Anthropic to price IPO Nov. 18, begin trading as 'ANT' in trillion-dollar test of AI trade
The Claude maker expects to sell 825 million shares at $70 to $78, valuing it at up to $1.45 trillion in the year's biggest AI listing.
Anthropic, the maker of the Claude chatbot, will price its initial public offering on Wednesday, Nov. 18, and begin trading on Thursday, Nov. 19 under the ticker symbol "ANT," the company said, setting up the year's biggest test of investor appetite for artificial intelligence.
In an amended S-1 filing, Anthropic said it expects to sell 825 million shares priced between $70 and $78. At the top of that range the offering would give the company a market valuation of about $1.45 trillion, and about $1.3 trillion at the low end.
The company had initially been projected to reach the market with a valuation as high as $2 trillion, but recent turmoil across AI-sector stocks knocked that expectation down significantly, according to Yahoo Finance.
Fast revenue growth, narrowing losses
The prospectus points to rapid expansion alongside continuing costs. For the first nine months of the year ending Sept. 30, Anthropic said revenue grew 1,206% to $33.2 billion. The company recorded revenue of $4.6 billion in all of 2025, and its original S-1, covering the six months through June 30, listed revenue of $16.3 billion.
Operating losses improved year over year, coming in at $1.3 billion for the nine-month period, down from $5.2 billion in the same stretch a year earlier. The company reported an operating loss of $536 million in the September quarter, compared with operating income of $974 million in the June quarter.
Nvidia and Alphabet anchor the deal
Nvidia and Alphabet have each agreed to buy $10 billion of Anthropic stock at the IPO price, according to a Motley Fool analysis of the offering. At the $74 midpoint of the price range, Nvidia's commitment would buy roughly 135 million shares. Google's purchase covers part of an investment it had already committed to make.
The listing is expected to set a benchmark for rival OpenAI's own public-market debut, anticipated for early next year. Yahoo Finance reported that the pricing and first-day trading will test how far investors are willing to back loss-making AI developers at trillion-dollar valuations.