- Lead. Anthropic has set a price range of $70 to $78 per share for its Nasdaq IPO, putting the AI lab’s fully diluted valuation at up to $1.404 trillion — the largest technology debut ever filed in the United States.
- Fact. The offering covers 825 million Class A shares under the ticker ANT, with trading expected to begin around November 19; at the top of the range the raise reaches $64.35 billion.
- Stake. Seven strategic investors — including Google and Nvidia at $10 billion each — have agreed to buy $26 billion of non-voting stock at the IPO price, locking in demand before retail books open.
Anthropic filed its final price range on Monday, completing a roadshow that began the same day. The company will offer 825 million Class A shares at between $70 and $78, with an overallotment option for 123.75 million additional shares. At the top of the range the net proceeds from the primary offering reach roughly $93.7 billion, according to filings reported by TechCrunch. If shares price at the high end, the company’s fully diluted market capitalisation would be $1.404 trillion.
The Strategic Tranche
Alongside the public offering, Anthropic has arranged a $26 billion private sale of non-voting Class N shares at the IPO price to seven strategic partners: Google and Nvidia at $10 billion each, along with AMD, Broadcom, Micron, Microsoft and TSMC. The non-voting structure preserves the control model the founders have established, under which a Long-Term Benefit Trust holds a majority of board seats and co-founders Dario and Daniela Amodei retain a Class F share carrying 50.1% of voting power.
The Amodei siblings are each selling approximately 3.4 million shares in the offering — roughly $250 million each at the $74 midpoint — marking the first time insiders have been able to liquidate equity since Anthropic’s founding.
Market Backdrop
The pricing announcement landed on a bruising day for technology stocks: the Nasdaq fell after a hot October inflation print sent the 10-year Treasury yield through 5% for the first time this cycle. Anthropic’s bankers have set a retail allocation of up to 20% of the offering, with shares available through Robinhood and SoFi’s IPO Access programmes.
The valuation of $1.404 trillion — arrived at on a fully diluted share count — is well below the $2 trillion figure that had circulated in advance of the roadshow, though still far above Anthropic’s $965 billion valuation from a May fundraising round. Fortune and other outlets noted that the more conservative figure reflects both market conditions and the scrutiny that IPO registrants face from institutional investors on revenue multiples.
The debut will be watched closely in the context of Anthropic’s $17 billion third-quarter revenue figure, disclosed in an S-1 amendment ahead of the roadshow. If shares clear the range, the IPO would crystallise more value than any prior technology listing in US market history.