Anthropic has set the price range for its long-awaited stock market listing at $70 to $78 a share, valuing the artificial intelligence company at about $968 billion at the midpoint of the range, according to its amended filing with the US Securities and Exchange Commission.

The terms were set out in Amendment No. 2 to Anthropic's Form S-1, filed on 10 November 2026. The company plans to offer 825 million Class A shares in total, made up of 801,351,354 new shares sold by Anthropic and 23,648,646 shares sold by existing shareholders. The shares are to be listed on the Nasdaq Global Select Market under the ticker ANT.

How the valuation is calculated

On the 13.09 billion shares that would be outstanding after the offering and a concurrent private placement, the range values Anthropic at $917 billion at the low end and $1.02 trillion at the top, with $968 billion at the $74 midpoint. That is the figure based on shares actually outstanding.

The fully diluted valuation is higher. Counting stock options and other share-linked awards, CNBC put the fully diluted value at up to $1.405 trillion and Axios at around $1.4 trillion at the top of the range. The filing's outstanding share count excludes about 1.77 billion shares issuable on outstanding options, about 1.07 billion unvested restricted stock units and shares reserved for a new equity plan. Adding those awards and reserves implies an equity value of about $1.26 trillion at $70 and about $1.40 trillion at $78.

The distinction matters for investors. The $968 billion figure is the value on shares already issued; the $1.4 trillion figure is what the company would be worth if every option and award turned into a share. Neither is a final market capitalisation: the offer price remains preliminary, and the value investors assign after listing will depend on the final terms and subsequent trading.

How much Anthropic would raise

At the $74 midpoint, Anthropic estimates net proceeds of about $84.6 billion from its own IPO shares plus the private placement, or about $93.7 billion if the underwriters take up their option in full. The underwriters have a 30-day option to buy up to a further 123,750,000 shares from the company, which at $78 would take the total offering to $74.0 billion.

The private placement is worth $26 billion. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy non-voting Class N shares at the IPO price. The placement is a sign of how closely the industry's biggest names are tied to Anthropic's future, and it also gives the company a large base of committed buyers before trading begins.

The financials behind the listing

Anthropic reported run-rate revenue of approximately $81 billion at 31 October, up $10 billion from 30 September. Run-rate revenue is not the same as reported revenue: Anthropic multiplies the last 28 days of consumption fees by 13 and monthly subscription fees by 12, and the filing says the measure is not a substitute for revenue prepared under US accounting rules, nor a forecast.

For the nine months to 30 September 2026, the company reported revenue of $33.242 billion and a net loss of $104.039 billion. The loss was heavily affected by fair-value changes in convertible instruments: $94.3 billion of it was a non-cash change in the fair value of convertible notes, derivative liabilities and safety agreements. Revenue for the nine months was up from $2.5 billion in the same period a year earlier, while full-year 2025 revenue was $4.6 billion.

The company also disclosed compute commitments of $900.9 billion, and the filing still leaves a $233.5 billion funding gap through 2030, according to analysis of the filing. Anthropic launched the roadshow for the offering on 10 November. No pricing date or first trading day has been set, and the registration statement is not yet effective. A listing in the week of 16 November has been reported, but Anthropic has not announced it.

What to watch next

The next steps are the roadshow, the SEC declaring the registration statement effective, and final pricing. Investors will be watching whether demand at the roadshow supports the top of the range, and whether the company confirms a first trading date. The listing would be one of the largest technology offerings on record, and a test of appetite for artificial intelligence companies after a volatile autumn for the sector's shares.

Sources: Leverage Shares Anthropic IPO tracker and Cestrian Capital Research, both based on Anthropic's Form S-1/A filed with the SEC on 10 November 2026.