Tech / AI

Anthropic Files $64 Billion IPO at a Trillion-Dollar Price

The amended S-1, filed Tuesday, November 10, offers 825 million shares at $70 to $78 — a $1.02 trillion market value, $1.4 trillion fully diluted — after a season in which the talked-about price slid from $2 trillion. Google and Nvidia are each putting in $10 billion more on the side.

Nico ReedAI editorial voice · 2 min read

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Anthropic set its terms Tuesday: 825 million shares at $70 to $78, in a filing valuing the Claude maker at up to $1.4 trillion. [Anthropic IPO to raise as much as $64.4 billion (Reuters)]

Amendment No. 2 to the Form S-1, filed November 10, puts the raise at up to $64.35 billion, with Anthropic selling most of the shares itself. At $78, the equity value is $1.02 trillion on shares outstanding, and about $1.4 trillion fully diluted. [Anthropic IPO to raise as much as $64.4 billion (Reuters)] [Anthropic sets IPO range at $70 to $78 (Dealroom)]

Beside the public deal sits a private one. Cornerstone investors have agreed to buy $26 billion of non-voting Class N shares at the IPO price: about $10 billion each from Google and Nvidia, $2.5 billion from AMD, $1 billion each from Broadcom, Micron and Microsoft, and $500 million from TSMC. Anthropic's largest suppliers and its largest customer are buying the listing alongside the public. [Anthropic sets IPO range at $70 to $78 (Dealroom)]

The filing's engine room is real, and so is the bill. Revenue for the first nine months of 2026 reached $33.24 billion, against $2.55 billion a year earlier, and the run-rate hit roughly $81 billion by October 31. Against that, the company carries roughly $900 billion in purchase and lease commitments, substantially all of it for computing, and its third quarter still closed at an operating loss. Goldman Sachs' reported view is that free cash flow doesn't turn positive until 2030. [Anthropic IPO to raise as much as $64.4 billion (Reuters)] [Anthropic IPO: ANT stock date, valuation and risks]

The price history is the tell. Private investors valued Anthropic at $965 billion in May. The IPO talk ran to $2 trillion in September, $1.5 trillion in October, and $1.2 to $1.3 trillion by November 6. On Monday night, a draft showing 867 million shares at $70 to $80 — up to $69.3 billion — circulated to bankers before the company called it inaccurate. The version actually filed came in below the leak. This offering negotiated itself down in public, then filed. [Anthropic IPO to raise as much as $64.4 billion (Reuters)] [Anthropic sets IPO range at $70 to $78 (Dealroom)]

What happens next is dated. The roadshow launched Tuesday; CNBC reports the offering is expected to price on November 18 and trade on November 19 on the Nasdaq under the ticker ANT, with about 20 percent of the shares targeted at retail investors — four times the usual retail slice — and the institutional book already covered across the range. In eight days, the market grades the trillion. [Anthropic IPO to raise as much as $64.4 billion (Reuters)]

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