Anthropic has set the price range for its stock market debut at $70 to $78 a share, launching the roadshow for what could be one of the largest public offerings ever. The company behind the Claude AI assistant is offering 825 million shares and plans to list on the Nasdaq under the ticker ANT.
The roadshow began on Tuesday 10 November, when Anthropic filed the second amendment to its IPO registration statement. At the top of the range, the sale would raise about $64.35 billion. Anthropic itself would receive around $62.51 billion from the shares it is issuing.
What the filing says
Of the 825 million Class A shares on offer, 801,351,354 are new shares being sold by Anthropic, while 23,648,646 are being sold by existing stockholders. Anthropic will not receive any money from the stockholders’ shares. Goldman Sachs and Morgan Stanley are running the sale, and they also have a 30-day option to buy up to another 123.75 million shares.
The company has applied to list on the Nasdaq Global Select Market. But the registration statement filed with the US Securities and Exchange Commission has not yet become effective. Until it does, the shares cannot be sold and offers to buy them cannot be accepted. The price range can still change, and the sale can be delayed.
Anthropic also agreed to sell $26 billion of a separate class of stock in a private placement at the same price as the IPO. The buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, the chip and cloud companies whose hardware and services power its AI models.
A trillion-dollar valuation
At the top of the $70 to $78 range, the offering would value Anthropic at up to roughly $1.02 trillion based on the shares in issue, according to Reuters. On a fully diluted basis, which also counts shares that could be created from options and other instruments, the Financial Times puts the figure at about $1.26 trillion to $1.41 trillion.
The range sits 19 to 32 percent above the $58.90 that Series H investors paid in the second quarter of this year. Revenue reached $33.2 billion in the first nine months of 2026, up from $2.5 billion in the same period a year earlier, and run-rate revenue was about $81 billion at the end of October. If it lists at the top of the range, it would be the first public listing by a frontier AI lab, Reuters says.
What happens next
Anthropic expects to set the final price on 18 November, with trading due to start on 19 November. Those dates have been reported by CNBC and on the company’s IPO website, but they have not been confirmed in the filing itself, so they could still move.
The company is also setting aside about 20 percent of the offering for retail investors, far above the 5 to 10 percent that is typical. Schwab, Fidelity, Robinhood, SoFi, E*Trade and Trade-PMR are the brokers selling shares to everyday investors. Fidelity is asking for $25,000 in assets and a 100-share minimum, while Robinhood, SoFi and E*Trade have no minimum.
Anthropic IPO: Claude Maker Files for Stock Market Listing as AI Shares Rally covered the original filing. Read more of our Business coverage.
Sources: Reuters, CNBC, Financial Times, Anthropic announcement.
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