Anthropic sets IPO price range of $70 to $78 per share

Anthropic plans to sell 825 million Class A shares at an estimated price range of $70 to $78 per share, according to an updated IPO filing on Tuesday. The sale is expected to raise between $57.75 billion and $64.35 billion. At the top of the range, the company would be worth $1.404 trillion on a fully diluted basis, above its $965 billion valuation from a May fundraise but below the $2 trillion it was reportedly targeting a couple of months ago.

Separately, Anthropic agreed 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 each investing $10 billion. Anthropic estimates net proceeds of $84.6 billion to $93.7 billion, and underwriters including Goldman Sachs and Morgan Stanley can buy up to 123.75 million more shares.

The founders hold a Class F share with 50.1% of the voting power, and the Long-Term Benefit Trust will elect a board majority, so Class A buyers will have limited influence. Trading is expected on the Nasdaq close to November 19 under the ticker ANT. Anthropic reported third-quarter revenue of $17 billion and a nine-month net loss of $104 billion.

Developers who build on Claude will be able to read Anthropic's revenue, losses and compute commitments in public filings once the company lists. The offering also shows a major model provider raising capital during a period of shakier markets, so vendor stability and pricing are worth watching. Class A holders will have limited say over governance, which matters if you depend on the company's long-term direction.