The latest filing submitted by Anthropic to the U.S. Securities and Exchange Commission (SEC) on Tuesday states that the company is preparing for its initial public offering (IPO) to the public of 825 million shares. The proposed price range is set at $70 to $78 per share. (approximately 2,350 to 2,620 Thai Baht per share) with plans to list on the Nasdaq stock exchange. This could become one of the most historic IPOs,
according to a CNBC report citing sources close to the matter, Anthropic plans to officially price its IPO on 18 November and begin trading on the stock exchange on 19 November. The company aims to allocate about 20% of shares to retail investors, which is a significantly higher proportion than typical IPOs, where retail investors generally receive only 5-10%.
If Anthropic can sell shares at the top of the proposed range, $78 per share, the company could raise up to $64.35 billion. This could boost the company's valuation to as much as $1.405 trillion. This is based on a fully diluted calculation, up from the $965 billion valuation announced during its funding round in May.
Additionally, Anthropic disclosed agreements with major technology and chip manufacturers including Advanced Micro Devices (AMD), Broadcom, Google, Micron, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing Company (TSMC) for these companies to purchase Anthropic’s Class N common shares through a private placement valued at $26 billion. The private placement shares will be priced the same as the official IPO price.
Anthropic stated that shares sold via this private placement will not be registered as part of the IPO offering and will not be subject to the lock-up agreements with underwriters, meaning these shares will not be restricted by the underwriters’ lock-up provisions.
During this period, as Anthropic executives tour to meet investors and present their IPO plans, the company faces a volatile political environment following last week’s U.S. midterm elections, where the Democratic Party secured victories controlling both chambers of Congress. Meanwhile, several states are voting on new measures that could slow the expansion of AI infrastructure.
Besides political pressures, Anthropic confronts a capital market increasingly questioning the value of investments in AI businesses, particularly concerns that rising interest rates will increase borrowing costs excessively for companies requiring massive investments to develop and acquire AI infrastructure.
Previously, CNBC reported last week that some investors are preparing for Anthropic’s market debut with expectations that the company might list at a lower valuation than initially projected. Anthropic had targeted a valuation as high as $2 trillion, but some shareholders believe even a $1.5 trillion valuation may be difficult to achieve under current market conditions.
If Anthropic successfully lists on the Nasdaq in November as planned under the ticker symbol " ANT ", it will mark a historic IPO in the technology sector, following closely behind SpaceX.
CNBC noted that institutional investor demand for Anthropic shares currently surpasses the demand SpaceX saw at a similar stage of its IPO process, with orders sufficient to cover the shares available for allocation.
For retail investors, this IPO represents an opportunity to own shares of Anthropic; however, not all investors will be able to purchase shares due to limited allocations available through brokerage firms serving retail clients.
Nevertheless, retail investors have had channels to acquire Anthropic shares prior to its public listing, and may also use similar methods to invest in other promising companies planning IPOs in the future.
For the first nine months of 2026, ending 30 September, Anthropic reported total revenue of $33.24 billion, an increase of approximately 1,200% compared to the same period last year, marking a dramatic growth in its AI business.
However, the company reported a net loss of $104 billion during that period. Most of this loss stemmed from changes in the fair value of convertible notes and derivative liabilities—accounting items affected by the valuation of financial instruments.
For the first nine months of 2025, Anthropic reported a net loss of $25.1 billion.
Moreover, Anthropic disclosed in its updated IPO filing on Tuesday that as of the end of October, its annualized run-rate revenue was approximately $81 billion, up by $10 billion from the previous month.
The run-rate revenue figure extrapolates current revenue levels to an annual basis to reflect the business size and growth rate at that time, rather than actual recognized revenue for the entire year.
In the IPO prospectus, Anthropic’s co-founders wrote to investors emphasizing the company’s long-term goal of developing AI safely and for the benefit of humanity.
The document states, "Our goal is to help humanity safely navigate this technological evolution, opening new frontiers of discovery and ushering humanity into an era of wonder."
"Everyone holding our shares, whether institutional or individual investors, becomes part of this effort, and we hope all will share our commitment to advancing this ambition."
Previously, Dario Amodei had warned that AI companies should slow AI development to ensure safety after reports emerged that some AI models could hack data autonomously without human commands. Yet, on Monday, Anthropic launched two new models: Claude Fable 5.2 and Claude Mythos 5.2.
Anthropic stated that both models underwent rigorous safety and alignment testing to ensure their behavior complies with the company's stated goals and principles.
Additionally, the company developed new evaluation methods and tools to monitor and audit AI performance post-launch, preparing these models for market release.
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