Anthropic prices IPO at $70 to $78 per share in amended filing, securing a $26 billion private placement from chipmakers

IPO pricing and structure

Anthropic filed an amended S-1 registration statement with the SEC on Tuesday, setting an IPO price range of $70 to $78 per share for its upcoming initial public offering.

The AI company behind the Claude model family plans to offer 825 million shares, split between shares sold by the company and shares sold by existing stockholders.

At the top end of the range, the company could be worth up to $1.404 trillion on a fully diluted basis, according to CNBC.

That figure is up from the $965 billion valuation the company commanded in a May funding round, but below the $2 trillion valuation that had been floated in recent months.

The price range comes after weeks of speculation, with CNBC reporting last week that some investors had flagged even a $1.5 trillion valuation as a stretch.

The registration statement filed with the SEC covers 825 million shares of Class A common stock, according to Anthropic's official roadshow announcement.

Of those shares, 801.4 million are being offered by Anthropic itself, and 23.6 million are being offered by certain existing stockholders.

The underwriters led by Goldman Sachs and Morgan Stanley have a 30-day option to purchase up to an additional 123.8 million shares. At the $74 midpoint of the price range, the offering would raise roughly $61 billion in gross proceeds.

At the high end of $78 per share, Anthropic would net up to $64.35 billion in proceeds, as reported by TechCrunch.

The company expects up to 20% of the offering to be allocated to retail investors, according to CNBC sources a much higher percentage than the typical 5% to 10% in most IPOs.

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT. The company plans to price the offering on November 18 and begin trading on November 19, sources told CNBC.

$26 billion private placement from chipmakers and cloud giants

In a separate but closely related transaction, Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock to seven of its key computing partners.

The buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC, according to the amended filing. Google and Nvidia are each investing $10 billion, the largest commitments among the group.

The shares sold in the private placement will not be registered in the offering and are not subject to the lock-up agreements that restrict when the IPO's Class A shareholders can sell.

This structure gives the computing partners a direct financial stake in Anthropic's success without diluting the Class A shareholders or locking those investors into the standard IPO holding period.

Google and Nvidia were already among Anthropic's largest cloud and chip suppliers, and the placement effectively guarantees continued access to the compute infrastructure the company needs to train and run Claude models at scale.

Revenue and financial picture

Anthropic's amended filing also provided updated financial figures. The company's run-rate revenue reached approximately $81 billion by the end of October, up $10 billion from the $71 billion reported at the end of September, according to TechCrunch.

For the nine months ended September 30, Anthropic reported revenue of $33.24 billion an increase of roughly 1,200% from the same period in 2025. Third-quarter revenue alone came in at $17 billion.

The company reported a net loss of $104 billion for the nine-month period. However, the filing attributes most of that to changes in the fair value of convertible notes and derivative liabilities, not to operational spending.

For comparison, Anthropic lost $25.1 billion over the same stretch in 2025. The company holds approximately $132 billion in cash and short-term investments.

Compute and infrastructure commitments reached $900.9 billion, reflecting the enormous capital requirements of building and operating frontier AI systems.

Total proceeds from the IPO and private placement combined up to $93.7 billion if underwriters exercise all options would meaningfully add to the balance sheet.

Founder share sales and governance

The amended S-1 also revealed how much stock Anthropic's founders expect to sell in the offering.

CEO Dario Amodei, president and chairperson Daniela Amodei, chief compute officer Tom Brown, Anthropic Institute head Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish, and interpretability research lead Christopher Olah are each selling nearly 3.4 million shares, according to TechCrunch.

At the $74 midpoint of the IPO price range, those sales would land each founder roughly $250 million. As a public benefit corporation, Anthropic has a dual-class share structure that concentrates control with its founders.

The founders hold a Class F share representing 50.1% of the voting power, according to the filing.

In addition, the Long-Term Benefit Trust will elect a majority of the board, meaning that Class A shareholders the shares trading on the Nasdaq will have limited influence over company direction.

The amended filing also contained a notable shift in language.

The company at many points uses the terms super intelligence and SI interchangeably with artificial intelligence and AI, citing President Trump's September executive order that directed government agencies to use that new terminology.

Market timing and institutional demand

Anthropic is pushing ahead with its IPO despite a volatile political and market environment. Last week's midterm elections produced a Democratic sweep of Congress, and several statewide ballot measures could slow AI infrastructure buildout.

The broader public market has grown increasingly skeptical of AI stocks on concerns that rising interest rates will make debt unaffordable for compute-intensive companies, as CNBC noted. Despite these headwinds, institutional demand for Anthropic shares appears strong.

According to CNBC sources, the company's book is already covered at the $70 to $78 per share range on an allocable basis.

The sources said institutional demand for Anthropic is even stronger than it was for SpaceX at a similar point in the rocket company's IPO process.

SpaceX went public earlier this year in a record offering that raised $85.7 billion and now has a market cap of just under $2 trillion, according to CNBC.

If Anthropic reaches the Nasdaq as planned, the debut would be the largest AI IPO in history, dwarfing the $1.25 trillion valuation that OpenAI commanded in its last private fundraising round.

The IPO will test whether the public markets share the same enthusiasm for AI companies that private investors have demonstrated over the past three years.

The updated filing also cited the Trump administration's terminology shift toward super intelligence, a small but revealing change that signals how Anthropic is positioning itself for the regulatory landscape under a second Trump term.