Anthropic’s proposed IPO offers a snapshot of the scale of AI financing ambitions even as investment appetite cools.
The company plans to sell 825 million Class A shares at $70–$78 each, implying a fully diluted valuation of up to $1.404 trillion at the top of the range.
The filing also says founders retain 50.1% of voting power through Class F shares.
At its top price of $78, Anthropic is estimated to be valued at $1,404 trillion, including all of its potential shares. That's more than the $965 billion valuation it achieved in May 2026, when it raised funds, but less than the $2 trillion it was reportedly aiming for a few months ago.
Anthropic also agreed to sell $26 billion of its Class N shares privately, at the price of the public offering. The shares do not carry voting rights. Buyers will include AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia will each invest $10 billion. The company estimates that its total net proceeds from these transactions will be between $84,6 billion and $93,7 billion.
Goldman Sachs, Morgan Stanley and other banks organizing the listing will also be able to buy up to 123,75 million additional shares from Anthropic, at the public offering price.
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The new shareholders will have limited influence over the company's decisions. The founders hold Class F shares, which represent 50,1% of the voting power. At the same time, the Long-Term Benefit Trust will select most of the board members. This limits the influence of those who buy the Class A shares that are publicly available.
According to CNBC, trading of Anthropic shares on Nasdaq is expected to begin around November 19, 2026, under the symbol “ANT.”
Anthropic reported revenue of $17 billion in the third quarter of 2026 and $33,2 billion in the first nine months of the year. For the same nine months, it reported a net loss of $104 billion. Its computing power and infrastructure commitments totaled $900,9 billion, while it had nearly $132 billion in cash and short-term investments.
Its main competitor, OpenAI, was reportedly valued at $1,25 trillion in the week before Nov. 10, after raising $11 billion. It had initially sought to raise $20 billion.
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