- Public Offering: AI developer Anthropic launched its first public share-sale pitch, with an expected $70–$78 price per share.
- Payment Split: New shares would fund Anthropic; selling shareholders would receive the proceeds from their existing stakes.
- Trading Plans: CNBC reports planned pricing on November 18 and a November 19 trading debut.
Anthropic, the company behind the Claude artificial intelligence models, has started pitching its proposed first public share offering to investors on November 10. The initial public offering (IPO) has an expected price of $70–$78 per share, with most of the proceeds intended for the company.
The proposal combines new shares sold by Anthropic with a smaller sale by existing shareholders. It would give the company another source of funding alongside its private backers. A separately reported $26 billion private share agreement would add to that financing.
Anthropic has applied to list on Nasdaq under the symbol ANT. Its registration statement at the U.S. Securities and Exchange Commission has not taken effect, so shares cannot yet be sold.
Where the Share-Sale Money Would Go
Investors would pay Anthropic for newly issued shares and selling shareholders for their existing stakes.
Multiplying the proposed share counts in the table by $70 and $78 gives the following gross amounts. They exclude fees and an additional-share option for the banks managing the offering.
Proposed Base IPO at $70–$78 per Share
| Shares Sold By | Number of Shares | Gross Sale Amount |
|---|---|---|
| Anthropic | 801,351,354 | $56.09–$62.51 billion |
| Existing Shareholders | 23,648,646 | $1.66–$1.84 billion |
| Combined Base Offering | 825,000,000 | $57.75–$64.35 billion |
Figures are rounded to billions of US dollars.
Anthropic also expects to give the underwriters, the banks managing the sale, a 30-day option to buy up to 123.75 million additional shares. Exercising it would increase the amount sold beyond the base offering shown above.
Private Funding Continues Alongside the IPO
Anthropic’s May private funding round raised $65 billion at a $965 billion post-money valuation. The first figure measures the financing; the second values the company’s equity after that investment. The total included $15 billion of previously committed investments from large cloud companies.
That private capital was intended to expand computing capacity, support AI research and grow Claude products and partnerships.
Alongside the public offering, Anthropic has agreed to sell $26 billion of non-voting Class N shares to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC at the IPO price. Google and Nvidia would invest $10 billion each.
The proposed high-end price implies a valuation of roughly $1.4 trillion on a fully diluted basis, which includes potential additional shares. Reuters calculated up to $1.02 trillion using outstanding shares, a narrower share-count basis.
Growth and the Cost of Sustaining It
Anthropic generated $33.24 billion in revenue in the nine months ended September 30, up roughly 1,200% from the same period in 2025. Its reported revenue run-rate reached $81 billion at the end of October, an annualized pace rather than revenue already earned over a full year.
Swissquote Bank senior analyst Ipek Ozkardeskaya told Reuters that investors were increasingly focused on the cost of generating Anthropic’s growth. Her argument is that revenue expansion requires financial commitments to sustain it, making the cost of the AI buildout, higher interest rates and regulatory uncertainty relevant to the price investors will accept.
People familiar with the offering told CNBC that institutional investors had indicated enough demand for the available shares at $70–$78.
City Index senior market analyst Fiona Cincotta also saw the decision to proceed during volatility as an optimistic indication that Anthropic expected demand. Capital.com’s Michael Baker identified a longer-running commercial challenge: keeping customers willing to pay while meeting chip and data-center costs and maintaining competitive models.
Pricing and Trading Are Still Ahead
The new terms follow Anthropic’s October 26 public registration filing, which left share numbers and the price range unset.
CNBC’s sources, who were not authorized to speak publicly, said Anthropic planned to price the offering on November 18 and begin trading on November 19.
