Anthropic has set the terms for its initial public offering, proposing to sell 825 million shares at $70 to $78 each. At the top of the range, the public offering would raise up to $64.35 billion.

The proposed pricing implies a valuation of approximately $1.26 trillion to $1.45 trillion, depending on how the share count is calculated. The Wall Street Journal reported a target valuation of about $1.33 trillion, while Yahoo Finance reported a fully diluted range of $1.3 trillion to $1.45 trillion, a measure that counts all shares that would exist if options and convertible instruments were exercised. The valuation is below earlier estimates that approached $2 trillion.

Anthropic IPO, what to know— • Ticker: $ANT • Shares: 825 million • Retail allocation: 20% • Price Range: $70 – $78 per share • Base offering: $64.35 billion • Valuation (fully diluted): $1.26-$1.41 trillion • Private investment: $26 billion (AMD, Broadcom, Google,… pic.twitter.com/PdjiNUwk3q — Morning Brew ☕️ (@MorningBrew) November 10, 2026

The company’s planned ticker is ANT, and its shares are expected to begin trading on the Nasdaq on Nov. 19 or Nov. 20. Retail investors are expected to receive 20% of the offering, according to the published IPO terms — the portion of the deal set aside for individual investors rather than institutional buyers.

Valuation Changes

Anthropic announced a funding round in May that valued the company at $965 billion. The proposed IPO range represents an increase from that figure but remains below Wall Street estimates that reached as high as $2 trillion in early October. As recently as one week ago, investors expected a target near $1.5 trillion.

AI stocks sold off sharply last Thursday, prompting major investors to seek a lower price. Bloomberg reported that prospective buyers discussed valuations ranging from $1.2 trillion to $1.3 trillion, with some considering a figure as low as $1.1 trillion. Anthropic has been meeting with investors this week as part of the pre-listing roadshow in which underwriters gauge demand before final pricing is set.

The selloff occurred as investors assessed the effect of a Democratic win in Congress on the expansion of AI data centers — the computing facilities that house the servers used to train and run AI models. Political resistance to new data centers has also been increasing.

Private Investment and Founder Sales

In addition to the public offering, Anthropic plans to raise $26 billion through a private transaction. The buyers include Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron. They will purchase nonvoting Class N shares at the same price paid by public investors. Nonvoting shares carry economic ownership without voting rights in corporate decisions.

Because the transaction is private, the participating companies will not be subject to the usual six-month lockup. A lockup generally prevents insiders from selling shares immediately after a company’s market debut, which means the participants in this private placement could sell their shares at any point after the listing.

Certain executives and founding members plan to sell approximately 23.6 million shares. CEO Dario Amodei, his sister and company President Daniela Amodei, and five other co-founders each plan to sell about $250 million worth of stock. Each would retain a stake valued at approximately $18 billion.

Combined with the public offering, the private placement could allow Anthropic and selling shareholders to raise more than $80 billion. The Wall Street Journal said SpaceX raised $75 billion in a comparable measure during its June offering, which valued the company at about $1.77 trillion. Yahoo Finance reported that SpaceX raised $85.7 billion in its offering and now has a market value of $1.9 trillion.

OpenAI recently raised less than half the amount it targeted in its latest funding round, doing so at a valuation of $1.25 trillion, below its goal.

Anthropic said its run rate was approximately $81 billion at the end of October. Run rate is an estimate of annual revenue based on current performance. The company also said revenue increased 1,206% to $33.2 billion during the first nine months of the year.

Anthropic’s aggregate committed spend is $895.4 billion, primarily for computing and infrastructure. Committed spend refers to spending a company has already contractually agreed to. Goldman Sachs and Morgan Stanley are advising on the pricing. The original report was published by CoinCentral.