Markets
Anthropic's IPO Week: $70–$78 a Share, Pricing Nov 18
Anthropic plans to price its IPO on November 18, 2026, selling 825 million shares at $70 to $78 each, which would raise up to $64.4 billion.
The largest technology listing of the year after SpaceX is scheduled for the coming week, and it arrives in the middle of a sell-off in the very stocks it will be compared with. Anthropic, the developer of the Claude AI models, set a price range of $70 to $78 a share in an updated registration filed with the Securities and Exchange Commission on November 10. It is offering 825 million shares and, according to people familiar with the plans cited by CNBC, expects to price the deal on Wednesday, November 18, with trading on the Nasdaq under the ticker ANT from Thursday, November 19.
The numbers are large by any standard. At the top of the range the offering would raise about $64.4 billion, less than the $85.7 billion SpaceX raised about five months ago but more than any other IPO on record. CNBC put the fully diluted valuation at up to $1.405 trillion at $78 a share, against $965 billion in a private funding round in May. Valuations quoted elsewhere differ because they count shares differently: Decrypt calculated roughly $916 billion to $1.02 trillion on shares outstanding after the offering, and about $1.4 trillion fully diluted.
Two features of the structure stand out. The first is retail access: the company is targeting about 20% of the shares for individual investors, CNBC reported, against a usual 5% to 10%. The second is a separate $26 billion private placement of non-voting Class N stock to seven strategic partners, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, at the IPO price. Those shares are not part of the registered offering and are not covered by the underwriters' lock-up agreements, which normally stop insiders from selling for a set period after a listing.
The filing also shows how fast the business is growing and how far it is from accounting profits. Revenue for the nine months to September 30 was $33.24 billion, up roughly twelvefold from a year earlier, and Anthropic said its annualised revenue run rate reached about $81 billion at the end of October. The net loss for the nine months was $104 billion, largely from changes in the fair value of convertible notes and derivative liabilities rather than from operating costs; a year earlier the loss was $25.1 billion.
Timing is the open question. Expectations had once run as high as $2 trillion, and some investors told CNBC that even $1.5 trillion looked like a stretch after the range came out. The backdrop has not helped since: the Nasdaq-100 fell 1.22% on Friday, Nvidia dropped for a sixth straight week after its chief executive resigned, and the 10-year Treasury yield ended the week at 5.15%. Against that, CNBC reported that the order book was already covered across the range, and prediction market Polymarket priced a November 19 listing at about 93% on Friday, according to Finextra.
For traders, the first useful signals arrive before the shares do. A price set above the range, or an increase in the number of shares, would show demand strong enough to absorb a sale of this size during a tech pullback; a price at or below $70 would say the opposite. After that, the first-day move matters less than the following weeks, when the size of the free float, index-inclusion timing and the lock-up schedule decide how much stock comes to market.