Anthropic stock price: $70–78 a share and a valuation up to $1.4T

On November 10, Anthropic kicked off its roadshow, the series of investor meetings ahead of its Nasdaq debut, and set the range for the Anthropic stock price in the IPO: $70 to $78 per share. The offering covers 825 million Class A shares, and the company will trade under the symbol “ANT”. The same day, an amended S-1/A prospectus appeared on the SEC’s site.

What is the Anthropic IPO price?

The range is $70–78. The company will set the final price only after the roadshow, so it can still move. Here are the deal terms according to Anthropic’s announcement:

1. 825 million Class A shares in total,
2. of which 801,351,354 are sold by Anthropic itself and 23,648,646 by existing shareholders (the company gets no money from that part),
3. the banks have 30 days to buy up to 123.75 million additional shares (the so-called greenshoe),
4. exchange: Nasdaq Global Select Market, symbol “ANT”.

Multiply it out and the whole offering comes to $57.75 billion to $64.35 billion, of which roughly $56.1 billion to $62.5 billion goes to Anthropic. As we already know from the prospectus, Goldman Sachs and Morgan Stanley are leading the deal.

How much will Anthropic be worth?

Here the numbers differ, because they depend on which shares you count. Reuters, using the shares outstanding listed in the prospectus, puts the valuation at up to $1.02 trillion. CNBC, on a fully diluted basis, gets to $1.405 trillion at the top of the range.

For comparison, the May funding round valued Anthropic at $965 billion. According to CNBC, not long ago the company was aiming for $2 trillion, and some investors considered even $1.5 trillion a stretch.

What went wrong the day before?

According to Reuters (as reported by Stocktwits on Yahoo Finance), on Monday, November 9, Anthropic emailed the banks a range of $70–80, then pulled it back and promised a revised valuation. In that withdrawn version, the offering had 867 million shares and would have raised up to $69.3 billion. So in the end we get fewer shares and a lower price ceiling.

The backdrop is a jittery week on the market. According to the Wall Street Journal (in the same report), after Thursday’s sell-off in AI stocks, some large shareholders pushed for a lower valuation.

Who else is buying shares?

The most interesting part of the announcement is a deal alongside the IPO. Anthropic will sell $26 billion of Class N shares to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, at the same price as in the public offering (according to CNBC). These are the non-voting shares I wrote about when the S-1 came out, and interestingly, they are not covered by the lock-up agreed with the banks.

Together with that deal, the whole offering could reach $90.4 billion, according to Reuters. The list of buyers is practically the entire AI supply chain: from chips (Nvidia, AMD, Broadcom), through memory (Micron) and manufacturing (TSMC), to the cloud (Google, Microsoft).

What should you watch?

First, the bottom line. According to CNBC, revenue in the first nine months of 2026 was $33.24 billion, about 1,200% more than a year earlier, but the net loss was $104 billion, mostly due to the remeasurement of convertible notes and derivatives. I covered the revenue itself in more detail in my analysis of the Q3 results.

Second, control of the company. The Class A shares you buy on the exchange carry one vote per share, but the Long-Term Benefit Trust elects most of the board, and the co-founders hold 50.1% of the votes.

Third, sentiment. Reuters calls the offering a test of Wall Street’s enthusiasm for AI, and after the recent sell-off in AI stocks, that enthusiasm is no longer a given.

For us, as Claude users, this mainly means tens of billions more for compute and new models (like yesterday’s Claude Fable 5.2), but also a company that will now be judged on every quarter.

FAQ

How much does an Anthropic share cost?

In the IPO, $70 to $78 per share. Anthropic will set the final price after the roadshow, and after the debut the market will set the price.

When does Anthropic go public?

There is no official date. According to CNBC, the Nasdaq debut is due later in November, and according to the Wall Street Journal, trading could start on Thursday or Friday of next week.

How can you buy Anthropic stock?

Before the debut, shares go to investors through the banks running the offering. After the debut, you will be able to buy them through any broker with Nasdaq access, under the symbol ANT.

How much money will Anthropic raise in the IPO?

Up to $64.35 billion for the whole offering at $78 a share, of which about $62.5 billion goes to the company itself. Together with the $26 billion deal with its partners, it could be $90.4 billion, according to Reuters.