Anthropic has announced it will offer 825 million shares in its upcoming IPO at a price range of $70 to $78 per share, according to an update on Tuesday, moving the five-year-old artificial intelligence institute one step closer to a potentially historic Nasdaq debut.
The company plans to set a price on Nov. 18 and close the deal on Nov. 19, said people familiar with the details who asked not to be identified because they were not authorized to speak publicly. Anthropic is targeting an allocation of about 20% to retail investors, a much higher percentage than a typical IPO (5% to 10% for retail investors), according to people familiar with the matter.
At the high end of the range, Anthropic plans to raise up to $64.35 billion through the IPO. The company could ultimately be worth up to $1.405 trillion on a fully diluted basis, higher than the $965 billion valuation it announced as part of its May funding round.
Anthropic announced that it has signed a contract with advanced micro device, broadcom, google, micron, microsoft, Nvidia and Taiwan semiconductor manufacturing company The company will purchase $26 billion of its Class N common stock in a private placement at a price per share equal to the IPO price. The company said the shares sold in the private placement will not be registered in the offering and will not be subject to lock-up agreements with the underwriters.
As Anthropic executives prepare to pitch the product to investors, they must contend with a tumultuous political environment following last week’s midterm elections, which included Democratic sweeps in Congress and the passage of a number of statewide voting bills that could slow the development of AI. AI deals also face growing skepticism in the public markets over concerns that rising interest rates will make it impossible for companies that need debt to pay for expensive infrastructure purchases.
CNBC reported last week that some Anthropic investors are bracing for a lower valuation than previously expected. Anthropic had until recently been aiming for a $2 trillion valuation, but shareholders told CNBC that even $1.5 trillion is now in doubt, with one investor calling the number “unreasonable.”
If Anthropic goes public on the Nasdaq this month as planned, its debut under the ticker symbol “ANT” will take place in about five months. space x went public in a public offering of record and raised $85.7 billion. Elon Musk’s reusable rocket and AI company has a market capitalization of just under $2 trillion, close to its IPO valuation.
Agency demand for Anthropic is even stronger than for SpaceX at this point in the process, officials said. The company’s books are already covered on an allocable basis in the range of $70 to $78 per share, the company said.
Anthropic CEO Dario Amodei co-founded AI Labs in 2021 with a small group of researchers after leaving his current biggest rival, OpenAI. Anthropic is best known for developing a family of AI models called Claude, and the company primarily sells its products and services to other companies.
On Monday, Anthropic announced two new AI models: Claude Fable 5.2 and Claude Mythos 5.2. This is the first time the company has released a so-called “frontier” model since Amodei called for a slowdown in AI development in September. Anthropic said the model has undergone rigorous safety and conditioning testing, and the company has developed new evaluation tools and post-launch monitoring tools ahead of launch.
Anthropic announced that it had revenue of $33.24 billion for the nine months ended September 30, an increase of approximately 1,200% from the same period last year. The company reported a net loss of $104 billion for the nine-month period, mostly due to changes in the fair value of convertible debt and derivative debt. Anthropic lost $25.1 billion during the same period in 2025, according to the filing.
Anthropic said in an amended filing Tuesday that run-rate revenue was about $81 billion at the end of October, an increase of $10 billion from the previous month.
“Our purpose is to help humanity navigate a safe path through this technological evolution, open new frontiers of discovery, and usher in an era of miracles,” Anthropic’s co-founders said in their prospectus. “Everyone who owns a stake in our company, whether an institution or an individual, will be part of that effort. But we hope they share our ambition to see it happen.”
WATCH: Anthropic’s incredible rise: What you need to know before the IPO
