Anthropic sets IPO range of $70 to $78 a share in Nasdaq listing

Key points

• Anthropic expects to price the offering on 18 November and start trading on 19 November, targeting a retail allocation of about 20%.
• Google and Nvidia would each buy about $10bn of Class N stock at the midpoint, with AMD, Broadcom, Micron, Microsoft and TSMC also participating.

The AI company plans to sell 825 million Class A shares under the ticker ANT, a name it disclosed when the filing became public last month.

At the top of the range the Anthropic IPO would raise about $64.4bn, including shares sold by existing holders, and underwriters hold an option on a further 123.75 million shares. The filing implies a market value of roughly $916bn to $1.02tn on the shares outstanding after the offering, while CNBC puts the fully diluted figure at up to $1.41tn. Anthropic expects to price the deal on 18 November and begin trading on 19 November, with a retail allocation of about 20%, CNBC reported.

Seven suppliers of Anthropic's computing power have agreed to buy $26bn of non-voting Class N stock at the IPO price. At the midpoint, Google and Nvidia would each take about $10bn, AMD about $2.5bn, Broadcom, Micron and Microsoft about $1bn each and TSMC about $500m, free of the usual lock-up. Net proceeds of about $84.6bn at the midpoint would go to general corporate purposes, including compute and infrastructure.

Anthropic reported revenue of $33.2bn for the first nine months of 2026, against a net loss of $104bn driven mainly by a $94.3bn non-cash charge.

What to watch: Anthropic expects to price the offering on 18 November and begin trading on the Nasdaq on 19 November.

Read the full story on Decrypt →