Anthropic IPO Price Set at $70 to $78, Up to $1.4 Trillion Value

The Anthropic IPO price range is $70 to $78 a share, the company said in an updated filing on Tuesday, November 10. It plans to sell 825 million shares on the Nasdaq under the ticker ANT, which would raise up to about $64.35 billion at the top of the range and value the AI lab at up to $1.405 trillion on a fully diluted basis, CNBC calculated. It is the first public price range for Anthropic shares, and the top of it sits below the $2 trillion that was floated in early October.

Of the 825 million shares, Anthropic itself is selling 801,351,354 and existing holders are selling 23,648,646, according to the filing as reported by Investing.com. Separately, seven strategic partners, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, agreed to buy $26 billion of Anthropic's Class N common stock in a private placement at the IPO price, CNBC reported.

$70 to $78

Price range per share

825M

Shares offered, per CNBC and Investing.com

$64.35B

Raise at the top of the range, per CNBC

$1.405T

Fully diluted value at $78, per CNBC

What the Anthropic IPO price implies for valuation

CNBC's $1.405 trillion figure applies to the top of the range. Scaling that figure to the bottom of the range, by our arithmetic, gives roughly $1.26 trillion at $70 a share. Both numbers are above the $965 billion valuation Anthropic announced in a private funding round in May, and the top end sits just above the $1.25 trillion OpenAI accepted in its latest private round.

The range also shows how far expectations have fallen. Investors expected the IPO to value Anthropic at $1.1 trillion to $1.3 trillion, down from $1.4 trillion to $1.5 trillion before that and as much as $2 trillion in early October, The Daily Upside reported on Tuesday. Shareholders told CNBC that even $1.5 trillion is now in doubt. We tracked that slide in Anthropic Valuation Doubts: IPO Investors Balk at $1.5 Trillion.

The $26 billion side deal from chip and cloud partners

The private placement matters as much as the public offering. Its buyers are the companies that sell Anthropic chips, memory and cloud capacity. Nvidia agreed last November to invest up to $10 billion in the lab, The Daily Upside noted. CNBC reported that the placement shares will not be registered in the offering and will not be subject to lock-up agreements with the underwriters.

Money that flows from suppliers to a customer and back again as orders is the pattern critics call circular financing. We looked at how large those loops have grown in AI Circular Deals: $1.4 Trillion of IOUs and a Meta Stock Sale. By our arithmetic, if the deal prices at $78, Anthropic would take in about $62.5 billion from its own shares plus the $26 billion placement, close to $88.5 billion of new money before fees.

Revenue is surging, and so are the losses

Anthropic reported $33.24 billion of revenue for the nine months to September 30, up roughly 1,200% from a year earlier, CNBC reported. Its run-rate revenue was about $81 billion as of October 31, up $10 billion from September 30, according to the filing as reported by Investing.com.

The company also reported a $104 billion net loss for the nine months, CNBC said, though most of it came from changes in the fair value of convertible notes and derivative liabilities rather than day-to-day operations. It lost $25.1 billion in the same period of 2025. The larger long-term question is the compute bill: our analysis of Anthropic's S-1 walks through its $895 billion of compute commitments.

When Anthropic stock could start trading

Anthropic was expected to start its roadshow on Tuesday, 15 days after it filed publicly with the SEC, which would put it on track to debut on the Nasdaq next week, before Thanksgiving, The Daily Upside reported. CNBC said the offering is expected in mid-November. The final price will be set after the roadshow and can land above, inside or below the range.

For scale, CNBC noted that SpaceX's record offering earlier this year raised $85.7 billion. At the top of its range, Anthropic's offering of about $64 billion would be smaller than that.

What the AI Bubble Index says

The AI Bubble Index read 63.0 after Monday's close, in its Normal band, down from 63.5 a week earlier. Sentiment and attention is still the hottest family at 92.7, and the demand gap the coolest at 40.5. Fragility, at 69.3, sits above Euphoria at 64.6, and momentum cooled to 59.7 after last week's chip rout. A single IPO filing does not move the index, but how the deal prices and trades will feed its sentiment and momentum measures over the coming weeks. Every component is on the dashboard.

A rush of very large listings is one of the signals bubble watchers track, as our guide on how to detect market bubbles explains. The counterpoint is that Anthropic is coming to market with a lower price than investors hoped for a month ago, not a higher one.