Anthropic Sets IPO Price Range of $70 to $78 Per Share, Implying Up to $1.404 Trillion Valuation

Anthropic, PBC has set an estimated price range of $70 to $78 per share for its Class A common stock in its proposed initial public offering. At the top of the range, TechCrunch reports, the company could reach a fully diluted valuation of $1.404 trillion. Fully diluted valuation counts every share that could exist once options, warrants and other convertible securities are exercised, so it sits above the value of shares currently outstanding.

The company plans to offer 825 million Class A shares. The sale is expected to raise between $57.75 billion and $64.35 billion. Anthropic intends to list on the Nasdaq under the ticker symbol ANT, with trading expected to begin around November 19.

The process has moved in stages. Anthropic filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on October 26, 2026. On November 10, 2026, it launched the roadshow for the offering, the marketing phase in which management presents the company to institutional investors ahead of pricing.

Alongside the public offering, Anthropic has agreed to sell $26 billion of non-voting Class N stock privately, at the IPO price, to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion of that total. Anthropic estimates net proceeds of $84.6 billion to $93.7 billion from the offerings combined. The underwriters, including Goldman Sachs and Morgan Stanley, hold an option to buy up to 123.75 million additional shares from the company at the IPO price, a mechanism often called a greenshoe.

On governance, the Anthropic founders hold a Class F share carrying 50.1% of the voting power. The Long-Term Benefit Trust will elect a majority of the board. In capital-structure terms, a small block of super-voting stock can control a company whose economic ownership is spread across many more shares.

The financial disclosures in the filing give the offering its context. Anthropic reported third-quarter revenue of $17 billion and revenue of $33.2 billion for the first nine months of the year. Over the same nine months it recorded a net loss of $104 billion. The company reports compute and infrastructure commitments of $900.9 billion, meaning contracted obligations for chips, data center capacity and cloud services, and nearly $132 billion in cash and short-term investments.

The broader context here is the scale of the capital involved. Projected net proceeds of up to $93.7 billion would be deployed against commitments several times above the cash on hand, and the nine-month loss is larger than the revenue that produced it. Those figures frame the offering as a financing of the compute buildout rather than a conventional growth round. The composition of the private placement reinforces that reading, since most of the named strategic investors are semiconductor manufacturers or cloud and platform providers whose hardware, capacity and distribution sit inside Anthropic's infrastructure plans.

In my view, the governance structure deserves as much attention as the valuation. A founder-held Class F share with 50.1% of the vote, paired with a trust that elects a board majority, places control over long-term direction in a different arrangement from the one public shareholders usually encounter. Buyers of Class A shares will hold economic exposure without the voting weight the founders' share carries, and the terms of that trade are spelled out only in the prospectus.

For the wider market, the offering tests whether public investors will fund frontier model development at this scale on the terms in the filing. If the deal prices and trades within the range, Anthropic gains a large pool of capital for compute, and the economics of the AI infrastructure buildout come into public view in a way that quarterly private reporting has not provided. The risks are visible in the same document: a nine-month loss of $104 billion, commitments far above the cash balance, and a valuation that depends on sustained revenue growth.

The roadshow and the November 19 target set the near-term timetable. The final price, the amount of the underwriters' option that is exercised, and first-day trading will determine how the figures in the range translate into market value.