Anthropic sets IPO range at 70 to 78 dollars, 1.4 trillion value

Anthropic will become a public company at the most expensive price range an American IPO has ever carried. The AI lab filed an amendment to its S-1 registration statement with the U.S. Securities and Exchange Commission. The filing sets a price range of 70 to 78 dollars per share. At the top of the range, Anthropic is valued at 1.404 trillion dollars on a fully diluted basis.

The company plans to list on the Nasdaq under the ticker ANT, TechCrunch reports. Pricing is expected to happen close to 19 November 2026. Goldman Sachs and Morgan Stanley are leading the underwriting. Up to 20 percent of the offering is set aside for retail investors.

The money and the shares

Anthropic will sell 825 million Class A shares in the IPO itself. At the range, that is 57.75 billion to 64.35 billion dollars raised from the public offering. A separate private placement adds 26 billion dollars in non-voting Class N stock. The total raised across both tranches is 84.6 billion to 93.7 billion dollars.

The private placement names seven buyers. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC are each named in the filing. Google and Nvidia are each putting in 10 billion dollars, TechCrunch reports.

The three co-founders each plan to sell about 3.4 million shares. At the midpoint price of 74 dollars, that is roughly 250 million dollars for each of them.

The revenue number

The S-1 amendment carries the first revenue figures Anthropic has filed under a document it can be sued over. Run-rate revenue at the end of October was 81 billion dollars. Nine-month revenue was 33.2 billion dollars. Those figures are the company's own, but they are now a signed statement to the regulator. They are not the same as the numbers Anthropic had shared in press interviews.

The filing is the second amendment to the S-1 registration. The original S-1 was filed on 26 October. A first amendment followed on 2 November. The pricing amendment was filed on 10 November and is 96 megabytes.

What this does not say

The filing names the price range and the shares. It does not name the final IPO price. That number is set the night before trading starts. It does not name the lockup periods for the private-placement buyers. And it does not name the customer concentration. A buyer of Claude would want that last one. How much of the 81 billion dollar run-rate comes from the top ten customers? How much of it is one of the named chip buyers using Claude in-house?

Running a software project that calls Claude means picking a vendor that will soon answer to public shareholders. Public companies change pricing more carefully, because a change becomes a filing. They also cut support for smaller customers more carefully, for the same reason. A team that depends on a model API should read the risk-factor section of this filing before the trading day. The S-1 is public and free to read.

Source

• Anthropic PBC S-1/A amendment, U.S. Securities and Exchange Commission
• Anthropic sets IPO price range of 70 to 78 dollars per share, TechCrunch, Rebecca Bellan and Ram Iyer
• Anthropic targets 1.4 trillion IPO, The Verge