Anthropic has set the price range for its blockbuster stock market debut at $70 to $78 a share, aiming to raise as much as $64.4 billion in what would be one of the largest initial public offerings in history.

The AI company behind the Claude chatbot filed an amended prospectus with the US Securities and Exchange Commission on Tuesday, 10 November, and formally launched the roadshow to market the deal to investors.

What the filing shows

The offering covers 825 million Class A shares, of which Anthropic itself is selling about 801.35 million. Existing shareholders are selling a further 23.65 million shares, with Anthropic receiving no proceeds from those.

At the top of the $70 to $78 range, the offering would raise about $64.35 billion in total, with Anthropic's own gross proceeds reaching about $62.5 billion. Reuters calculated that the terms value the company at up to $1.02 trillion, well below the $1.25 trillion to $1.75 trillion figures discussed earlier in the process.

Seven strategic investors have separately agreed to buy $26 billion of stock in a private placement at the IPO price, taking total fundraising linked to the listing to as much as $90.4 billion. The cornerstone investors include Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC.

A corrected range after Monday's retraction

The new range replaces terms briefly circulated to banks late on Monday, which showed about 867 million shares at $70 to $80 each and a raise of up to $69.3 billion. Anthropic then told the banks that the pricing information was inaccurate and said it would provide a corrected version.

The company has not explained what was wrong with the earlier document. The bottom of the price range held at $70, while the top came down by $2 and the share count fell by about 42 million.

A test of the AI boom

Anthropic filed its original prospectus on 26 October and plans to list on the Nasdaq Global Select Market under the ticker ANT. The shares are reported to be targeting a trading debut on 19 or 20 November, the week before Thanksgiving, although no trading date has been confirmed.

The filing shows revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion in the same period a year earlier, underlining how fast the company's sales have grown. Goldman Sachs and Morgan Stanley are leading a syndicate of 22 underwriting banks.

The listing is the first big public-market test of the valuations attached to frontier AI companies, and it arrives after a sharp sell-off in technology shares last week. The final price and the exact listing date have not yet been set.