Anthropic's IPO valuation is up to about $1.02 trillion on the shares that will be outstanding after the offering, or up to about $1.4 trillion on a fully diluted basis. It set a price range of $70 to $78 a share in an amended filing on 10 November 2026.

Anthropic launched its roadshow on 10 November, offering 825 million Class A shares and applying to list on the Nasdaq as ANT. At the top of the range the offering would raise up to $64.4 billion, plus a separate $26 billion private placement, taking total fundraising to about $90.4 billion.

Why are there two valuation figures?

The $1.02 trillion figure comes from multiplying the $78 top price by the 13.09 billion shares that will be outstanding after the offering and the concurrent private placement. That is the figure Reuters reported from the filing. The higher figure of about $1.4 trillion is on a fully diluted basis, which also counts shares that could be created from options and unvested stock awards. At the $74 midpoint the value is about $968 billion, close to the $965 billion valuation from its May 2026 private round.

What are the IPO terms?

Of the 825 million shares, about 801.4 million are new shares sold by Anthropic and about 23.6 million are sold by existing shareholders, from whom the company receives no proceeds. Underwriters have a 30-day option on up to a further 123.75 million shares. The $26 billion placement goes to partners including Google, Nvidia, AMD, Broadcom, Microsoft, Micron and TSMC. Goldman Sachs and Morgan Stanley lead the underwriters. The registration statement had not yet become effective, so no shares had been sold.

How big is Anthropic's business?

Anthropic reported revenue of $16.96 billion for the third quarter of 2026, up 47% on the previous quarter, and $33.2 billion for the first nine months, against $2.5 billion a year earlier. The filing also shows a net loss of about $104 billion for the nine months, mostly a non-cash accounting charge on convertible notes and derivatives, rather than cash spent.

When will Anthropic shares start trading?

Reports say pricing is intended for 18 November, with trading expected on 19 November, although the company has not confirmed those dates and the final price could land outside the range. The valuation is below the $1.5 trillion to $2 trillion figures discussed earlier in 2026.

Frequently asked questions

What is Anthropic's IPO valuation?
Up to about $1.02 trillion on shares outstanding after the offering, or up to about $1.4 trillion on a fully diluted basis, at the top of the $70 to $78 price range.

How much will the Anthropic IPO raise?
Up to $64.4 billion from the public offering, plus a $26 billion private placement, taking total fundraising to about $90.4 billion.

What ticker will Anthropic trade under?
ANT, on the Nasdaq Global Select Market, subject to the registration statement becoming effective and the offering being priced.