Anthropic plans to sell 825 million shares priced at $70 to $78 each in its Nasdaq initial public offering, a deal that would raise up to about $64.4 billion at the top of the range, according to an updated filing with the Securities and Exchange Commission on Tuesday.

In a concurrent private placement, Nvidia, Google, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy $26 billion of non-voting stock at the IPO price.

The listing comes as some investors question whether the company's valuation will hold following a sell-off in AI stocks, and as its co-founders are set to retain majority voting control even after Anthropic goes public.

IPO terms and valuation

The AI company plans to sell 825 million shares of Class A common stock — 801.4 million of them newly issued shares and 23.6 million contributed by existing shareholders — on the Nasdaq under the ticker "ANT," the symbol it disclosed when it made its IPO filing public last month. At the top of the range, the offering would raise about $64.4 billion, including the selling shareholders' stake, and underwriters hold an option to buy a further 123.75 million shares.

Anthropic expects to price the offering on November 18 and begin trading on November 19, and is targeting a retail allocation of about 20%, well above the norm for an IPO, CNBC reported, citing people familiar with the details.

Based on the roughly 13.09 billion shares the filing says will 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 $1.405 trillion, according to CNBC — up from the $965 billion valuation it announced in a funding round in May.

Chipmakers commit $26 billion

Alongside the IPO, seven companies that supply Anthropic's computing power have agreed to purchase a combined $26 billion of Class N common stock, which carries no voting rights, at the IPO price. At the midpoint of the range, 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, according to the filing. Those shares will not be subject to the usual post-IPO lock-up period. Because the shares are non-voting, the participating companies would provide capital without receiving the voting power attached to Anthropic's Class A stock.

Anthropic expects net proceeds of about $84.6 billion from the IPO and the private placement combined at the midpoint, which it plans to use for general corporate purposes, including investment in compute and infrastructure, according to the filing.

Financial results and spending commitments

The company reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier. It 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 its convertible notes and other instruments; its operating loss was $1.26 billion.

Anthropic has also committed to about $900.9 billion of future spending, the bulk of it on compute and infrastructure, with about $70.7 billion of that amount due within the next 12 months.

Governance structure

Anthropic will list as a public benefit corporation with an unusual governance structure. Its Long-Term Benefit Trust, a body of financially disinterested trustees, will elect a majority of its board, while a single share of Class F stock held by an entity owned by its seven co-founders will carry 50.1% of the company's voting power on most matters, according to the filing.

As a result, Anthropic will be a "controlled company" under Nasdaq rules, and holders of its Class A shares will have limited influence over major decisions, the filing warns.

Investor skepticism

The price range was set after a turbulent week for AI stocks. Several major investors told The Wall Street Journal last week that Anthropic's expected $1.5 trillion valuation would likely need to come down following the sell-off in AI stocks, with one suggesting a figure closer to $1 trillion. Anthropic had been eyeing a valuation of around $2 trillion as recently as September, according to an earlier draft filing.

The IPO's order book is already covered at the proposed range, CNBC reported, citing people familiar with the matter.

Disclosure: This article was drafted with the assistance of Claude, an AI model developed by Anthropic.