AI-generated infographic: anthropic initial public offering terms. Its figures are taken from this article. Infographic: Grok.
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Anthropic has put a price range on its initial public offering. The developer of the Claude AI models has launched its investor roadshow with an expected range of $70.00 to $78.00 per share for 825,000,000 shares of Class A common stock, terms that would make the sale a $64.35 billion offering at the top of the range.
The terms come from Anthropic's announcement of the roadshow. Of the shares on offer, 801,351,354 are being sold by the company and 23,648,646 by existing stockholders, whom the announcement does not name. That split decides where the money goes. The company states: "Anthropic will not receive any proceeds from the sale of shares by the selling stockholders."
Multiplying the company's 801,351,354 shares by each end of the range gives gross proceeds to Anthropic of about $56.1 billion at $70.00 and about $62.5 billion at $78.00. Those figures are before underwriting discounts and expenses, which the announcement does not disclose. The selling stockholders' shares account for roughly $1.84 billion more at the top of the range. Anthropic also expects to grant its underwriters a 30-day option to buy up to 123,750,000 additional shares.
CNBC reports the same $64.35 billion top-of-range total and says the company could be worth up to $1.405 trillion on a fully diluted basis, up from the $965 billion valuation it announced with a funding round in May. Fortune rounds the valuation to $1.4 trillion and notes that it is well short of the $2 trillion some news outlets had reported weeks earlier.
A second pool of money sits beside the public sale. Citing the company's amended filing, CNBC reports that Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. have agreed to purchase $26 billion of Anthropic's Class N common stock in a private placement, at a price per share equal to the IPO price. Those shares will not be registered in the offering and will not be subject to lock-up agreements with the underwriters, according to CNBC's account of the filing. Fortune describes the stock as non-voting and the seven buyers as strategic partners.
New operating numbers arrived with the price. For the nine months ended Sept. 30, Anthropic generated $33.24 billion in revenue, up roughly 1,200% from the same period a year earlier, CNBC reports from the filing. The net loss for those nine months was $104 billion, most of it due to the change in fair value of convertible notes and derivative liabilities, against a loss of $25.1 billion over the same stretch of 2025. Run-rate revenue, an annualized measure and not reported revenue, was roughly $81 billion at the end of October, up from about $71 billion in late September, according to Fortune.
Timing and demand rest on unnamed sources. CNBC, citing people familiar with the details, reports that Anthropic plans to price the offering on Nov. 18 and begin trading on Nov. 19. The same people told CNBC that the company is targeting a retail allocation of about 20%, against 5% to 10% in a typical IPO, and that the order book is already covered within the range. Anthropic's announcement gives no dates and no allocation.
Buyers will be weighing the deal in a weak stretch for AI shares. Fortune reports that the Nasdaq fell 5.5% last week after Democratic gains in the midterm elections raised investor fears of stricter regulation, especially of the data center buildout. CNBC says some Anthropic shareholders told it that even a $1.5 trillion valuation is now in doubt.
Nothing can be sold yet. The announcement says a registration statement has been filed with the U.S. Securities and Exchange Commission but has not yet become effective, and that the shares may not be sold before it does. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT, and names Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as the places to obtain the preliminary prospectus.
The next marker is the final price: whether it lands inside the $70.00 to $78.00 range, and whether the registration statement is declared effective in time for the Nov. 19 debut that CNBC's sources describe. How Anthropic intends to spend the proceeds is not stated in the announcement.
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