Anthropic sets $70 to $78 IPO price range for 825 million shares

The updated filing sets the offering at 825 million shares, and the top of the range implies about $64.4 billion including shares sold by existing holders. Reported valuations run from roughly $916 billion to $1.02 trillion on a basic share count, and about $1.3 trillion to $1.4 trillion on a fully diluted basis. Coverage also says about 20% of the shares are targeted for retail buyers.

The public offering is separate from a $26 billion private placement with several large technology companies that was disclosed alongside the filing. The listing follows SpaceX's record IPO earlier this year, and the timing puts Anthropic among the largest offerings of the year. Underwriters were not named in the coverage read for this item.

For founders, a public listing of a frontier lab sets a market reference price for AI companies and gives early employees and investors a path to liquidity. Once Anthropic reports quarterly results, its disclosures on compute commitments, margins and revenue growth will become benchmarks that private AI companies get measured against.