Anthropic sets IPO price range of $70-$78, valuing AI lab at up to $1.4 trillion (Nov 10)
What happened
Anthropic, the startup behind the Claude AI assistant, set a price range of $70 to $78 per share for its initial public offering on Tuesday, November 10. At the midpoint, the offering would raise about $61 billion; combined with options and unvested stock, that values the company at roughly $1.1 trillion, and at the top of the range it could be worth $1.4 trillion — potentially the biggest IPO in history, eclipsing SpaceX's record $86 billion debut in June. The company is expected to begin trading on the Nasdaq under ticker ANT as soon as next week, with the Wall Street Journal reporting plans to list Thursday or Friday next week. The filing revealed $17 billion in sales in the most recent quarter, up 1,127% year over year, and $33.2 billion in the first nine months of 2026 versus $4.6 billion in all of 2025 — but also a net loss of $80.7 billion in the first half, nearly $900 billion in committed compute spending, reliance on just five customers for a quarter of sales, and a convoluted staggered lock-up that lets some non-founder insiders sell 10% of holdings on day one.
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Start your free 14-day trialWho’s affected
- Nvidia, Broadcom, AMD, CoreWeave and other AI infrastructure names (Anthropic is a major compute buyer and its valuation sets a benchmark for the AI trade); hyperscalers Microsoft, Alphabet, Amazon and Meta (customers, competitors and suppliers — Anthropic notes some of its largest customers are also competitors building rival models); the IPO pipeline, notably OpenAI, which is also weighing a public debut
- Goldman Sachs and Morgan Stanley (lead underwriters).