Anthropic sets $70 to $78 IPO price range targeting up to $64.4B raise
An amended SEC filing dated November 10 puts the Claude developer's offering at 825 million Class A shares, priced between $70 and $78 each. The shares will list on Nasdaq as ANT, with pricing set for November 18 and trading from November 19. About 801 million shares come from the company and roughly 23.6 million from existing holders, so Anthropic collects nothing on the second group. At the top of the range, the deal would raise about $64.4 billion including that selling stake. Goldman Sachs and Morgan Stanley lead the offering.
A separate $26 billion private placement would sit alongside the IPO. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy stock at the IPO price, with Google and Nvidia each taking about $10 billion at the $74 midpoint. Including that placement, the two transactions could total up to $90.4 billion. At the midpoint, Anthropic expects combined net proceeds of about $84.6 billion for general corporate purposes, including compute.
At $70 to $78, the 13.09 billion shares outstanding after the deal imply a market value of about $916 billion to $1.02 trillion. The top of the range values Anthropic at up to about $1.4 trillion on a fully diluted basis. The filing reports an annualized revenue run rate of about $81 billion as of October 31, up $10 billion from September 30.
Why it matters
For founders and operators, the price range becomes a public benchmark for what a frontier lab is worth. Once shares trade on November 19, investors will have a market price to compare against the private valuations seen in earlier funding rounds, which can influence how other model developers are valued and how terms are set for AI startups. The run-rate figures also show, in the company's own filing, how fast enterprise usage has grown.
Compute commitments matter for builders too. Anthropic reports roughly $900 billion of committed compute spending with its cloud and chip partners, and part of the proceeds is earmarked for compute and infrastructure. Obligations of that size give the company strong reasons to keep usage high, which tends to shape the API pricing and capacity available to every company building on Claude.
Key points
- 1Price range of $70 to $78 per share for 825 million Class A shares listed on Nasdaq under ANT
- 2Anthropic sells about 801 million shares, while existing holders sell roughly 23.6 million
- 3Pricing is planned for November 18, with trading set to begin November 19
- 4A separate $26 billion private placement could take total proceeds to as much as $90.4 billion
- 5Annualized revenue run rate reached about $81 billion as of October 31, up $10 billion from September 30
