Anthropic set to price $64B IPO next week as AI trade faces first big test
The Claude maker plans to offer 825 million shares at $70 to $78 apiece, targeting a valuation of up to $1.405 trillion on the Nasdaq.
Anthropic is set to become a public company next week, in an offering that will test investor appetite for the artificial-intelligence trade at trillion-dollar scale.
The Claude developer said in an updated filing that it will offer 825 million shares at a price range of $70 to $78 apiece, according to CNBC. At the top of that range, the company would net up to $64.35 billion in proceeds and be valued at up to $1.405 trillion on a fully diluted basis — up from the $965 billion valuation attached to its May funding round.
Anthropic plans to price the offering on Nov. 18 and begin trading on Nov. 19, people familiar with the plans told CNBC. The company has filed to list on the Nasdaq Global Select Market under the ticker symbol "ANT," a plan confirmed earlier by the company.
A test of the AI trade
The deal is arriving into a more skeptical market. Investors have grown wary of AI valuations as rising interest rates make debt more expensive, and this month's midterm elections produced a Democratic sweep in Congress along with statewide ballot measures that could slow the buildout of data centers that underpin the industry.
Anthropic is trying to broaden the offering's reach. It is targeting a retail allocation of roughly 20%, according to the people familiar with the deal — well above the 5% to 10% typical for an initial public offering.
Chip and cloud suppliers are also lining up. Anthropic said it has agreed to sell $26 billion of Class N common stock in a private placement to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. at the IPO price. Those shares will carry no lock-up.
The filing lays out a company still spending heavily to stay at the frontier. Anthropic's amended prospectus cites about $895.4 billion in purchase commitments and leases, substantially all for compute and infrastructure, with about $69.8 billion due within the next 12 months, according to a review of the filing. It reported revenue of $17.0 billion for the three months ended Sept. 30, 2026.
Governance is unusual for a listed company. The structure gives a founder-controlled Class F share 50.1% of voting power on general matters, while a Long-Term Benefit Trust holds Class T stock that elects a majority of the board — preserving Anthropic's public-benefit mission after it lists.