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Morning Edition · Thursday, November 12, 2026Published at 1:18 AM EST · New York
Anthropic markets 825 million shares at $70 to $78 for an initial public offering valued at up to $1.4 trillion
Pricing is expected November 18, one day after Nvidia reports earnings. Google, Nvidia and five other strategic partners have agreed to buy $26 billion of non-voting stock at the offering price.
Anthropic, which is organized as a public benefit corporation, filed its Form S-1 with the Securities and Exchange Commission (SEC) on October 26 to list Class A common stock on Nasdaq under the ticker ANT. An amended filing now offers 825 million shares at $70 to $78 each, CNBC reported. CNBC's sources said investor demand already exceeds the shares on offer across that price range, with allocations expected to be made proportionally. Those sources also said trading should begin November 19.
The top of the range implies a fully diluted valuation of up to $1.4 trillion and gross proceeds of up to $64.4 billion for the initial public offering (IPO), Fortune reported. Fortune also reported that seven strategic partners, including Google and Nvidia, will buy $26 billion of non-voting stock at the IPO price. The prospectus shows revenue of about $33.2 billion for the nine months ended September 30, according to Yahoo Finance. CNBC's live coverage also highlighted a SpaceX compute agreement worth about $3.1 billion a month, with spending of up to $120.5 billion running into 2029.
The risk factors carry one technical claim that matters for safety researchers. A CASRAI analysis says the filing's language on an "AI research and development capability threshold" changed across three versions. In CASRAI's reading, the November 10 amendment states the company has met that threshold. That is a third-party interpretation, and the desk has not checked it against the EDGAR text.
The market around the deal has weakened. Nvidia fell about 5.5% on November 10 and lost 15.6% over four sessions, according to Yahoo Finance and The Motley Fool. Nvidia's board, representing one of Anthropic's strategic investors, opened an independent investigation into reports that chief executive Jensen Huang was the target of a foreign intelligence effort. China called those reports baseless, CBS News reported. Reuters also tied some of the selling to a stronger-than-expected US inflation report that raised expectations of another Federal Reserve rate increase, The Star reported.
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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