Anthropic IPO Valuation: Claude Maker Targets $1.4 Trillion With $70–$78 Price Band

Anthropic IPO valuation could reach $1.4 trillion after the company behind the Claude AI chatbot set a price band of $70 to $78 per share for its upcoming public offering. The US artificial intelligence company disclosed the revised terms in a filing with the Securities and Exchange Commission (SEC) on Tuesday, November 10, 2026.

Anthropic and its existing shareholders plan to sell 825 million shares, which could raise up to $64.4 billion at the upper end of the price band. The IPO is expected to be priced on November 18, while shares are scheduled to begin trading on the Nasdaq on November 19 under the ticker ANT.

The $1.4 trillion figure is the company’s fully diluted valuation, which includes stock options and restricted stock. Based on shares expected to be outstanding after the IPO, Anthropic would be valued at approximately $1.02 trillion at the top of the price range.

The proposed valuation is below earlier expectations of as much as $2 trillion. Anthropic was valued at $965 billion in its private funding round in May.

The company has also outlined a separate $26 billion investment from seven technology companies. Including this private placement, the IPO-related fundraising could total approximately $90.4 billion.

Anthropic IPO Key Details

• IPO valuation: Anthropic is targeting a fully diluted valuation of up to $1.4 trillion. Its valuation based on outstanding shares would be approximately $1.02 trillion at $78 per share.
• Price band: The company has set a range of $70 to $78 per share. The final IPO price is expected to be announced on November 18.
• Issue size: The offering comprises 825 million shares, including 801.4 million new shares and 23.6 million shares being sold by existing investors. The total offer could raise $64.4 billion.
• Listing date: Anthropic shares are expected to list on the Nasdaq on November 19 under the ticker ANT.
• Private placement: Google, Nvidia, AMD, Microsoft, Broadcom, Micron and TSMC have agreed to invest a combined $26 billion in a separate transaction linked to the IPO.

Anthropic Financials Ahead of IPO

Anthropic reported revenue of $33.2 billion for the first nine months of 2026, compared with $2.5 billion in the corresponding period last year.

Revenue stood at $17 billion in the third quarter. The company’s annualised revenue run rate reached approximately $81 billion at the end of October, up from $71 billion in September.

Despite the increase in revenue, Anthropic remains loss-making. It reported a net loss of $104 billion for the first nine months of 2026, largely reflecting a non-cash charge related to convertible financial instruments. Its operating loss during the period stood at approximately $1.26 billion.

The company has disclosed computing and infrastructure commitments of nearly $901 billion, including agreements involving Amazon and Alphabet’s Google.

Anthropic’s IPO comes amid concerns over the spending required to develop artificial intelligence models and whether revenue growth can support those costs.

The final IPO pricing is expected on November 18, ahead of the planned Nasdaq listing the following day.

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