Anthropic sets $70–$78 IPO range, seeking a valuation above $1 trillion

In a November 10, 2026 filing, Anthropic set a proposed IPO price of $70–$78 per share, putting a valuation above $1 trillion within reach. The offering would raise tens of billions of dollars, alongside an IPO-priced private share purchase.

One price range, two offering totals

Yahoo Finance’s Ines Ferré reported that Anthropic plans to sell 825 million shares. At $78 each, that would generate $64.35 billion. Axios’s Dan Primack reported about 801.4 million Class A shares, producing a maximum of roughly $62.5 billion.

Both accounts link to the same amended Securities and Exchange Commission filing and give the same price range. Neither explains the difference in share counts.

Why the trillion-dollar figures differ

The company’s market capitalization is distinct from the cash raised in its IPO. Anthropic has other stock classes outstanding. Axios estimates that, if underwriters exercise their option to buy additional Class A shares, roughly 13.09 billion shares would be outstanding across those classes. At the top of the price range, that implies about $1.03 trillion in market capitalization.

Exercising stock options would create additional shares, increasing the count used for a fully diluted valuation—the value including shares that could become outstanding. Axios puts that figure at about $1.37 trillion at the upper price. Yahoo Finance gives a fully diluted range of roughly $1.3 trillion–$1.45 trillion, including employee options and other securities.

A private purchase at the public price

Alongside the public offering, Anthropic is arranging a separate $26 billion private share purchase, Yahoo Finance reports. Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron are buying non-voting Class N shares at the same price public investors will pay. The private transaction is tied to the IPO’s pricing but remains separate from the public share sale.

The terms differ beyond voting rights. According to Yahoo Finance, those private buyers will not face the standard six-month lockup that typically prevents insiders from selling immediately after a debut. Paying the IPO price does not mean accepting identical restrictions.

The capital raising comes against a large operating backdrop. Anthropic reported $33.2 billion in revenue through the first nine months of 2026, up 1,206% year over year. It also disclosed $895.4 billion in aggregate committed spending, primarily for computing and infrastructure. That figure describes commitments, not spending already incurred during those nine months.

Anthropic plans to list on Nasdaq under ANT. Axios expects trading to begin the following week, but gives no confirmed date. The proposed price range is not a completed share sale.