Anthropic Sets IPO Price at $70 to $78 a Share, Raising Up to $64.4B

NEW YORK, Nov 10 — Anthropic set the terms of its initial public offering on Tuesday in an updated prospectus: 825 million Class A shares at $70 to $78 a share, raising up to about $64.4 billion at the top of the range (Reuters). The company itself is selling about 801 million of the shares; selling stockholders account for the remaining roughly 24 million.

The numbers#

• Valuation: about $1 trillion on shares outstanding at the top of the range; CNBC calculates up to about $1.405 trillion fully diluted, counting options and equity awards. That is below the roughly $2 trillion figure discussed in October.
• Cornerstone placement: a separate $26 billion private placement runs alongside the offering, with Alphabet's Google, Nvidia and AMD among the cornerstone investors named in reporting on the filing.
• Revenue: the filing puts Anthropic's run-rate revenue at about $81 billion as of October 31, up $10 billion from September 30.
• Listing: Nasdaq under the ticker ANT.
• Timing: the filing sets no date. CNBC reported the company plans to price on November 18 and begin trading November 19; Anthropic has not confirmed those dates.

Why it matters#

At these terms, Anthropic's debut would be one of the largest technology IPOs ever priced, and the first of the frontier AI labs to reach the public market at a trillion-dollar scale. The cornerstone structure — with two of the biggest buyers of AI compute, Google and Nvidia, buying in alongside the public offering — ties the valuation directly to the chip-and-cloud spending cycle that has driven the AI trade all year. Nvidia, one of the named cornerstone investors, reports earnings on November 17, the day before the reported pricing date.

IPO terms are from the updated prospectus as reported by Reuters; the fully diluted valuation is CNBC's calculation, and the pricing and trading dates are CNBC's reporting, not company announcements. This brief is news reporting, not financial advice.

Sources#

• SEC EDGAR — Anthropic, PBC Form S-1/A, Amendment No. 2 (filed November 10, 2026)
• Reuters — Anthropic IPO to Raise as Much as $64.4 Billion, Latest Draft Prospectus Shows
• CNBC — fully diluted valuation calculation and reported November 18 pricing / November 19 trading dates, November 10, 2026.