Anthropic sets IPO price range at $70 to $78 per share

The artificial intelligence sector continues to dominate capital markets as Anthropic moves to list on the Nasdaq. The company confirmed its initial public offering details in a filing submitted on Tuesday, November 10. It plans to sell 825 million shares at a price of $70 to $78 each.

Sources familiar with the plan say Anthropic will finalize pricing on November 18. Trading is scheduled to begin on November 19. This timeline places the debut roughly five months after SpaceX raised a record $85.7 billion. SpaceX currently holds a market capitalization just under $2 trillion.

If the offering completes at the high end of the range, Anthropic could raise $64.35 billion. On a fully diluted basis, the valuation would reach $1.405 trillion. This figure exceeds the $965 billion valuation set during a funding round in May. The company had previously targeted a $2 trillion valuation before adjusting its expectations.

The offering structure allocates approximately 20% of the shares to retail investors. This percentage is higher than the 5% to 10% standard for individual buyers in major offerings. Sources noted that these details were shared under conditions of anonymity because the company had not yet authorized public comments.

Anthropic simultaneously disclosed a private placement agreement with a group of technology and chip manufacturers. Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing Company will purchase $26 billion of Class N common stock. The purchase price will match the IPO price. These shares will not be registered in the public offering and will not be subject to underwriter lock-up agreements.

Financial data in the filing shows a rapid expansion in revenue and a large net loss. For the nine months ended September 30, Anthropic generated $33.24 billion in revenue. This represents a 1,200% increase from the same period in the previous year. The company reported a net loss of $104 billion for that period, compared to a loss of $25.1 billion in 2025. The loss was largely driven by changes in the fair value of convertible notes and derivative liabilities.

The company’s run-rate revenue reached approximately $81 billion at the end of October. This marks an increase of $10 billion from the prior month. Institutional demand for the shares is reportedly strong. Sources state that the order book is fully covered at the proposed price range on an allocable basis.

Anthropic co-founder Dario Amodei left OpenAI to establish the firm in 2021. The company focuses on business clients and is known for its Claude family of AI models. On Monday, the firm released two new frontier models named Claude Fable 5.2 and Claude Mythos 5.2. This release occurred after Amodei called for a slower pace of AI development in September. The prospectus states that every shareholder becomes part of the company's effort to advance technological safety and discovery.