Anthropic IPO: Can ANT Price Above $78 After Orders Reach Six Times the Shares?

Anthropic, the maker of the Claude AI models, plans to price its initial public offering (IPO) on Wednesday, November 18, at $70 to $78 a share. Trading is set to begin on Thursday, November 19, on Nasdaq under the ticker "ANT."

Including a private placement, the deal could raise up to $90.4 billion, which Bloomberg reported could make it the largest IPO on record. Bloomberg also reported on November 12 that orders reached about six times the shares available, even though the Nasdaq fell 5.5% in the week before the roadshow on fears of tighter AI regulation.

The Terms: Up to $90.4 Billion

Anthropic is offering 825 million Class A shares, 801.4 million new and 23.6 million from existing holders, which would raise up to $64.4 billion at the top of the range. Underwriters can buy 123.75 million more. Seven of its chip and cloud suppliers (Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners) agreed to buy $26 billion of non-voting Class N shares at the IPO price. Google and Nvidia would each buy about $10 billion.

The range values the company at about $916 billion to $1.02 trillion on roughly 13.09 billion shares, and up to about $1.4 trillion on a fully diluted basis, which counts options and other securities that can become shares. That is about 30% below the nearly $2 trillion talked about earlier this autumn.

Revenue Is Growing Fast, but So Are the Commitments

According to its amended filing, revenue reached $33.2 billion in the first nine months of 2026, up from about $2.5 billion a year earlier. Third-quarter revenue alone was $17.0 billion, and Fortune reported an annualized run rate, current monthly revenue times 12, of about $81 billion at the end of October. Gross margin, the share of revenue left after the direct cost of serving customers, was about 85% in the first half, up from about 12% a year earlier.

On the bottom line, the picture looks very different, with a net loss of $104 billion for the nine months, mostly because of a $94.3 billion non-cash charge tied to revaluing convertible notes and similar instruments. The operating loss was $1.26 billion. The filing also shows about $901 billion of computing and infrastructure commitments, with about $70 billion due within 12 months, and $26.6 billion of stock compensation expense that starts at the IPO.

Founders Keep Control

Public buyers get Class A shares with one vote each, but a single Class F share held for the co-founders carries 50.1% of the votes on most matters, making Anthropic a "controlled company" under Nasdaq rules. It is a public benefit corporation, a company legally required to weigh a public mission alongside profit, and its Long-Term Benefit Trust elects four of seven directors. Risk factors include a $1.5 billion copyright settlement and a pending court fight over a Department of War supply-chain designation.

Anthropic IPO Levels: Pricing Above $78 Would Signal Strong Demand

Without a trading history there is no chart yet, so the IPO range itself sets the levels to watch. The first is $78, the top of the range. With orders at about six times the shares available, a range increase or a final price above $78 would show that demand held up despite the AI selloff. The midpoint of $74 would bring in about $84.6 billion in net proceeds from the IPO and the placement combined.

Anthropic IPO Prospectus Cover - Source: SEC

The bottom of the range, $70, is the level that would point to weaker demand. Bankers have told investors that existing backers get priority, so some new buyers may receive fewer shares than they asked for and could try to buy more once trading starts.

Nvidia, one of the two $10 billion anchor buyers, reports earnings on Tuesday, November 17, a day before pricing, so its results could affect sentiment. In my view, the final price on Wednesday will tell investors more than the order book, and the opening trade on Thursday against that price is the next test.

Key Levels

• Price range: $70 to $78 a share
• Midpoint: $74, about $84.6 billion in net proceeds
• Total raise: up to $90.4 billion, including the $26 billion placement
• Valuation: $916 billion to $1.02 trillion; up to $1.4 trillion fully diluted
• Pricing: Wednesday, November 18
• First trade: Thursday, November 19, on Nasdaq under "ANT"

FAQs

When is the Anthropic IPO?

Anthropic plans to price its IPO on Wednesday, November 18, and shares are set to begin trading on Nasdaq on Thursday, November 19, under the ticker "ANT."

What is the Anthropic IPO price range and valuation?

The range is $70 to $78 a share, valuing Anthropic at about $916 billion to $1.02 trillion, or up to about $1.4 trillion fully diluted. By my calculation, that top value is about 17 times its reported $81 billion run rate.

Bottom Line

Anthropic brings fast revenue growth and strong demand to the market, along with a large paper loss, heavy computing commitments and founder control. The level that matters is $78. A final price above it would confirm the demand Bloomberg reported, while pricing near $70 would suggest the AI selloff has cooled appetite.