Anthropic IPO price range set at $70 to $78 a share, valuing the Claude maker at up to $1.4 trillion

The Anthropic IPO price range is $70 to $78 a share, the Claude maker said in an updated SEC filing on Tuesday, 10 November 2026, Decrypt reported on Yahoo Finance. At the top of the range the listing could raise about $64.4 billion and value the company led by Dario Amodei at up to $1.4 trillion on a fully diluted basis, making it one of the largest stock market debuts on record. 1

What happened

Anthropic plans to sell 825 million Class A shares, of which about 801.4 million are new shares and 23.6 million come from existing shareholders, TechStartups reported from the filing. The stock will list on Nasdaq under the ticker ANT. 2

CNBC reported, citing people familiar with the plans, that the deal is expected to price on 18 November and start trading on 19 November, according to both Decrypt and TechStartups. CNBC also reported that about 20% of the shares are set aside for retail investors, well above the usual share for a US IPO, Decrypt said.

Alongside the IPO, seven companies that supply Anthropic’s computing power agreed to buy a combined $26 billion of non-voting Class N stock at the IPO price, according to the filing as reported by Decrypt. Google and Nvidia are each set to take about $10 billion at the midpoint, AMD about $2.5 billion, and Broadcom, Micron and Microsoft about $1 billion each, with TSMC at about $500 million. TechStartups reported that this placement closes only if the IPO is completed.

The range sits below the figure discussed earlier in the year. Decrypt reported that an earlier draft filing in September pointed to about $2 trillion, and that some major investors had told the Wall Street Journal the expected valuation would likely need to come down.

Key numbers

• Price range: $70 to $78 a share, with up to about $64.4 billion raised at the top end (Decrypt).
• Valuation: about $916 billion to $1.02 trillion on roughly 13.09 billion shares outstanding, and up to about $1.4 trillion fully diluted (Decrypt).
• Last private valuation: $965 billion in a May funding round (TechStartups).
• Revenue: $33.2 billion in the first nine months of 2026, up from $2.5 billion a year earlier, with a net loss of $104 billion driven mostly by a $94.3 billion non-cash charge (Decrypt).
• Annualised revenue run rate: about $81 billion at the end of October (TechStartups).

Anthropic IPO valuation and who controls the company

Anthropic was founded in 2021 by former OpenAI researchers, including chief executive Dario Amodei and his sister Daniela Amodei, TechStartups reported. In five years it has become one of the most valuable companies in artificial intelligence, and its public debut follows the run of private mega rounds at rivals covered in our OpenAI valuation explainer.

Control stays with the founders and a trust. According to the filing as described by Decrypt, a single Class F share held by an entity owned by the seven co-founders carries 50.1% of the voting power on most matters, while a Long-Term Benefit Trust of financially disinterested trustees elects a majority of the board. Anthropic will be a “controlled company” under Nasdaq rules, which means Class A buyers will have limited say over major decisions, Decrypt reported.

What it means for the founders’ fortunes

The filing reports gave no per-founder stake figures, so the value of each co-founder’s holding is not yet public in these reports. What the range does show is the scale: at the top end Anthropic would be worth more than its $965 billion May valuation, which lifts the paper value of every early holder, from the co-founders to Google and the chipmakers in the private placement. The listing would also join SpaceX’s record IPO earlier this year among the biggest market debuts.

What happens next

Anthropic is now marketing the shares to investors. Pricing is expected on 18 November and the first trade on Nasdaq on 19 November, CNBC reported, though the dates can still change. The final Anthropic IPO price range outcome will set the opening valuation and the size of the raise, and the $26 billion private placement completes only if the IPO does.