Anthropic Sets IPO Price Range, Targeting Roughly $1 Trillion Valuation

08:59 AM EST, 11/10/2026 (MT Newswires) -- Anthropic disclosed an expected price range for its initial public offering that implies a valuation of roughly $1 trillion, well below figures investors previously floated for the artificial intelligence lab. Anthropic plans to offer a total of 825 million shares between $70 and $78 apiece, according to a Securities and Exchange Commission filing on Tuesday. Anthropic will sell about 801.4 million class A shares, while shareholders plan to divest 23.6 million shares. The share sale would raise $64.4 billion at the top end of the pricing range. Anthropic's class A stock is expected to trade on the Nasdaq under the ANT ticker after the IPO. The high end of the pricing range would value the Claude AI chatbot maker at $1.02 trillion, based on outstanding shares after the IPO and including the impact of an expected $26 billion private placement. The valuation would increase to $1.03 trillion if underwriters fully exercise their option to purchase 123.75 million additional shares. Anthropic's targeted valuation is lower than the $1.5 trillion figure recently projected by investors, and is nearly half the roughly $2 trillion valuation that markets expected at one point earlier this year. Alphabet (GOOG, GOOGL) parent Google and Nvidia (NVDA) each agreed to invest $10 billion in Anthropic through a private placement, based on an assumed price of $74 per share, according to the filing. Advanced Micro Devices (AMD) will invest $2.5 billion, while Broadcom (AVGO), Micron Technology (MU) and Microsoft (MSFT) will each contribute $1 billion. Taiwan Semiconductor Manufacturing's (TSM) TSMC Partners plans to invest $500 million. Anthropic reported a net loss of $50.10 for the nine months ended Sept. 30, compared to a $13.90 loss in the year-earlier period, even as revenue surged over 13-fold to $33.24 billion. The net loss widened primarily due to fair value increases in its convertible notes and other securities as the company's enterprise value rose. Anthropic highlighted several risks related to AI, including cyberattacks and a potential misuse of the technology to develop chemical and biological weapons. The company acknowledged that its reputation and financial condition could be "adversely affected" if its AI models' misuse results in harm. OpenAI Chief Executive Sam Altman and Anthropic CEO Dario Amodei have warned of increasing safety risks associated with AI and urged the industry to advance the technology at a more measured pace. ChatGPT parent OpenAI confidentially filed for an IPO in the US in June, but Altman told Fortune Magazine in September that a public listing would be "ill-advised" this year. SpaceX (SPCX) raised a record $85.7 billion in its IPO in June, including underwriters' overallotment option.