Anthropic IPO prices $70 to $78 for $1.404 trillion value

The updated filing lands against a backdrop the company itself acknowledges: shakier markets and a broader pullback from AI investing. A $1.404 trillion fully diluted valuation at the top of the range would still trail the $2 trillion Anthropic was reportedly targeting a couple months ago, even as it exceeds the $965 billion valuation from a May fundraise.

The filing also details a separate private placement of $26 billion in non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, with Google and Nvidia investing $10 billion apiece. That arrangement sits alongside the public offering, which is expected to allocate up to 20% of shares to retail investors and is set to start trading on the Nasdaq close to November 19 under the ticker "ANT".

The governance structure gives the founders a Class F share carrying 50.1% of the voting power, while the Long-Term Benefit Trust elects a board majority — a setup that leaves Class A buyers with limited influence over decisions. Financially, the company reported run-rate revenue of $81 billion by the end of October, up about $10 billion from the end of September, alongside a nine-month net loss of $104 billion and $900.9 billion in compute and infrastructure commitments. The filing also adopts "super intelligence" and "SI" interchangeably with "artificial intelligence" and "AI," citing a September executive order from Trump directing government departments to use the new terminology.