Anthropic, the artificial intelligence company behind the Claude chatbot, has set the price range for its stock market debut at $70 to $78 a share, in what would be the largest AI listing ever and one of the biggest share sales in history.
The company filed an amended prospectus on Tuesday, 10 November, the first filing to carry a price range, and launched its IPO roadshow the same day. It plans to sell 825 million Class A shares, which would raise between $57.75 billion and $64.35 billion, before a further private placement.
At the top of the range, Anthropic would be worth about $1.404 trillion on a fully diluted basis, counting options and restricted stock, or about $1 trillion on the shares actually in issue. The final price is expected to be set on 18 November, with trading to begin on the Nasdaq Global Select Market under the ticker ANT on about 19 November.
Seven chip and cloud giants — AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC Partners — have agreed to buy $26 billion of stock in a concurrent private placement at the IPO price, taking the total amount raised to about $90.4 billion.
The filing also revealed the scale of Anthropic’s growth. Its run-rate revenue reached about $81 billion by the end of October, up $10 billion in a single month, and revenue for the first nine months of 2026 was $33.24 billion, against $2.5 billion a year earlier. The nine-month net loss was $104.04 billion, largely driven by fair-value changes on convertible instruments rather than day-to-day operations.
The valuation is down from the roughly $2 trillion the company was reportedly targeting in early October, and below the $1.5 trillion discussed with investors more recently, after a turbulent few weeks for AI shares. It is, however, well above the $965 billion valuation at its May funding round.
The Financial Times has reported that bankers are weighing a price above the range, which could lift the valuation to $1.5 trillion or more, while Bloomberg reported that the deal was fully covered at launch. Goldman Sachs and Morgan Stanley are leading a syndicate of 22 banks, and the underwriters hold a 30-day option to buy a further 123.75 million shares.
Anthropic would be the first frontier AI laboratory to list on a public market, and the offering is being watched as a test of investor appetite for AI companies whose revenues are growing at extraordinary speed but whose costs are growing faster still.
The listing comes as the AI industry’s economics are under intense scrutiny. Rival OpenAI reported quarterly revenue above $10 billion for the first time this week, but with losses widening to $10.9 billion, and investors are asking harder questions about when the huge spending on AI infrastructure will turn into profit.
Figures in this post were checked at 07:09 PKT on Thursday 12 November 2026.
This post is market news information only, not financial advice.
