San Francisco, 10 November. Anthropic set the price range for its IPO in an updated filing with the US Securities and Exchange Commission (SEC).
The company is offering 825 million Class A shares at 70–78 dollars a share, raising 57.75 to 64.35 billion dollars, the filing says.
At the top of the range, on a fully diluted share basis, the company is valued at 1.404 trillion dollars by TechCrunch’s calculation. That is more than the 965 billion dollars Anthropic received in its May fundraise but less than the 2 trillion it was reportedly aiming for a couple of months ago, TechCrunch relayed. The calculation depends on the base: Reuters, as BusinessDay writes, gives a benchmark of about 1.02 trillion dollars. The day before, The Wall Street Journal had reported that some investors were pushing for a valuation below 1.5 trillion.
Separately, Anthropic agreed a private placement of 26 billion dollars at the IPO price with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC: these are non-voting Class N shares, with Google and Nvidia investing 10 billion dollars each. The company estimates net proceeds at 84.6–93.7 billion dollars; the higher figure assumes the underwriters, among them Goldman Sachs and Morgan Stanley, exercise the right to buy another 123.75 million shares. Trading on Nasdaq under the ticker ANT, CNBC reported, could begin around 19 November; up to 20% of the offering is meant for retail investors.
The filing also has new figures. Annualised revenue, calculated from the latest month’s pace, reached 81 billion dollars by the end of October, 10 billion more than at the end of September. Third-quarter revenue was 17 billion dollars and nine-month revenue 33.2 billion. Commitments for future spending on computing power and infrastructure rose to 900.9 billion dollars, and the company has about 132 billion in cash and short-term investments. Seven co-founders, including Dario and Daniela Amodei, plan to sell about 3.4 million shares each, roughly 250 million dollars each at the midpoint of the range. Buyers of Class A shares will have limited influence: as a public benefit corporation, the founders hold a Class F share with 50.1% of the votes, and the Long-Term Benefit Trust elects a majority of the board.
There is a Kazakhstani side to the offering. The day before, National Bank Deputy Governor Binur Zhalenov said that Kazakhstan invested in Anthropic in 2025 and that the company’s valuation has since risen several times over, the National Bank said; the size of the stake and the way it is held are not disclosed. And the Kazakhstani trading platform ITS has launched trading in forecasts on the Anthropic IPO, 26 outcomes, the same channel reported.
What it means: Anthropic goes to market at a valuation below the 2 trillion dollars expected earlier: 1.4 trillion on the most generous count and about 1 trillion on another base. The business is growing fast, but commitments are 11 times annualised revenue: 900.9 billion dollars against 81 billion (by our calculation). The market will judge this; trading could begin around 19 November.
Who benefits: Anthropic and the selling shareholders, including seven co-founders who get about 250 million dollars each at the midpoint. Large technology companies: Google, Nvidia and others buy a stake while also supplying the company with computing power. Kazakhstan as a stakeholder: the company’s valuation has risen several times, Zhalenov said, but the size of the stake is unknown.
Background: An IPO is the first public sale of shares on an exchange; a diluted valuation counts all shares that may come into existence, options included. Class A shares are ordinary shares for the public; the founders hold a special share with a voting majority.
