?

Alongside the public sale, Anthropic said it struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to:

• AMD
• Broadcom
• Google
• Micron
• Microsoft
• Nvidia
• TSMC

Google and Nvidia are investing $10 billion apiece, accounting for $20 billion of the $26 billion commitment. The private buyers take no voting rights in the transaction.

Who controls Anthropic once it trades?

Public shareholders get limited leverage. As a public benefit corporation, Anthropic's founders hold a Class F share carrying 50.1% of the voting power, and the Long-Term Benefit Trust will elect a board majority. Class A buyers — the people funding the deal on the Nasdaq — will have limited influence over the company they own.

Anthropic expects up to 20% of its IPO shares to be allocated to retail investors.

What does a $1.4 trillion Anthropic mean for enterprise buyers?

The number that matters to anyone signing a Claude contract isn't the market capitalization; it's what Anthropic can still spend on capacity. The updated filing shows run-rate revenue of $81 billion by the end of October, about $10 billion more than at the end of September, and nearly $132 billion in cash and short-term investments.

The rest of the ledger runs heavier:

• Third-quarter revenue: $17 billion
• Nine-month revenue: $33.2 billion
• Nine-month net loss: $104 billion
• Compute and infrastructure commitments: $900.9 billion
• Cash and short-term investments: nearly $132 billion

Those $900.9 billion in compute commitments are the real constraint on what Anthropic can deliver to customers — more than eight times the size of its nine-month net loss.

How does it stack up against OpenAI?

OpenAI, Anthropic's biggest rival, reportedly fetched a $1.25 trillion valuation last week after raising $11 billion, nearly half the $20 billion it had first tried to raise. Anthropic's top-of-range valuation puts it roughly $154 billion ahead on that comparison, and the IPO raises more than five times what OpenAI just closed.

The calendar

Anthropic intends to start trading on the Nasdaq close to November 19, per reporting from CNBC, under the ticker symbol "ANT". The opening print will tell enterprise buyers whether a $900.9 billion compute book is a moat or a bill coming due.