AI in action · Markets
Anthropic Set a $70-$78 IPO Range, Up to $1.4 Trillion
Anthropic set its IPO range at $70 to $78 a share on November 10, 2026, valuing it at up to $1.405 trillion fully diluted. Trading is expected on November 19.
The largest AI listing yet now has a price. Anthropic launched the roadshow for its initial public offering on Tuesday, November 10, with 825 million Class A shares at an expected $70 to $78 each, CNBC reported. At the top of the range the offering would raise up to $64.35 billion and value the company at up to $1.405 trillion on a fully diluted basis. People familiar with the plans told CNBC the shares are due to price on November 18 and start trading on Nasdaq on November 19 under the ticker ANT.
The range is a step down from what the market had been discussing. Investors had expected a valuation near $2 trillion when the company filed publicly in October, and some told CNBC that even $1.5 trillion now looked like a stretch after the sell-off in AI stocks and the rise in interest rates. For comparison, Anthropic's private funding round in May valued it at $965 billion, and SpaceX, which raised $85.7 billion in its own listing about five months ago, trades at just under $2 trillion.
The numbers in the prospectus explain both the excitement and the caution. Revenue for the nine months to September 30 was $33.24 billion, up about 1,200% from a year earlier, and run-rate revenue reached about $81 billion at the end of October. The company also reported a net loss of $104 billion over the same nine months, most of it from changes in the fair value of convertible notes and derivative liabilities rather than from operations, and purchase commitments of $895.4 billion, largely for computing capacity.
The structure is unusual in two ways. About 20% of the shares are earmarked for individual investors, against a typical 5% to 10%. And a group of suppliers and partners, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, will buy $26 billion of a separate class of stock at the IPO price, shares that are not registered in the offering and not subject to lock-ups. CNBC reported that the order book was already covered across the range.
For markets, the deal is a test of how much appetite is left for AI after a month of losses. A strong debut would support the valuations of listed AI names and of private companies planning to list; a weak one would confirm the caution already visible in AI debt and in other pending listings. The registration statement still has to be declared effective by the SEC, so the dates can move.
Sources: CNBC — Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say (Nov 10, 2026); Renaissance Capital — AI model developer Anthropic PBC files for an estimated $75 billion IPO