ConnectHubAnthropic sets its IPO terms, with a Nasdaq debut expected Nov. 19 or 20
The Claude maker plans to sell 825 million shares at $70 to $78, a deal that could value it at about $1.4 trillion.
The offering
Anthropic, the company behind Claude, updated its IPO filing with the Securities and Exchange Commission on Tuesday, November 10, and for the first time put numbers on the deal. It plans to sell 825 million shares priced between $70 and $78 each. At the top of that range the offering would raise about $64.35 billion.
The shares will list on Nasdaq under the ticker ANT. According to the Wall Street Journal, trading could start as early as Thursday, November 19, or Friday, November 20. The updated filing follows the public S-1 Anthropic filed on October 26, which in turn followed a confidential filing in June.
How the $1.4 trillion figure is reached
Counting every share that could exist, including employee stock options and other convertible securities, the price range values Anthropic at roughly $1.3 trillion to $1.45 trillion. That is a big step up from the $965 billion valuation set in its private funding round in May.
It is also below some of the numbers that circulated earlier. In early October, some Wall Street estimates put the company at as much as $2 trillion. Bloomberg reported that, after a rough stretch in the markets, prospective buyers discussed bringing the valuation down to $1.2 to $1.3 trillion, with some floating figures as low as $1.1 trillion.
Big Tech is buying in alongside the public
Separately from the public offering, seven of the largest technology and chip companies have agreed to buy $26 billion of stock: Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron. They will receive non-voting Class N shares at the same price public investors pay.
Because this is a private placement, those shares are not covered by the usual six-month lockup that stops insiders from selling straight after a listing.
The numbers behind it
Anthropic reported $33.2 billion of revenue in the first nine months of 2026, an increase of about 1,206% on the same period a year earlier. The filing also shows $895.4 billion of committed future spending, mostly on computing power and infrastructure to train and run its models.
The company was founded in 2021 by Dario Amodei, now its chief executive, together with a group of former OpenAI researchers, and is one of OpenAI's main competitors.
The backdrop
The listing comes as investors grow more careful about how richly AI companies are valued, and as political pushback against new AI data centres builds. Markets swung last week as investors weighed a Democratic win in Congress against the effects of the data-centre build-out.
If it goes ahead, Anthropic would follow SpaceX, whose record IPO earlier this year raised $85.7 billion and which is now worth about $1.9 trillion.
Why it matters for your business
Claude is one of the models we build agents on, so this matters directly to the businesses we work with. A public Anthropic will publish results every quarter. For the first time, companies that depend on Claude will get a regular, audited view of its revenue, costs and computing commitments, which says a lot about future pricing and capacity.
The $895 billion of committed spending is mostly computing power. That points to more capacity over the next few years. But public shareholders will also expect margins, so pricing pressure can run in either direction.
Our view hasn't changed: build so that no single model provider is a point of failure. The agents we ship can switch models per step, so a price change or an outage at one provider doesn't stop your workflows.
What to do next
- Measure what each AI workflow costs per run today, so you have a baseline if prices change
- Check that your automations can switch to another model without being rebuilt
- Read Anthropic's first quarterly report for signals on pricing and capacity
