Anthropic has put a price on the biggest question in the AI boom. In an amended U.S. securities filing on Tuesday, November 10, 2026, the maker of the Claude AI models said it will offer 825 million Class A shares at an estimated price range of $70 to $78 per share — the step that turns its earlier public prospectus, which had left the price and share count blank, into a concrete deal. At the top of the range the sale would raise about $64.35 billion and value the five-year-old company at up to $1.02 trillion on the share count after the offering, or as much as $1.405 trillion on a fully diluted basis, according to Reuters and CNBC calculations reported Tuesday. The final price is not set: the filing is still preliminary, and pricing happens after executives pitch the deal to fund managers on the roadshow now under way.
Source: Anthropic amended IPO filing (Form S-1/A), Nov. 10, 2026, as reported by TechCrunch
The numbers are a step down from the talk that surrounded the deal only weeks ago. Anthropic was valued at $965 billion in a private funding round in May, and investors had at one point discussed valuations as high as $1.5 trillion to $2 trillion — the Wall Street Journal reported a $2 trillion level in October — before a tech sell-off that followed last week's midterm elections cooled appetite for AI stocks. Even the draft terms moved at the last minute: a version circulated to bankers on November 9 showed about 867 million shares at $70 to $80, and was then revised to the 825 million shares at $70 to $78 in Tuesday's amendment.
How the offering breaks down
Of the 825 million shares on offer, Anthropic itself is selling 801,351,354 new Class A shares, while existing shareholders are selling another 23,648,646 shares — the company receives no proceeds from the shares its existing holders sell. At $70 a share the offering raises about $57.75 billion; at $78, about $64.35 billion, before underwriting fees. The underwriters, led by Goldman Sachs and Morgan Stanley in a group of 22 banks, also hold an option to buy up to 123.75 million additional shares from Anthropic at the IPO price if demand is strong, which would lift the deal further. The midpoint of the range, $74, is the figure the filing uses for its estimated net-proceeds calculations.
The $26 billion side deal with tech giants
Alongside the public sale, Anthropic has struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to seven cornerstone partners: AMD, Broadcom, Alphabet's Google, Micron, Microsoft, Nvidia and a TSMC entity. Google and Nvidia are investing $10 billion apiece, according to TechCrunch's account of the filing. Counting both the IPO and the placement — and the underwriters' extra-share option — Anthropic estimates total net proceeds somewhere between $84.6 billion and $93.7 billion. The private placement is conditional on the public offering closing.
Two valuation numbers, and why both are printed
Readers will see two different headline valuations for the same deal, and the difference is arithmetic, not disagreement. Reuters, working from the shares that will be outstanding after the offering and placement — about 13.09 billion Class A and Class N shares — puts the top-of-range value at up to $1.02 trillion. CNBC's fully diluted figure of about $1.405 trillion also counts employee share awards and other stock not yet issued. Either way, the deal prices Anthropic above its $965 billion May private valuation but well below the $2 trillion figure discussed earlier this year — a markdown from the hype, not from the last private round.
The business behind the ticker: revenue up, losses huge, commitments huger
The updated filing also fills in Anthropic's financial picture. Revenue for the nine months ended September 30 was $33.24 billion, up roughly 1,200% from the same period a year earlier; third-quarter revenue alone was $17 billion, and the company says its run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September. Against that growth sits a nine-month net loss of $104 billion — most of it, the filing shows, from fair-value changes in convertible notes and derivative liabilities rather than operating cash losses; the loss in the same period of 2025 was $25.1 billion. The filing describes about $900.9 billion in compute and infrastructure-related commitments extending many years into the future, and nearly $132 billion in cash and short-term investments. On Monday, the day before the filing, Anthropic also launched two new frontier models, Claude Fable 5.2 and Claude Mythos 5.2.
Anthropic is a public benefit corporation, and its governance is unusual. According to the filing as reported by TechCrunch, the founders hold a Class F share carrying 50.1% of the voting power, and the Long-Term Benefit Trust will also elect a board majority — so the Class A shares the public is buying carry limited influence over how the company is run. Up to 20% of the IPO shares are expected to be allocated to retail investors.
Background: from OpenAI breakaway to the Nasdaq
Anthropic was co-founded in 2021 by chief executive Dario Amodei and a small group of researchers who left OpenAI, now its chief rival. Its Claude family of models is sold mainly to business customers. The company has applied to list its Class A stock on the Nasdaq Global Select Market under the ticker symbol "ANT", and CNBC reports trading could begin close to November 19. The debut would come roughly five months after SpaceX's record listing, which raised $85.7 billion and left that company with a market value just under $2 trillion. Anthropic's biggest rival is not standing still either: OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion.
Why this matters beyond Wall Street
An IPO of this size is a test of whether public investors still believe the AI build-out — the data centres, chips and power contracts behind models like Claude — will pay for itself. The cautious pricing lands in a market already rattled by the midterm results, state ballot measures that could slow AI construction, and higher interest rates that make the industry's enormous infrastructure borrowing more expensive. For the large Punjabi and South Asian technology workforce in the United States, the deal matters practically as well: Anthropic's valuation, hiring and stock compensation across the AI sector take their cues from listings like this one, and a trillion-dollar debut that holds its price would steady the whole market those workers are paid in.
What happens next
The roadshow — management's pitch meetings with big institutional investors — runs this week, and the final offer price will be set from the demand those meetings produce; the $70 to $78 range can still move, as it already has once. The registration statement has not yet become effective, so until pricing and closing occur, the trillion-dollar figures remain an offering target, not a market value established by trading. If the timetable reported by CNBC holds, the first real verdict arrives around November 19, when ANT shares start trading on the Nasdaq and the market, not the filing, sets Anthropic's price.