Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion

Anthropic intends to push ahead with its IPO despite shakier markets and the broader pullback from AI investing.

The Claude-maker said in an updated IPO filing on Tuesday that it would be offering a total of 825 million Class A shares at an estimated price range of $70 to $78 per share. The sale is expected to raise anywhere from $57.75 billion to $64.35 billion.

The company could end up being worth a hefty $1.404 trillion if its shares list at the top of the price range, on a fully diluted basis. That would represent a significant jump up from the $965 billion valuation Anthropic reached in a May fundraise, but it’s still lower than the $2 trillion the company was reportedly targeting a couple months ago.

Separately, Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are investing $10 billion apiece.

All up, Anthropic estimates net proceeds to reach somewhere between $84.6 billion and $93.7 billion (the latter if the IPO underwriters exercise their option to buy additional shares).

Underwriters, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price.

As a public benefit corporation, the founders hold a Class F share with 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, so Class A buyers will have limited influence.

Anthropic intends to start trading on the Nasdaq close to November 19, per reporting from CNBC, under the ticker symbol “ANT.” The company expects up to 20% of the offering to be allocated to retail investors.

Anthropic also gave out a few new details in the updated filing. The company said its run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September.

Also, the filing now lists how many shares the company’s co-founders expect to sell in the IPO: CEO Dario Amodei, president and chairperson Daniela Amodei, chief compute officer Tom Brown, Anthropic Institute head Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish, and interpretability research lead Christopher Olah are all selling nearly 3.4 million shares each. At the $74 midpoint of the IPO price range, that would land them about $250 million each.

The updated filing also has a small but important change that hints at the company’s stance toward the Trump administration: The company at many points uses “super intelligence” and “SI” interchangeably with “artificial intelligence” and “AI,” citing Trump’s executive order from September that directed government departments and agencies to use that new terminology to refer to AI.

The company’s third-quarter revenue came in at $17 billion, and nine-month revenue was $33.2 billion. The company reported a nine-month net loss of $104 billion, with compute and infrastructure commitments hitting $900.9 billion. It has nearly $132 billion in cash and short-term investments.

OpenAI, Anthropic’s biggest rival, was reportedly valued at $1.25 trillion last week after it raised $11 billion, nearly half the $20 billion it had first tried to raise.

Note: This story has been updated with additional details and color from the updated IPO filing.