---
title: Anthropic's IPO Price Range of $70 to $78 a Share Would Value the Claude Maker at Up to $1.4 Trillion
description: Anthropic will sell IPO shares at $70 to $78, below the $1.5 trillion valuation some investors questioned, as Nvidia, Google and others buy $26 billion.
author: Darie Nani (Editor-in-Chief)
date: 2026-11-10T17:06:35.884Z
updated: 2026-11-10T17:06:35.904Z
canonical: https://www.sovereignmagazine.com/article/anthropic-ipo-price-range-roadshow
image: https://cdn.nanimediahouse.com/anthropic-ipo-nasdaq-marketsite-times-square.webp
categories: Artificial Intelligence, Markets
content_type: News
region: United States
publication: Sovereign Magazine
about:
  - type: Organization
    name: Anthropic
    description: American artificial intelligence company that develops the Claude models.
---

Anthropic began marketing its shares to investors on Tuesday at $70 to $78 each, which would value the Claude maker at less than the $1.5 trillion some of those investors had questioned.

The company is offering 801 million new shares and existing shareholders another 23.6 million, which at those prices would raise between $57.75 billion and $64.35 billion, before an option for the banks to buy up to 123.75 million more. Separately, seven chip and cloud companies, among them Nvidia, Google and Microsoft, have agreed to buy $26 billion of non-voting shares at the IPO price, according to the [amended prospectus](https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm) Anthropic filed with the Securities and Exchange Commission on Tuesday.

Last week [some potential investors doubted](https://www.sovereignmagazine.com/article/anthropic-ipo-data-centers-midterms) that the roadshow, when a company and its banks pitch the shares to fund managers, could begin this week. It started on schedule. Anthropic is expected to set the final price on November 18, and its shares to start trading on Nasdaq under the ticker ANT the next day, CNBC reported, citing people familiar with the deal.

## Anthropic's IPO Valuation Ranges From $916 Billion to $1.4 Trillion

Anthropic expects to have about 13.1 billion shares outstanding once the offering and the private placement are complete, so at $70 to $78 a share the company would be worth between $916 billion and $1.02 trillion. Counting stock options and employee shares that have not yet vested, the value at the top of the range would be about $1.405 trillion, by CNBC's calculation.

Investors valued Anthropic at $965 billion in its last private funding round, in May. Anthropic had aimed for about $2 trillion until recently, CNBC reported, and shareholders told the broadcaster that even $1.5 trillion was in doubt, with one calling that figure a stretch. The Wall Street Journal reported last week that some large investors wanted the valuation lowered, one of them suggesting something nearer $1 trillion.

Anthropic's run-rate revenue reached about $81 billion on October 31, up $10 billion in a month, the company says in the new filing. Anthropic calculates it by annualizing its usage fees from the latest 28 days and one month of its subscription fees, and says the figure is not a forecast. Revenue for the three months to September 30 was about [$17 billion](https://www.sovereignmagazine.com/article/anthropic-q3-revenue-amended-ipo-filing).

Anthropic's executives are pitching to public investors who have [grown more doubtful about AI stocks](https://www.sovereignmagazine.com/article/is-the-ai-bubble-bursting-october-2026), partly because rising interest rates make the debt behind data centers more expensive, CNBC reported. The S&P 500 rose 2.3% on Monday to 7,549.94, its best day since April 8, the Associated Press reported, making up more than half of the 4.4% the index lost last Thursday.

## Nvidia, Google and Five Other Chip and Cloud Companies Will Buy $26 Billion of Anthropic Shares

AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have each agreed to buy Class N shares, which carry no vote, at the IPO price. The private placement closes straight after the listing and goes ahead only if the listing does. At the $74 midpoint, Google and Nvidia would each buy about $10 billion of stock, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each and TSMC about $500 million. Google's purchase counts toward an investment it had already committed to make in Anthropic. In the version of the prospectus filed on November 2, an option for Google to buy up to $10 billion was the only such arrangement.

![Bar chart of the $26 billion private placement in Anthropic: Google and Nvidia about $10 billion each, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each, TSMC about $500 million.](https://cdn.nanimediahouse.com/anthropic-ipo-placement-buyers-chart.webp)
*Photo: Chart: Sovereign Magazine. Source: Anthropic*

Several of the buyers are also companies Anthropic pays for computing, including Microsoft and Google, to which it has committed at least $44.9 billion and about $114.5 billion respectively, [as its October filing showed](https://www.sovereignmagazine.com/article/anthropic-stock-ticker-symbol).

> "We have historically operated in a compute-constrained environment in which demand for compute has exceeded the supply available to us."
> — Anthropic, amended prospectus, November 10, 2026

Anthropic estimates its net proceeds from the offering and the placement at about $84.6 billion at the midpoint price, after the banks' fees and other costs, and says it will use the money for general corporate purposes, including computing and infrastructure. Its [commitments for computing and infrastructure](https://www.sovereignmagazine.com/article/anthropic-ipo-518-billion-compute-commitments) now total about $900.9 billion, up from $895.4 billion in the November 2 filing, with about $451.6 billion due before the end of 2030 and $70.7 billion in the 12 months after September 30.

## Anthropic Plans to Offer About a Fifth of Its IPO Shares to Individual Investors

Anthropic is aiming to sell about 20% of the shares to individual investors, against the 5% to 10% usual in a large offering, CNBC reported. The same report said demand from institutions was stronger than it had been for SpaceX at the same stage, and that the order book was already covered at every price in the range. Members of Anthropic's board and entities linked to them have said they may buy up to $303 million of the shares, though they are not bound to. Goldman Sachs and Morgan Stanley lead the 22 banks running the offering.

At the top of the range the offering would raise $64.35 billion, or $74 billion if the banks also buy all 123.75 million extra shares. SpaceX's record listing in June raised $75 billion at its IPO price, rising to $85.7 billion when the banks took up their option on extra shares. With the $26 billion private placement added, the total at the top of Anthropic's range would come to $90.35 billion, although the placement is not part of the public offering.

Most existing shareholders have agreed not to sell for up to 180 days after the offering, and the co-founders and some large holders for up to 365 days. Directors, officers, employees and former employees other than the founders may sell up to 10% of their locked-up shares from the first day of trading.

Find out more at [anthropic.com](https://www.anthropic.com).

## FAQ

**Q: Can I buy Anthropic stock before the IPO?**
Not on the stock market. No offer to buy can be accepted until the SEC declares Anthropic's registration statement effective. The banks running the offering allocate the shares once the price is set, expected on November 18, and Anthropic plans to direct about 20% of them to individual investors, according to CNBC. Anyone without an allocation can buy the shares on Nasdaq under the ticker ANT once trading starts, expected on November 19.

**Q: How much will the Anthropic IPO be worth?**
At $70 to $78 a share, the 825 million shares on offer would raise between $57.75 billion and $64.35 billion, or up to $74 billion if the banks buy all the extra shares, plus $26 billion from the private placement. Based on the 13.1 billion shares expected after the offering, Anthropic would be valued at $916 billion to $1.02 trillion. CNBC put the value at up to about $1.405 trillion when stock options and unvested employee shares are counted.

**Q: Is the Anthropic IPO a good investment?**
Nobody can say before the shares trade and the final price is set. At the $74 midpoint, Anthropic's prospectus shows net tangible assets of $8.21 a share after the offering, so new buyers would pay $65.79 a share more than that, which the filing lists as dilution, so most of what buyers pay is for the earnings they expect Anthropic to make in future. Run-rate revenue rose $10 billion in October, and the company has about $900.9 billion of commitments for computing and infrastructure to pay for.