Anthropic sets IPO price range at $70 to $78, with fully diluted valuation of up to about $1.4 trillion
According to a CNBC report on November 10, 2026, Anthropic disclosed in its latest updated regulatory filing that it plans to issue 825 million shares in its IPO, with a price range of $70 to $78 per share. Based on the top of the range, the company would raise up to about $64.35 billion through the IPO; on a fully diluted basis, the valuation could reach up to about $1.405 trillion, higher than its $965 billion valuation in its May private financing. The company plans to list on Nasdaq under the ticker symbol ANT.
Previously, on October 26, Anthropic said in an official announcement that it had filed an S-1 registration statement with the SEC and planned to list on the Nasdaq Global Select Market, and at that time the number of shares to be offered and the price range had not yet been determined. Multiple media reports said the company aimed to begin trading in mid-to-late November, but the specific pricing and listing date still remained to be confirmed.
Original source:
Title: Anthropic sets price range of $70 to $78 in upcoming IPO Publisher: CNBC Publication date: 2026-11-10 URL: https://www.cnbc.com/2026/11/10/anthropic-sets-price-range-of-70-to-78-in-upcoming-ipo.html Nature of source: media report Verification status: The full page content was actually read for this report. Verification date: 2026-11-10. Supporting content: supports the facts in the body regarding the number of shares to be issued, the price range, the maximum amount to be raised, the upper limit of the fully diluted valuation, and the Nasdaq listing ticker, all as disclosed in the updated regulatory filing.
ABAB AI Insight
Anthropic was founded by Dario Amodei and his team in 2021 after leaving OpenAI, and it focuses on the Claude family of models. In May 2026, the company completed a $6.5 billion Series H financing at a $965 billion valuation, led by Altimeter, Dragoneer, Greenoaks, and Sequoia, among others. The valuation cap implied by this IPO price range is about $1.4 trillion, which is higher than the latest private-market round but significantly below the $2 trillion target rumored a few months ago.
On the capital path, the company plans to issue new shares in the IPO to raise up to about $64.35 billion, while earlier filings showed additional private placement arrangements with strategic investors, including Google and Nvidia. The funds mainly support continuing expansion of compute and infrastructure spending; the S-1 disclosed revenue of about $33.24 billion for the first nine months before the filing (up sharply year over year), but a net loss of $104 billion, most of which came from non-cash items such as changes in the fair value of convertible notes.
Compared with SpaceX's IPO in June 2026, SpaceX raised about $85.7 billion at an approximate $1.77 trillion valuation and set a record; Anthropic's current target scale is close, but its valuation multiple is constrained by the recent pullback in the AI sector and the interest-rate environment. The key difference is that Anthropic is still in a stage of high losses and high capital expenditures, while investors are more focused on its safety and governance structure (public benefit corporation framework).
This adjustment makes Anthropic's IPO pricing closer to the current market-acceptable range, reducing the risk of a failed pricing due to overvaluation, while it could still become one of the largest IPOs in history; the final valuation will depend on roadshow feedback and market sentiment on pricing day. If the deal is struck at the current top of the range, early investors' paper returns will be further realized, but the company will need to prove after listing that its revenue growth can cover continuing losses and compute commitments.
ABAB News · Cognitive Law
After IPO pricing reflects market feedback, a target valuation that had been sharply cut from early rumors can still support record fundraising.
When high growth comes with high non-cash losses, the fully diluted valuation and the amount raised should be examined separately.