Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion

Anthropic's updated IPO filing sets a range of $70 to $78 a share on 825 million Class A shares, raising $57.75 billion to $64.35 billion. At the top of the range, the fully diluted valuation reaches $1.404 trillion, up from $965 billion in its May fundraise but below the $2 trillion it was reportedly targeting a couple of months ago. Separately, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC will buy $26 billion of non-voting Class N stock at the IPO price, with Google and Nvidia putting in $10 billion each.

Trading on the Nasdaq under ANT is expected close to November 19, per CNBC's reporting, with up to 20 percent of the offering set aside for retail investors. This is one of the most consequential listings the AI industry has seen, and it's going ahead into a market that has cooled on AI stocks.

Let's start with the numbers that should make anyone pause. Third-quarter revenue was $17 billion and nine-month revenue $33.2 billion. Run-rate revenue hit $81 billion by the end of October, roughly $10 billion more than a month earlier. That growth is extraordinary. But the nine-month net loss was $104 billion, and compute and infrastructure commitments total $900.9 billion. Anthropic has nearly $132 billion in cash and short-term investments. The company is growing into its spending at speed, and it still isn't close.

We've been broadly pro on Anthropic's products, and the revenue says customers are too. Claude is doing real work for businesses. The question for public investors isn't whether the models are useful. It's whether revenue can catch commitments of that size before the market's patience runs out, and what happens to the broader AI buildout if it can't.

The governance is where retail buyers should read slowly. As a public benefit corporation, Anthropic's founders hold a Class F share with 50.1 percent of the voting power, and the Long-Term Benefit Trust elects a board majority. Class A holders will have limited influence. There's a defensible case for that: insulating a safety-focused lab from quarterly pressure. But it also means up to a fifth of this offering goes to everyday investors who are buying exposure with almost no voice, at a valuation set by the hottest story in tech.

The Class N deal is the other tell. Chip, cloud and memory suppliers, including Nvidia and Google, are buying in at the IPO price. That's a vote of confidence, and also circular: many of these companies sell Anthropic the compute that drives its losses. When your suppliers are your shareholders, the line between investment and vendor financing gets blurry.

One smaller change caught our eye. The filing now uses "super intelligence" and SI interchangeably with AI, citing a September executive order directing agencies to adopt that language. A lab that built its brand on careful claims is now echoing political terminology in a securities filing. That's a signal about how much Washington matters to this company, and it's worth noticing.

The co-founders, including CEO Dario Amodei and president Daniela Amodei, are each selling nearly 3.4 million shares, about $250 million apiece at the midpoint. That's modest relative to their holdings, and normal for an IPO. Still, it's a data point retail buyers deserve to see.

OpenAI, Anthropic's main rival, was reportedly valued at $1.25 trillion last week after raising $11 billion, about half of the $20 billion it first sought. Goldman Sachs and Morgan Stanley are among the underwriters, who have an option to buy up to 123.75 million more shares. Anthropic estimates total net proceeds of $84.6 billion to $93.7 billion including the Class N sale.