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Morning Edition · Wednesday, November 11, 2026Published at 1:08 AM EST · New York
Anthropic Sets Share Price Range of $70 to $78, Valuing It at Up to $1.405 Trillion
The 825-million-share offering would raise between about $57.8 billion and $64.4 billion, and reported investor valuation talk has fallen from an earlier range of $1.5 trillion to $2 trillion to a more recent $1.1 trillion to $1.3 trillion.
Anthropic, PBC filed a registration statement on Form S-1 with the Securities and Exchange Commission on October 26 for an initial public offering (IPO) of Class A common stock. On November 10 it set terms. CNBC reports that Anthropic will offer 825 million shares at $70 to $78 each, under the ticker "ANT" on Nasdaq. At the top of the range, the company would be worth up to $1.405 trillion on a fully diluted basis, compared with the $965 billion valuation Anthropic announced in a May funding round. CNBC's sources say pricing is expected on November 18, with trading on November 19. Anthropic has not confirmed those dates.
The offering would raise between about $57.8 billion at the bottom of the range and about $64.4 billion at the top, before any additional shares for underwriters. Expectations have declined during marketing. Yahoo Finance reported that some potential investors discussed $1.1 trillion to $1.3 trillion, down from the $1.5 trillion to $2 trillion range discussed earlier in the month. The top of the formal range lies above that later talk and below the earlier figures.
The financials show revenue growing fast and losses growing faster. Fortune's reading of the original prospectus reported $16.3 billion in revenue and an $80.7 billion net loss. An analysis of the amended filing puts third-quarter revenue at $16.96 billion, up from $11.56 billion in the second quarter. The size of the loss reflects compute commitments and training spend, and the timing of those obligations determines how soon the company could reach positive cash flow.
The listing coincides with competitive pressure on Anthropic's core business. On November 9 Anthropic cut prices for its top Fable model by 20%. On November 10 Google opened Gemini 4 Carbon at one quarter of Fable's per-token price. Investors will price the shares while Anthropic's leading product line faces a cheaper rival with similar benchmark results.
Anthropic is a public benefit corporation (PBC), and the shares on offer are Class A stock. Both features limit how far public shareholders can direct the company. The prospectus is the document that will define voting rights and the board's duties to its public-benefit mission.
What this means
The listing converts Anthropic's private valuation estimates into a daily public stock price for a frontier AI company. That price applies to Anthropic itself and indirectly to the stakes held by Amazon and Alphabet, and to the private rounds of OpenAI and other labs that trade at comparable multiples. What is priced in is fast revenue growth. What is new is that the price range was set below earlier valuation talk, in the same week that a better-capitalized rival undercut Anthropic on price. The well-documented precedent is Facebook's 2012 listing: a heavily marketed technology offering priced at the top of an increased range, then traded below its offer price for more than a year while investors re-rated its growth. The likelier outcome is that the deal prices inside the range and trades on API gross margin disclosures rather than benchmark leadership. The first quarterly report after listing, within months, will settle the valuation question. The read depends on Google keeping Carbon's discount and OpenAI following. It is wrong if Anthropic reports stable or rising API gross margins in its first public quarter despite the price cuts.
Part of a tracked trend
AI Hype Cycles and Funding Narratives
As capital floods AI, the narratives labs use to raise money and shape rules face growing public scrutiny, and the market increasingly separates verifiable capability and revenue from rhetoric on both the bullish and the cautionary side.
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More from this edition
- Google Opens Gemini 4 Carbon at $2 per Million Input Tokens, a Quarter of Anthropic's Fable 5.2 Price
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