Anthropic sets its IPO range at $70 to $78. Nvidia, Google and five other partners add $26 billion on top

• Shares: 825,000,000 Class A shares. Anthropic is selling 801,351,354; existing stockholders are selling 23,648,646, and Anthropic gets nothing from those.
• Price: an expected $70.00 to $78.00 per share. At those prices the 825 million shares come to $57.75 billion to $64.35 billion.
• Extra shares: underwriters get a 30-day option to buy up to 123,750,000 more shares from Anthropic.
• Ticker: Anthropic has applied to list on the Nasdaq Global Select Market as "ANT." Goldman Sachs and Morgan Stanley are the first names on the cover.

The $26 billion on the side. Right after the IPO, and subject to conditions, seven companies will buy a combined $26.0 billion of non-voting Class N shares directly from Anthropic at the IPO price. At the $74 midpoint, the filing lists Google and Nvidia at about $10.0 billion each, AMD at about $2.5 billion, Broadcom, Micron and Microsoft at about $1.0 billion each, and TSMC at about $500 million. Those shares are not registered in the offering and are not under the underwriters' lock-up. Anthropic estimates net proceeds from the IPO and the placement together at about $84.6 billion at the midpoint, or about $93.7 billion if the underwriters buy the extra shares.

New number. The filing says run-rate revenue was about $81 billion as of October 31, up $10 billion from September 30. That is Anthropic's own metric: the last 28 days of usage fees times 13, plus monthly subscriptions times 12. It is not reported revenue.

What it could be worth. It depends on how you count. At $78, Reuters calculates a valuation of up to about $1.02 trillion from the shares the filing says will be outstanding. CNBC and TechCrunch put it at up to about $1.4 trillion on a fully diluted basis. Anthropic's May funding round valued it at $965 billion.

The catch for public buyers. Class A shares get one vote each, but control sits elsewhere. A single Class F share held by an LLC of the seven co-founders carries 50.1% of the total vote on most matters, and the Long-Term Benefit Trust elects a majority of the board through Class T stock. Buyers of ANT will own part of the economics and have little say over the company.

Timing (reported, not in the filing). CNBC, citing people familiar with the plans, says Anthropic aims to price on November 18 and start trading on November 19, with about 20% of shares going to retail investors. The filing itself only mentions a possible retail allocation of "a minority" of the shares.

Where Nvidia fits. Nvidia, whose shares fell for a second straight day on Tuesday as investors weighed the fallout around CEO Jensen Huang (CNBC), is tied with Google as the largest buyer in the private placement.

Our verdict. The companies that sell Anthropic its chips and cloud capacity are also writing some of the biggest checks in its IPO. That loop is the thing to watch on day one, more than the headline valuation.

Not investment advice.

Sources: Anthropic Amendment No. 2 to Form S-1 (SEC EDGAR, November 10, 2026); Anthropic roadshow announcement; CNBC; Reuters; TechCrunch. Not sponsored; no affiliate links.

MODEL Editors