Anthropic Sets IPO Price Range at $70 to $78 a Share, Implying Valuation as High as $1.405 Trillion

Anthropic has set a price range of $70 to $78 a share for its upcoming initial public offering, a move that would value the artificial intelligence company at as much as $1.405 trillion on a fully diluted basis if shares price at the top of that range, according to CNBC, citing an updated regulatory filing. The company said it plans to offer 825 million shares in the offering.

What the Filing Says

Per CNBC's reporting on the filing, Anthropic is offering 825 million shares priced between $70 and $78 apiece. At the high end of that range, the implied valuation of $1.405 trillion would mark an increase from the $965 billion valuation the company announced following a private funding round in May, CNBC reported. By our calculation, that is a rise of roughly $440 billion, or about 45.6 percent ($1.405 trillion minus $965 billion, divided by $965 billion), should the offering price at the top of the stated range. CNBC's report does not specify a corresponding fully diluted valuation at the $70 low end of the range.

CNBC also reported that Anthropic had been targeting a $2 trillion valuation until recently, and that shareholders told the outlet even $1.5 trillion is now in question, with one unnamed investor calling that figure "a stretch." That characterization is attributed to CNBC's sourcing and reflects investor sentiment rather than a confirmed company target.

Underwriters and Private Placement

According to tastytrade and futuresearch.ai, both citing the S-1 filing, Goldman Sachs and Morgan Stanley are listed first among a syndicate of 22 underwriters, followed by J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities. Tastytrade additionally reported that NBC News identified Goldman Sachs and Morgan Stanley as lead underwriters, the same pairing that led SpaceX's offering.

Separately, CNBC reported that Anthropic has agreed to a private placement in which Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Company would purchase $26 billion of the company's Class N common stock at a price equal to the IPO price. Those shares, per CNBC, will not be registered in the public offering and will not be subject to underwriter lock-up agreements, distinguishing them from shares sold to public investors.

Timeline and Comparison to SpaceX

CNBC reported that Anthropic is aiming to reach the Nasdaq this month under the ticker symbol "ANT," which would put its debut roughly five months after SpaceX's offering, which CNBC said raised $85.7 billion in a record deal. CNBC further noted that SpaceX currently carries a market capitalization of just under $2 trillion, close to its valuation at the time of its own IPO. Tastytrade reported separately that Bloomberg had indicated a roadshow could begin as early as the week of November 9, with a listing targeted before Thanksgiving.

Financial Snapshot

CNBC reported that Anthropic generated $33.24 billion in revenue for the nine months ended September 30, an increase of roughly 1,200 percent from the same period a year earlier. The company also reported a $104 billion net loss over that nine-month span, which CNBC said was driven largely by changes in the fair value of convertible notes and derivative liabilities, compared with a $25.1 billion loss over the same period in 2025.

Bottom Line

The pricing range disclosed in Anthropic's filing frames a potential valuation well above its last private round, though reported investor commentary suggests expectations have cooled from earlier talk of a $2 trillion figure. With underwriters led by Goldman Sachs and Morgan Stanley and a listing targeted this month, the final outcome will depend on where shares actually price within the $70 to $78 range, a detail that remains unresolved as of this reporting.