Anthropic has set the price range for its initial public offering at $70 to $78 per share, putting the maker of the Claude AI assistant on course for one of the largest stock market listings ever. The company said in an updated filing on Tuesday, 10 November, that it will offer 825 million Class A shares, raising between $57.75 billion and $64.35 billion, and that it could be worth up to $1.404 trillion on a fully diluted basis if the shares price at the top of the range.

The listing is going ahead despite a shakier market for technology shares and a broader pullback in AI investing, and it will test how much public investors are willing to pay for a fast-growing AI company that is still spending heavily to build the computing power behind its models. This article reports the terms set out in the filing; it is not investment advice.

What the Anthropic IPO terms are

Under the terms reported by TechCrunch from Anthropic's updated IPO filing, the 825 million Class A shares on offer are priced at $70 to $78 each. At the top of the range, the fully diluted valuation of about $1.404 trillion counts shares, options and other equity awards, which is why it is higher than the value calculated on shares outstanding alone.

Even at that level, the valuation is below the $2 trillion Anthropic was reportedly targeting a couple of months ago. It is, however, a sharp rise from the $965 billion valuation the company reached in a private fundraising in May. Underwriters including Goldman Sachs and Morgan Stanley will have the option to buy up to 123.75 million additional shares at the IPO price.

Anthropic intends to start trading on the Nasdaq close to 19 November under the ticker symbol "ANT", according to CNBC reporting cited by TechCrunch. The company expects up to 20 per cent of the offering to be allocated to retail investors, an unusually large share for a listing of this size.

A $26 billion private placement alongside the IPO

Alongside the public offering, Anthropic has agreed to sell $26 billion of non-voting Class N stock at the IPO price to seven technology companies: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion, according to the filing.

Anthropic estimates total net proceeds of between $84.6 billion and $93.7 billion, with the higher figure applying if the underwriters exercise their option to buy additional shares. The private placement means some of the world's largest chipmakers and cloud providers will hold a direct stake in the company whose models run on their hardware and infrastructure.

Control of the company will stay with its founders. As a public benefit corporation, Anthropic's founders hold a Class F share carrying 50.1 per cent of the voting power, and its Long-Term Benefit Trust will elect a majority of the board, so buyers of Class A shares will have limited influence over the company's direction.

Revenue is surging, but so are costs

The filing also gave new detail on Anthropic's finances. Run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September. Third-quarter revenue was $17 billion, and revenue for the first nine months of 2026 was $33.2 billion, according to the filing.

The growth comes with very large costs. Anthropic reported a nine-month net loss of $104 billion, with compute and infrastructure commitments of $900.9 billion, and it held nearly $132 billion in cash and short-term investments. The Motley Fool, which also reported the $70 to $78 range and the 825 million shares on offer, noted that Anthropic swung back to a $567 million operating loss in the third quarter after reporting its first operating profit in the second quarter.

The filing also discloses that the company's co-founders, including chief executive Dario Amodei, each expect to sell nearly 3.4 million shares in the IPO. At the $74 midpoint of the price range, that would be worth about $250 million each.

What happens next

The roadshow, in which Anthropic's management pitches the shares to large institutional investors, is now under way, and the final price will be set according to demand. It can come in above, within or below the $70 to $78 range, and Anthropic has already trimmed the range once, so the published range should not be treated as final.

The listing will also invite comparison with OpenAI, Anthropic's biggest rival, which was reportedly valued at $1.25 trillion last week after raising $11 billion. Whether Anthropic's shares hold their value after trading begins will depend on whether investors believe its revenue growth can eventually cover the enormous cost of the computing power it needs.