Anthropic has set the price range for its stock market debut. The company behind the Claude AI assistant plans to sell 825 million shares at $70 to $78 each and list on Nasdaq under the symbol ANT.
The range values Anthropic at about $916 billion to $1.02 trillion on the share count in its filing. Counting stock options and unvested employee shares as well, the value at the top of the range reaches about $1.4 trillion.
The biggest AI listing yet
The offering would raise $57.75 billion to $64.35 billion before fees. Anthropic itself is selling about 801.4 million of the shares. Existing shareholders are selling the other 23.6 million shares, and Anthropic receives no proceeds from those sales.
The banks running the sale can buy up to 123.75 million more shares over 30 days. Goldman Sachs and Morgan Stanley are leading the group of underwriters.
Anthropic launched the roadshow on 10 November. Pricing is expected on 18 November, with trading to start the following day. The filing itself sets no date, and the registration has not yet become effective.
Seven tech giants buy $26 billion of stock
Alongside the public sale, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy $26 billion of non-voting shares at the IPO price. The filing puts the combined net proceeds from the offering and this private placement at about $84.6 billion at the midpoint price of $74.
The commitments tie Anthropic closely to the companies that supply its chips and cloud capacity. They also give the listing a ready base of large buyers before trading even begins.
Revenue has grown sharply
The filing shows how fast Anthropic has grown. Revenue reached $33.2 billion in the first nine months of 2026, against $2.5 billion in the same period a year earlier. Third quarter revenue alone was about $17 billion.
The growth comes with heavy spending. Anthropic reported an operating loss of $567 million in the third quarter, though its adjusted operating margin reached 15 percent.
Anthropic was valued at $965 billion in a private funding round in May. At the $74 midpoint of the IPO range, the public market value works out to about $968 billion, almost exactly that private figure.
Control stays with the founders
Anthropic was founded in 2021 by Dario Amodei and Daniela Amodei, with researchers who had left OpenAI. Its Claude assistant is now one of the most widely used AI products in the world.
The company launched new Claude models, Fable 5.2 and Mythos 5.2, on the same day it opened the roadshow, showing that product work has not paused for the listing.
The filing also sets out an unusual governance structure. A single Class F share, held by a company owned by the co-founders, will carry a fixed majority of the votes. That keeps control of Anthropic with its founders even after the listing.
OpenAI, the closest rival, secured $11 billion in a first funding close at a $1.25 trillion valuation earlier this month. The two deals show how much capital the leading AI labs now command.
The range itself is the test. Anthropic is asking public investors to pay almost exactly what private investors paid in May, so the first days of trading will show whether the public market believes the growth story at this scale.
