Anthropic put a price on its move to public markets on Tuesday, November 10. The Claude developer launched the roadshow for its proposed initial public offering and filed Amendment No. 2 to its registration statement with the U.S. Securities and Exchange Commission, setting an expected price of 70 to 78 dollars a share for 825 million Class A shares. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT.
The offering is large by any measure. At the top of the range, the public sale would raise about 64.4 billion dollars before expenses. Anthropic itself is offering 801,351,354 of the shares, while existing stockholders are offering 23,648,646 shares, and Anthropic will receive no proceeds from that second group. According to the filing, the selling stockholders are the seven co-founders, each offering 3,378,378 shares. Underwriters led by Goldman Sachs and Morgan Stanley also hold a 30-day option to buy up to 123,750,000 additional shares, which would take the offering to about 74 billion dollars at the top of the range.
Alongside the public sale, seven companies have agreed to buy a combined 26 billion dollars of non-voting Class N stock in a private placement at the IPO price, contingent on the offering being completed. Google and Nvidia account for about 10 billion dollars each, followed by AMD at 2.5 billion dollars, and Broadcom, Micron and Microsoft at 1 billion dollars each, with TSMC at 500 million dollars. The buyers are among the suppliers and partners Anthropic depends on for chips, memory, cloud capacity and manufacturing, and their commitments tie them still closer to its future.
At 78 dollars a share, the price values Anthropic at about 1.02 trillion dollars on the roughly 13.09 billion shares that would be outstanding after both sales, and at up to about 1.405 trillion dollars on a fully diluted basis, according to CNBC. Anthropic estimates net proceeds of about 84.6 billion dollars from its own IPO shares and the private placement together at the 74-dollar midpoint, rising to about 93.7 billion dollars if the underwriters exercise their option in full.
The filing also updated the growth figures behind those numbers. Run-rate revenue was approximately 81 billion dollars as of October 31, up 10 billion dollars from September 30. Anthropic cautions that run-rate revenue is not a substitute for revenue prepared under generally accepted accounting principles and is not a forecast, because it annualizes a short recent period. Earlier filings reported 16.3 billion dollars of revenue for the first half of 2026.
The same amendment carried a notable safety disclosure. Anthropic said it has determined that it has met the AI research and development capability threshold in its Responsible Scaling Policy, based on what it expects from future models and its overall rate of progress, rather than on what it has observed from current models. It said it continues to assess the data, is evaluating the implications, and will release further reports.
Plenty remains unsettled. The final price will be set after the roadshow, the filing leaves the delivery date blank, and the registration statement has not yet become effective, so no shares can be sold yet. Bloomberg and CNBC have reported pricing on November 18 and trading on November 19, but Anthropic has not confirmed those dates. The Financial Times reported early on November 11 that bankers are preparing to raise the valuation to 1.5 trillion dollars or more after strong demand, and Bloomberg has reported orders for several times the shares on offer. Neither report changes the filed range, which remains 70 to 78 dollars until Anthropic files otherwise.