Anthropic sets IPO price at $70 to $78 a share, eyeing Nasdaq debut

Anthropic, the company behind the Claude AI models, has set a price range of $70 to $78 a share for its stock market debut. It filed the update on Tuesday. The company plans to sell 825 million shares and list on the Nasdaq under the ticker "ANT" this month, if all goes as planned.

The numbers

At the top of the range, Anthropic would raise up to $64.35 billion. It could be worth up to $1.405 trillion on a fully diluted basis, which counts all shares that could exist, not just those held today. In May, a funding round valued it at $965 billion.

• 825 million shares on offer
• Price range of $70 to $78 per share
• Valuation of up to $1.405 trillion at the high end
• Nasdaq ticker: ANT

Growth and big losses

For the nine months ended Sept. 30, Anthropic reported $33.24 billion in revenue, up roughly 1,200% from the same period last year. It also reported a $104 billion net loss. Most of that came from changes in the fair value of convertible notes and derivative liabilities. Convertible notes are loans that can turn into shares. Over the same stretch in 2025, the company lost $25.1 billion.

A tougher mood for AI stocks

Anthropic is pitching investors at a tricky moment. Last week's midterm elections brought a Democratic sweep in Congress and statewide ballot measures that could slow the AI buildout. Public markets have also grown more skeptical of AI companies. The worry is that rising interest rates will make debt unaffordable for firms that need it to pay for costly infrastructure.

CNBC reported that some existing investors expected a lower valuation. Anthropic had been aiming for $2 trillion until recently. Shareholders said even $1.5 trillion was in doubt, and one called it a "stretch."

Who Anthropic is

Dario Amodei co-founded Anthropic in 2021 with a small group of researchers who left OpenAI, now its chief rival. The company mainly sells to other businesses. On Monday it released two new models, Claude Fable 5.2 and Claude Mythos 5.2. They are its first so-called frontier models since Amodei called in September for slowing the pace of AI development. Anthropic says they went through rigorous safety testing.

What happens next

If the listing goes ahead this month, it would come roughly five months after SpaceX went public in a record $85.7 billion offering. SpaceX now has a market cap just under $2 trillion. The final share price and the exact trading date are not yet known. For anyone thinking of buying, a hot new listing can swing sharply, and the company's own filing shows how large its losses are.