Anthropic proposes $70–$78 IPO range, implying $1.4tn valuation

Anthropic’s updated IPO filing, made on Tuesday, 10 November, proposes selling 825 million Class A shares for $70 to $78 each, a range that would value the Claude maker at up to $1.404 trillion on a fully diluted basis. The planned offering could raise as much as $64.35 billion, while a separate private stock sale would bring in another $26 billion.

• The proposed public share sale is priced at $70–$78, according to TechCrunch and Al Jazeera.
• Google and Nvidia are each reported to be investing $10 billion in a separate placement of non-voting shares.
• Anthropic’s founders and a trust would retain substantial influence over the board and voting, limiting public shareholders’ say.

How Anthropic’s IPO is structured

TechCrunch reported that the 825 million Class A shares could raise between $57.75 billion and $64.35 billion. Underwriters have an option to buy up to 123.75 million additional shares at the IPO price. Anthropic also agreed to sell $26 billion in non-voting Class N stock at that price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion, TechCrunch reported. The company estimates net proceeds from the public offering and related transactions at $84.6 billion to $93.7 billion; the higher estimate depends on underwriters exercising their option.

What public shareholders can influence

The share structure would leave public buyers with limited control. TechCrunch reported that the founders’ Class F shares carry 50.1% of voting power and that the Long-Term Benefit Trust elects a majority of the board. The Class A shares offered to public investors therefore would not give them a corresponding share of the company’s decision-making power.

Anthropic launched its investor roadshow on 10 November, Al Jazeera reported, and planned to go public the following week. The listing has not yet taken place. Al Jazeera reported third-quarter revenue of $17 billion, up from $1.4 billion a year earlier, with net losses narrowing. It also described concerns over infrastructure spending and volatility in AI stock prices, as investors questioned whether AI companies could generate enough revenue to support their valuations. The Nasdaq fell 5.5% on the Thursday after the US midterm elections and recovered some losses; it dipped slightly below 1% on Tuesday, 10 November. Al Jazeera said some analysts regarded the sell-off as an overreaction.

IPO costs and the planned listing

The offering also carries substantial professional fees. Business Insider reported from IPO paperwork that Anthropic budgeted $41.5 million for legal fees. A Nasdaq analysis cited by the outlet found that companies raising more than $1 billion across 1,239 listings from 2016 through 2025 budgeted an average of $4.9 million. Business Insider reported that SpaceX budgeted $25.5 million in legal fees for its IPO, which it described as the largest offering on record. Wilson Sonsini is leading Anthropic’s offering, while Freshfields represents the underwriters.

The proposed terms do not establish the final share price or valuation: those depend on the offering’s eventual pricing and completion. The Standard reported that the potential IPO would not surpass the $86 billion SpaceX raised in June, while TechCrunch’s higher net-proceeds estimate depends on the underwriters’ additional-share option.