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Market news · Nov 10, 7:04 AM ET

Anthropic sets $70-$78 IPO price range for 825 million shares on Nasdaq

Anthropic has set an indicative price range of $70 to $78 per share for an initial public offering of 825 million shares, to be listed on Nasdaq under the ticker "ANT." The company could raise up to about $64.4 billion at the top of the range, which would make it one of the largest US listings on record and a major test of investor appetite for AI companies.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

The offer terms

Anthropic said it will offer 825 million shares in its upcoming IPO at a price range between $70 to $78 per share, according to an updated filing on Tuesday. At the high end of the range, Anthropic would net up to $64.35 billion in proceeds through the IPO. Reuters put the top-end figure at as much as $64.4 billion, according to a regulatory filing.

The shares are not all new money. Reuters reported that Anthropic and some of its investors plan to sell shares in an indicative price band of between $70 and $78 per share. A filing reviewed by Swedenherald's report on the deal put the split at 801.4 million shares sold by the company, while existing shareholders will sell 23.6 million.

Why the pricing was revised

The terms were not released cleanly. Late on Monday, the company sent banks a copy of its IPO filing, then said the pricing in it was inaccurate, according to emails seen by reporters. That earlier version showed about 866.7 million Class A shares at $70 to $80 each, worth up to $69.3 billion at the top of the range. A follow-up email called the pricing details inaccurate and promised an updated filing, without saying what was wrong. The Tuesday filing is the update that carries the $70 to $78 range.

Valuation and financial results

CNBC reported that the company could end up being worth up to $1.405 trillion on a fully diluted basis, up from the $965 billion valuation it announced as part of a funding round in May. Reuters, for its part, described the target as roughly $1 trillion, so the valuation figures differ by how they are measured.

The updated filing also shows the company's recent results. For the nine months ended Sept. 30, Anthropic said it generated $33.24 billion in revenue, up roughly 1,200% from the same period last year. Anthropic lost $25.1 billion over the same stretch in 2025, the filing said.

Listing details and timing

Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT." The shares are expected to trade on the Nasdaq under the ticker symbol "ANT" after the IPO closes. CNBC said that should the offering take place in mid-November as expected, it will come roughly five months after SpaceX's record IPO.

The price range is indicative, so the final offer price has not been set. The company did not say in the reports reviewed when pricing will be finalized.

Why US investors are watching

  • AI demand: the company is one of the most closely watched AI developers, and it is locked in a fierce battle for market share with rival OpenAI, and was last valued at $965 billion in a private funding round.
  • Market backdrop: AI stocks have slid for weeks, and the Nasdaq entered a correction as chip shares fell.
  • Rates and IPO demand: Reuters reported that higher borrowing costs, geopolitical turmoil and rising bond yields weigh on the IPO market.
  • Anchor investors: According to a Reuters report on the draft prospectus, anchor investors in Anthropic's IPO include AMD, Broadcom, Google, Micron Technology, Microsoft, NVIDIA, and TSMC Partners. These anchor investors will collectively subscribe to $26 billion worth of the company's common stock through a separate private placement.

For retail investors, the offering would be among the largest US listings of the year, and the AI-linked companies named as anchor investors are exposed to how the deal is received. The company has not yet begun trading, and the price range may change before the final terms are set.

AnthropicNasdaqInitial public offeringsAI stocksSecurities and Exchange Commission

Sources

Written with AI assistance on Nov 10, 7:04 AM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.