Anthropic eyes $1.4 trillion valuation in historic IPO, sets $70–$78 price range ahead of November 19 Nasdaq debut

Anthropic is preparing for one of the largest IPOs in Wall Street history, targeting a valuation of up to $1.4 trillion as the company behind Claude nears a November 19 Nasdaq debut. The AI startup disclosed a proposed share price range of $70 to $78 on Tuesday, setting the stage for a blockbuster offering that could raise more than $64 billion.

According to an updated filing with the U.S. Securities and Exchange Commission (SEC), Anthropic plans to offer 825 million shares, including approximately 801.4 million newly issued shares and 23.6 million shares sold by existing investors. At the upper end of the range, the offering would generate $64.35 billion in gross proceeds, with approximately $62.5 billion attributable to shares sold by Anthropic before fees.

The five-year-old company has applied to list on the Nasdaq under the ticker symbol “ANT.” Anthropic expects to price its shares on November 18 and begin trading the following day, CNBC reported, citing people familiar with the plans. The dates remain subject to change.

The offering could value Anthropic at approximately $1.4 trillion on a fully diluted basis, a remarkable milestone for a company founded in 2021 by former OpenAI researchers, including CEO Dario Amodei and his sister, Daniela Amodei.

The proposed valuation represents a sharp increase from Anthropic’s $965 billion private valuation in May, though it falls short of the $2 trillion figure reportedly discussed earlier this year.

Anthropic is reportedly reserving approximately 20% of its IPO allocation for retail investors, significantly above the typical 5% to 10%. The move could give individual investors greater access to one of the most anticipated technology listings in years.

Anthropic’s $1.4 Trillion IPO Puts AI’s Biggest Investment Questions to the Test

The IPO arrives at a difficult moment for the artificial intelligence industry. Investors are increasingly questioning whether enormous spending on AI infrastructure can translate into sustainable profits.

Anthropic’s financial disclosures illustrate both sides of that debate.

For the nine months ended September 30, the company reported $33.24 billion in revenue, up about 1,200% from a year earlier. Its net loss reached $104 billion, driven largely by changes in the fair value of convertible notes and derivative liabilities rather than ordinary operating expenses.

Anthropic reported an annualized revenue run rate of approximately $81 billion at the end of October, up $10 billion from September. That figure reflects revenue extrapolated from recent activity, not revenue already earned over a full year.

Another striking detail is the backing Anthropic has secured from some of the technology industry’s largest companies.

AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC have agreed to purchase a combined $26 billion in Anthropic shares through a separate private placement at the IPO price. The investment will close only if the public offering is completed and other conditions are satisfied.

The commitments highlight how deeply Anthropic is tied to the companies supplying the chips, cloud infrastructure, and computing capacity needed to run its AI models.

Anthropic’s planned debut follows SpaceX’s record $85.7 billion IPO roughly five months ago. The timing places another major AI company before public investors at a moment when enthusiasm for the technology is being tested by concerns over infrastructure costs, financing conditions, and future returns.

The company enters the public markets with substantial revenue growth, powerful industry partners, and a popular AI product in Claude. Investors must now decide how much that growth is worth and how long it can continue.

For Anthropic, the IPO is about more than raising billions. It tests whether Wall Street is still willing to assign trillion-dollar valuations to AI companies facing extraordinary costs and uncertain long-term profits.

Anthropic founders