Anthropic Sets $70 to $78 IPO Range, Valuation Up to $1.02T

Anthropic has set a $70 to $78 price range for its initial public offering (IPO). At the top of the range, the offering would raise up to $64.4 billion and value the company at approximately $1.02 trillion. The November 10 amended prospectus confirms that Anthropic and existing shareholders plan to sell 825 million Class A shares.

Anthropic will issue about 801.4 million of those shares. Selling stockholders will offer another 23.6 million, and Anthropic will receive no proceeds from that secondary portion. At $78, the 825 million shares would bring in approximately $64.4 billion in gross proceeds. At $70, the figure would be about $57.8 billion.

A separate $26 billion private placement will close after the IPO. Google and Nvidia have each committed $10 billion, Advanced Micro Devices (AMD) $2.5 billion, and Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing Company (TSMC) $1 billion each. Those buyers will hold non-voting Class N shares, priced at the final IPO price.

At the $74 midpoint, Anthropic expects net proceeds from the IPO and private placement of approximately $84.6 billion after fees and expenses. Including the placement, the company could bring in more than $90 billion of gross capital, although some of the public offering money will go to selling shareholders.

The terms settle points left open when Anthropic first filed publicly for its Nasdaq listing in October. Neither a share count nor a price range had been disclosed at that point.

Valuation and investor demand

The pricing is a substantial reset from earlier talks of a $1.5 trillion valuation, and at one stage as much as $2 trillion. The bottom of the range would value Anthropic below the $965 billion benchmark set in its May private funding round. Those figures use the shares expected to be outstanding after the offering and private placement, which puts the bottom at roughly $916 billion.

The repricing follows growing resistance from prospective investors. Investors had already questioned the $1.5 trillion figure as technology shares sold off and scrutiny increased over whether artificial intelligence (AI) revenue growth can justify the sector's infrastructure spending. The offering comes as public markets reassess the economics of the AI investment cycle, including the cost of data centers, chips and financing.

The IPO will offer one of the clearest public-market tests yet of how investors value frontier AI developers, with headline revenue growth weighed against long-dated capital requirements.

Revenue and operating results

Third-quarter revenue reached $16.96 billion, up 47% from the second quarter and more than elevenfold from a year earlier. Revenue for the first nine months of 2026 totaled $33.24 billion.

Adjusted operating income was $2.46 billion in the third quarter. On a generally accepted accounting principles (GAAP) basis, operating results swung back to a $567 million loss, after $974 million of operating income in the preceding quarter.

Compute commitments and margins

Anthropic has disclosed approximately $895.4 billion of purchase commitments and leases, substantially related to computing capacity and infrastructure. About $447.5 billion is expected to be incurred before the end of 2030, and $69.8 billion is due in the 12 months following September 30.

Those obligations have become a central issue for prospective investors. The amended prospectus showed nearly $17 billion of quarterly revenue alongside the $895 billion commitment pipeline. The company said short-term compute is particularly expensive. Third-quarter results included $5 billion of computing capacity obtained under short-term commitments, which contributed to the decline in adjusted operating margin to 15% from 19% in the second quarter.

Anthropic enters its roadshow with rapid enterprise adoption and improving adjusted profitability, along with one of the largest disclosed infrastructure commitment schedules in the technology sector. Shares are expected to list on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the underwriting syndicate. The final price can still move within or outside the indicated range, depending on demand during the roadshow.