Anthropic, the artificial intelligence company behind the Claude family of models, has set a price range of $70 to $78 a share for its initial public offering, in a deal that could raise as much as $64.4 billion and become one of the largest stock market debuts in history. The company filed the updated terms with the US Securities and Exchange Commission on Tuesday, 10 November.
Under the filing, Anthropic plans to sell 825 million Class A shares. The company itself will issue 801,351,354 new shares, while existing shareholders will sell another 23,648,646 shares, with Anthropic receiving no proceeds from those secondary sales. At the top of the indicated range, the full offering would be worth $64.35 billion before underwriting costs, with the company's own portion worth about $62.5 billion.
The deal is even larger when a concurrent private placement is included. Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners have agreed to buy $26 billion of Anthropic's non-voting Class N shares at the IPO price, in a placement conditional on the public offering closing. Google and Nvidia are each committing $10 billion. Together, the IPO and the private placement could raise about $90.4 billion.
At the top of the price range, the offering would value Anthropic at more than $1 trillion, with estimates varying according to the share count used. CNBC calculated that the high end could value the company at as much as $1.405 trillion on a fully diluted basis, while other estimates put the figure between $1.02 trillion and $1.3 trillion. Either way, the valuation marks a steep climb from Anthropic's previous private valuation of $965 billion as of May 2026.
Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT, with Goldman Sachs and Morgan Stanley leading the underwriting group. Trading is expected to begin around 19 November, and the company plans to reserve about 20 per cent of the IPO shares for retail investors, well above the typical 5 to 10 per cent in public offerings, according to CNBC.
The filing also lays bare the scale of Anthropic's business and its costs. The company reported $17 billion of revenue for the three months ended 30 September 2026, up 1,127 per cent year on year, and counted more than 11,900 customers generating at least $100,000 in trailing twelve-month revenue. At the same time, the prospectus describes approximately $900.9 billion in compute and infrastructure-related commitments extending many years into the future, a reminder that the race to build ever-larger AI models is enormously expensive.
The new terms replace a draft that circulated among banks a day earlier, which showed about 867 million shares priced at $70 to $80 and would have raised about $69.3 billion at the top. Anthropic withdrew that version within hours, telling recipients the pricing details were inaccurate and that the document would be updated, and the revised draft lowers the ceiling by $2 a share and cuts the maximum proceeds by roughly $5 billion.
The IPO comes at a moment of intense scrutiny of the AI boom. Anthropic released its newest models, Claude Fable 5.2 and Mythos 5.2, on 9 November, and on Tuesday it also brought its Claude assistant to Google Meet, pushing the technology deeper into everyday office work. At the same time, investors have begun asking harder questions about whether the enormous sums being poured into AI infrastructure will ever earn a return, and the company's $900 billion of future commitments will be at the centre of that debate.
For the wider market, the offering is a test of appetite for pure-play AI. Anthropic is structured as a public benefit corporation, and its backers include the very chipmakers whose hardware powers its models, a circularity that some analysts find reassuring and others find worrying. If the deal succeeds at the top of the range, it will set a new benchmark for AI valuations; if it struggles, it will be read as a sign that enthusiasm for the sector is cooling.
Figures checked at 06:05 PKT on 11 November 2026.
This post is market news information only, not financial advice.
