Anthropic has set a price range of $70 to $78 per share for its upcoming initial public offering, according to an updated filing on Tuesday.
The company plans to price on November 18 and begin trading on the Nasdaq under the ticker “ANT” on November 19.
The offering of 825 million shares could net the company up to $64.35 billion in proceeds. Based on the high end of the pricing range, the firm could reach a market valuation of up to $1.405 trillion on a fully diluted basis, a significant increase from the $965 billion valuation recorded during a funding round in May.
Investors Expect a $1.5 Trillion Valuation Despite High Demand
While Anthropic had been looking toward a $2 trillion valuation until recently, shareholders told CNBC that reaching $1.5 trillion is now considered a "stretch." Despite these tempered expectations, institutional demand is high. People familiar with the details said that the company’s book is already covered at the $70 to $78 per share range.
Corporate Compute Commitments
The company’s financial trajectory is heavily tied to its massive infrastructure requirements. Anthropic has entered into an agreement with Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. to purchase $26 billion of Class N common stock in a private placement. These suppliers are also primary shareholders, creating an economic ecosystem where a portion of the company’s spending on compute flows back through equity stakes.
Revenue Surged While Net Losses Reached $104 Billion
Anthropic generated $33.24 billion in revenue for the nine months ended September 30, a 1,200% increase over the same period last year. During that nine-month stretch, the company reported a $104 billion net loss, largely attributed to changes in the fair value of convertible notes and derivative liabilities.
The company’s revenue per employee was $6.6 million as of September 30, 2026. As the firm scales, it continues to rely on infrastructure commitments that will increase in 2027 and 2028.
Co-Founders Address Long-Term Goals in the Prospectus
In the prospectus, the company’s co-founders addressed potential investors regarding the long-term goals of the lab, which was founded in 2021 after Amodei and a group of researchers left OpenAI.
“Everyone who owns our stock, whether an institution or an individual, becomes part of that effort. We hope you will share our ambition to see it though,” the founders wrote.
Earlier coverage: Anthropic Targets $1.4 Trillion Valuation in Upcoming IPO