Anthropic has announced plans to offer 825 million shares in its initial public offering (IPO), targeting a price range of $70 to $78 per share despite recent volatility in technology markets. The offering could raise between $57.75 billion and $64.35 billion, potentially valuing the AI company at approximately $1.4 trillion on a fully diluted basis.
According to Anthropic’s updated regulatory filing, submitted on November 10, 2026, the company intends to list on the Nasdaq under the ticker symbol ANT. Trading could begin around November 19, with up to 20% of the offering expected to be allocated to retail investors.
Anthropic Secures $26 Billion in Private Investment
Alongside the IPO, Anthropic has arranged a $26 billion private share sale involving AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are each committing $10 billion, with investors receiving non-voting Class N shares at the eventual IPO price.
Combining the public offering with the private placement, Anthropic estimates net proceeds of between $84.6 billion and $93.7 billion, depending partly on whether underwriters exercise their additional share purchase option. Goldman Sachs and Morgan Stanley are among the underwriters, which can purchase up to 123.75 million additional shares.
The proposed valuation exceeds the $965 billion Anthropic achieved during its May funding round but remains below its previously reported $2 trillion target. The company is proceeding with the listing as investors reassess valuations across the AI industry.
Anthropic Reports $81 Billion Revenue Run Rate
Anthropic disclosed that its annualized revenue run rate reached $81 billion by the end of October, approximately $10 billion higher than September’s figure. Third-quarter revenue totaled $17 billion, while revenue for the first nine months of 2026 reached $33.2 billion.
Despite rapid revenue growth, the company reported a nine-month net loss of $104 billion and computing infrastructure commitments totaling $900.9 billion. Anthropic also disclosed nearly $132 billion in cash and short-term investments.
The filing identifies seven co-founders, including CEO Dario Amodei and president Daniela Amodei, who each intend to sell approximately 3.4 million shares. At the midpoint offering price of $74, each person’s planned sale would be worth roughly $250 million before applicable expenses and taxes.
Founders Retain Voting Control After Listing
Anthropic’s governance structure will allow its founders to maintain significant control following the IPO. A special Class F share will carry 50.1% of shareholder voting power, while the Long-Term Benefit Trust will retain authority to elect a majority of the board.
Public Class A shareholders will consequently have limited influence over certain corporate decisions despite owning publicly traded shares. The company maintains that its governance arrangements support its responsibilities as a public benefit corporation.
Anthropic’s filing also adopts the terminology “super intelligence” alongside artificial intelligence, reflecting language introduced in a September executive order by President Donald Trump. The final offering price and valuation remain subject to market conditions before trading begins.
Featured image credits: Magnific.com
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