Anthropic IPO Valuation Hits $1.3 Trillion as Claude Maker Sets $70–$78 Share Range

Anthropic has put a price on the most watched stock-market debut of the year, with the Anthropic IPO valuation set at about $1.3 trillion. The maker of the Claude chatbot filed an amended prospectus on Tuesday 10 November 2026, offering 825 million Class A shares at $70 to $78 each. The filing lands after weeks in which investors questioned whether the artificial-intelligence boom could still support a listing of this size.

The Anthropic IPO valuation is calculated on a fully diluted basis at the $74 midpoint of the range, at about $1.33 trillion. At the top of the range it reaches roughly $1.41 trillion on the same basis, while Reuters calculated up to about $1.02 trillion using only the shares outstanding. That spread matters, because the headline number depends on whether stock options and similar awards are counted, and different outlets have landed on different figures from the same filing.

Anthropic IPO valuation: what the filing actually sets out

The public offering would raise up to $64.4 billion at the top of the $70–$78 range, according to the filing as reported by the Wall Street Journal. Anthropic itself is selling about 801.4 million of the 825 million shares on offer, with existing shareholders selling about 23.6 million. A separate $26 billion private placement with large investors, including Alphabet’s Google and Advanced Micro Devices, would lift the total raised to as much as $90.4 billion.

The company plans to list on the Nasdaq under the ticker “ANT”, and CNBC reported, citing people familiar with the plans, that pricing is expected on Wednesday 18 November, with trading to begin on Thursday 19 November. The filing itself sets no date, and all terms remain subject to change. Anthropic also gave its underwriters a 30-day option to buy a further 123.7 million shares.

Claude’s revenue surge sits behind the Anthropic IPO valuation

The numbers behind the Anthropic IPO valuation show a business growing far faster than its valuation debate suggests. Anthropic said in its filing that its revenue run rate, a metric used to estimate annual revenue, was approximately $81 billion at the end of October. Third-quarter revenue was about $17 billion, up from $1.4 billion a year earlier, with an operating loss of $567 million in the quarter.

That growth explains why investors are still prepared to back the deal, even after a sharp selloff in AI stocks. Claude is sold mainly to businesses and developers, with most revenue charged by usage rather than by seat, and its coding product Claude Code has become a central part of the pitch. Anthropic was founded in 2021 by researchers who left OpenAI over disagreements on governance and AI safety, and it is led by chief executive Dario Amodei, with his sister Daniela Amodei as president.

Why the Anthropic IPO valuation fell short of $2 trillion

The Anthropic IPO valuation is far below the roughly $2 trillion figure that had been floated months ago, and below the $1.5 trillion discussed more recently. Major investors had grown sceptical that the deal could proceed at $1.5 trillion after a deep market selloff tied to the unwinding of AI-related bets, according to people familiar with the matter cited by the Wall Street Journal. One investor who planned to take part said the valuation could need to come closer to $1 trillion.

The filing itself arrived a day after a pricing error in a draft sent to bankers, which Anthropic then corrected. That stumble, days after the AI selloff, underlined how sensitive the deal is to market mood. The Wall Street Journal described the Anthropic IPO as a litmus test for markets on edge over the AI trade, and the pricing range now gives investors a concrete number to judge it against.

What the Anthropic IPO valuation means for AI stocks and investors

For the wider market, the Anthropic IPO valuation will be read as a verdict on whether the AI trade still commands premium prices. A successful debut at about $1.3 trillion would show that demand remains for the largest AI names, even at valuations that dwarf most listed companies. A weak reception, or a cut to the range before pricing, would instead confirm the cooling appetite that investors flagged last week.

The deal also stands apart in scale. At up to $64.4 billion, the public offering alone would be among the largest ever, and the combined $90.4 billion with the private placement would be larger still. Chief executive Dario Amodei, his sister Daniela Amodei, and five other co-founders each plan to sell around $250 million worth of shares in the offering, according to the Wall Street Journal. The company is a Delaware public benefit corporation, a structure that sits alongside its commercial ambitions.

Investors will now watch the roadshow, where Anthropic executives are meeting prospective buyers this week alongside bankers from Goldman Sachs and Morgan Stanley. The final price, set on the evening before the first trade, will show whether the $1.3 trillion figure holds. Until then, the Anthropic IPO valuation is a target, not a settled market price, and the next week will decide which side of the AI debate it lands on.

Your questions on the Anthropic IPO valuation, answered

What is the Anthropic IPO valuation? About $1.3 trillion fully diluted at the $74 midpoint ($1.26-$1.41tn across the range).

When will Anthropic shares start trading? CNBC sources: pricing 18 Nov, trading Nasdaq ANT 19 Nov 2026; filing states no date.

How much will the Anthropic IPO raise? Up to $64.4bn public, up to $90.4bn with the $26bn private placement.

Why is the Anthropic IPO valuation lower than $2 trillion? AI-stock selloff cooled investor appetite; $1.5tn was doubted, $2tn floated months earlier.

What is Claude? Anthropic’s AI chatbot/model family, sold mainly to businesses and developers, including Claude Code.