The artificial intelligence boom is about to get its biggest public-market test yet. Anthropic, the five-year-old company behind the Claude models, launched the roadshow for its initial public offering on Tuesday and set a price range of $70 to $78 per share, according to an updated filing with the Securities and Exchange Commission.
The company plans to offer 825 million shares of Class A common stock on the Nasdaq Global Select Market under the ticker ANT. Of those, about 801.4 million are new shares from Anthropic and about 23.6 million come from existing shareholders. Underwriters have an option to buy up to 123.75 million more. At the top of the range, the offering would raise about $64.4 billion.
The Timeline and the Valuation
CNBC reported, citing people familiar with the matter, that Anthropic expects to price the deal on Nov. 18 and begin trading on Nov. 19. The company is reportedly targeting a retail allocation of about 20%, well above the typical share for an IPO, and the order book is already covered at the proposed range.
Based on roughly 13.09 billion shares expected to be outstanding after the offering, the range implies a market value of about $916 billion to $1.02 trillion. On a fully diluted basis, the company could be worth up to about $1.4 trillion, compared with the $965 billion valuation it announced in a May funding round. The debut would come roughly five months after SpaceX’s record $85.7 billion offering.
The Chipmakers Buying In
Alongside the IPO, seven companies that supply Anthropic’s computing power have agreed to buy a combined $26 billion of nonvoting Class N stock at the IPO price. At the midpoint, Google and Nvidia would each buy about $10 billion, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each, and TSMC about $500 million. Those shares will not be subject to the usual post-IPO lockup.
The Numbers Investors Will Weigh
The filing shows $33.2 billion in revenue for the first nine months of 2026. The company posted a net loss of $104 billion over the period, most of it from a $94.3 billion non-cash charge tied to the rising value of convertible notes and other instruments, while its operating loss was $1.26 billion. Anthropic has also committed to roughly $900.9 billion in spending, mostly on compute and infrastructure, with about $70.7 billion due within 12 months.
Governance is another point of scrutiny. Anthropic will list as a public benefit corporation. A Long-Term Benefit Trust will elect a majority of its board, and a single Class F share held by an entity owned by its seven co-founders will carry 50.1% of voting power on most matters, making it a controlled company under Nasdaq rules. The filing warns that Class A holders will have limited influence over major decisions.
A Test of AI Fervor
The range arrives after a rough stretch for AI stocks. Some major investors told The Wall Street Journal last week that an expected $1.5 trillion valuation would likely need to come down, and an earlier draft filing had pointed toward roughly $2 trillion as recently as September.
That makes the next week a referendum on more than one company. If demand holds at these levels, it will signal that Wall Street still believes the scale of AI spending can pay off. If it wobbles, the market will have delivered a verdict on just how much the AI trade is worth.
