Anthropic said it will offer 825 million shares in its upcoming IPO in a price range between $70 and $78 per share, according to a filing updated Tuesday, bringing the five-year-old artificial intelligence lab closer to a potentially historic debut on Nasdaq.
The company plans to set prices on Nov. 18 and negotiate on Nov. 19, according to people familiar with the details who were granted anonymity because they were not authorized to speak publicly. Anthropic is aiming for a retail allocation of around 20%, the sources said, a much higher percentage than the typical IPO, which is 5% to 10% for retail investors.
On the high end, Anthropic would bring in up to $64.35 billion in proceeds from its IPO. The company could be valued at up to $1.405 trillion on a fully diluted basis, up from the $965 billion valuation announced in a May funding round.
Anthropic said it had reached an agreement with Advanced microdevices, Broadcom, Google, Micron, Microsoft, Nvidia And Taiwan semiconductor manufacturing company to purchase $26 billion of the company’s Class N common stock in a private placement at a price per share equal to the IPO price. Shares sold in the private placement will not be listed in the offering and will not be subject to lock-up agreements with the underwriters, the company said.
As Anthropic executives prepare to present their offering to investors, they face a tumultuous political environment, following last week’s midterm elections that included a Democratic victory in Congress and the passage of numerous statewide ballot measures that could slow the development of AI. They also face a public market increasingly skeptical of the AI business, fearing that rising interest rates will make debt unaffordable for companies that need it for expensive infrastructure purchases.
CNBC reported last week that some Anthropic investors were bracing for a lower valuation than initially expected. While Anthropic was until recently eyeing a $2 trillion valuation, shareholders told CNBC that even $1.5 trillion was now uncertain, with one investor calling the figure “stretchy.”
If Anthropic hits the Nasdaq this month as planned, under the ticker “ANT,” the debut would take place about five months later EspaceX went public in a record offering that raised $85.7 billion. Elon Musk’s reusable rocket and AI company has a market capitalization of just under $2 trillion, roughly its valuation at the time of the IPO.
Institutional demand for Anthropic is even stronger than it was for SpaceX at this point in the process, the sources said. The company’s portfolio is already hedged in a range of $70 to $78 per share on a split basis, they said.
Anthropic CEO Dario Amodei co-founded the AI lab in 2021 after he and a small group of researchers left OpenAI, now its main rival. 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 introduced two new AI models, Claude Fable 5.2 and Claude Mythos 5.2, the first time the company has released so-called “frontier” models since Amodei called for slowing the pace of AI development in September. Anthropic said the models underwent rigorous safety and alignment testing, and the company developed new assessments and post-launch monitoring tools ahead of release.
For the nine months ended September 30, Anthropic said it generated revenue of $33.24 billion, up about 1,200% from the same period last year. The company posted a net loss of $104 billion during the nine-month period, although most of that was due to changes in the fair value of convertible notes and derivative liabilities. Anthropic lost $25.1 billion over the same period in 2025, the filing said.
Anthropic said in its amended filing Tuesday that its current revenues were about $81 billion at the end of October, up $10 billion from the previous month.
“Our goal is to help humanity chart a safe path through this technological evolution, open new frontiers of discovery, and usher in an era of miracles,” the Anthropic co-founders wrote in the prospectus. “Everyone who owns our stock, whether an institution or an individual, is part of this effort. We hope, however, that you will share our ambition to see it happen.”
WATCH: Anthropic’s meteoric rise: What you need to know before the IPO
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