Anthropic IPO: $70 to $78 for a Piece of Claude
The maker of Claude set its price range, its Nasdaq ticker and a reported Nov 19 debut. Here is what $70 to $78 a share buys, and what the range leaves out.
Quick Read
The Anthropic IPO has a price: $70 to $78 a share for 825 million Class A shares, set in an amended filing on Nov 10, 2026, to list on Nasdaq under the ticker ANT. At the top of the range the offering raises about $64.4 billion and values the maker of Claude at about $1.02 trillion on shares outstanding, or up to about $1.4 trillion fully diluted. Pricing is expected on Nov 18 and trading on Nov 19, according to people familiar with the deal. The company has not confirmed those dates.
Five years after it was founded, Anthropic (ANT) has put a number on the year's most watched listing. The Claude maker filed its second amended registration on Tuesday, set a price range, and started its roadshow, the run of investor meetings that comes before a final price.
The range lands in a different market from the one this IPO was planned for. AI and chip stocks had their worst day in months on Nov 5, when Nvidia (NVDA) fell 9.26% and the main chip index lost about 12%. A valuation near $2 trillion was floated for Anthropic in September. The range now points to about half that.
This note is the hub of The ANT Files, our research series on the Anthropic IPO.
The Anthropic IPO at a glance
Item | Figure |
|---|---|
Price range | $70 to $78 a share |
Shares offered | 825 million Class A: 801.4 million new, 23.6 million from existing holders |
Underwriters' option | Up to 123.75 million more shares |
Gross proceeds | About $57.75 billion to $64.35 billion |
Private placement | $26 billion of non-voting Class N stock at the IPO price |
Shares outstanding after the deal | About 13.09 billion |
Implied market value | About $916 billion to $1.02 trillion |
Fully diluted value | Up to about $1.4 trillion |
Exchange, ticker | Nasdaq Global Select Market, ANT |
Expected pricing, first trade | Nov 18 and Nov 19, 2026 (reported, not confirmed) |
Source: Anthropic Form S-1/A No. 2, filed Nov 10, 2026; market value on shares outstanding; dates per people familiar with the deal.
Is Anthropic worth $1 trillion? It depends which shares you count
Two valuations will travel with this IPO, and they measure different things.
Market value on shares outstanding multiplies the price by the roughly 13.09 billion shares that will exist after the deal. At $70 that is about $916 billion. At $78 it is about $1.02 trillion.
Fully diluted value adds every share that could be issued later through options, notes and other instruments. That is where the "up to $1.4 trillion" figure comes from.
The more useful line is the one in between. Anthropic's last private round in May closed at $965 billion. On shares outstanding, the IPO prices at or above that mark only from about $73.70 a share. Anything below it values the company under its own private round, six months later, with revenue far higher. The final price will say a lot about how the market is now pricing AI growth.
Who buys before you can: the $26 billion placement
Alongside the IPO, seven companies that supply Anthropic's computing power have agreed to buy $26 billion of stock at the final IPO price. The shares are non-voting Class N, and the filing says they are not subject to the usual post-IPO lock-up.
At the midpoint of the range, Alphabet (GOOGL) through Google and Nvidia each take about $10 billion. AMD (AMD) takes about $2.5 billion. Broadcom (AVGO), Micron (MU) and Microsoft (MSFT) take about $1 billion each, and TSMC (TSM) about $500 million. Amazon (AMZN), a long-time backer, already holds a large non-voting stake.
Read this as a loop, not a vote of confidence alone. Anthropic has about $900.9 billion of spending commitments, nearly all of it for compute and data centers, with about $70.7 billion due in the next 12 months. Much of that money flows to the same suppliers now buying its stock. When a customer is this large, its suppliers' fortunes and its own start to move together.
Research it yourself. All seven placement buyers trade today. Put them in one basket in HeyTheo and watch how they move around Nvidia's results and the IPO pricing. Start with: GOOGL, NVDA, AMD, AVGO, MU, MSFT, TSM. Build the basket in HeyTheo
When is the Anthropic IPO, and can you get shares at the IPO price?
The expected order is simple. The final price is set after the market closes on Nov 18. Shares open on Nasdaq on Nov 19. Neither date is confirmed by the company, and both can move with markets.
Getting shares at the IPO price is harder. Anthropic is targeting about 20% of the deal for retail investors, well above the usual share. That works out to roughly 165 million shares. The filing names the brokers expected to offer them: Robinhood (HOOD), Charles Schwab (SCHW), Fidelity, SoFi (SOFI) and E*Trade from Morgan Stanley (MS). Anthropic and its banks decide how much each broker gets, so demand can easily outrun supply.
Most people who buy ANT will buy it on Nasdaq after the first trade, at the market price. That price can sit well above or below the IPO price. The last mega listing shows how wide the swing can be: SpaceX (SPCX) priced at $135 on Jun 11, opened at $150 the next day, and by late July was about 50% below its post-listing peak.
Any "ANT" quote or tokenized product seen before the first trade is not Anthropic stock.
Ask Theo. "If AI labs are now valued near $1 trillion, what is the bull and bear case for Nvidia?" Start with: NVDA. Ask Theo in HeyTheo
Rather read first? The ANT Files also runs in our free Pre-Market Brief every morning until listing day. Send it to me
What the range leaves out
A price range is a headline. The filing behind it carries both sides of the case.
The bull case. Revenue reached $33.2 billion in the first nine months of 2026, against $2.5 billion a year earlier. Third-quarter revenue was $16.96 billion, up 1,127% from a year earlier, with $2.5 billion of adjusted operating income. Anthropic held $95.6 billion of cash and $36.3 billion of short-term investments at Sep 30, and the deal adds about $84.6 billion of net proceeds at the midpoint, including the placement.
The bear case. Growth is slowing: quarterly revenue rose 47% in Q3, down from about 144% in Q2. Q3 swung to a $567 million operating loss, driven largely by $5 billion of compute bought on short-term contracts. The $104 billion nine-month net loss is mostly a $94.3 billion non-cash charge, but the $900.9 billion of commitments are real bills. And public buyers get one vote per Class A share, while a single founders' share holds 50.1% of the vote and a trust elects most of the board. Nasdaq treats Anthropic as a controlled company.
How to track the Anthropic IPO in HeyTheo
You may not get shares at the IPO price. You can still track everything tied to it.
Baskets. Group the companies tied to Anthropic (owners, placement buyers, compute suppliers) and see how they move as one.
Triggers. Set price and volume triggers on those names around the key dates. Check the rule behind any trigger before you act on it.
Ask Theo. Get the bull and bear case on any of them in plain English, with the numbers that drive it.
ANT itself. ANT becomes available for research in HeyTheo from its first trading day.
You trade through your own broker; HeyTheo helps you decide.
Research it yourself. Build an "Anthropic orbit" basket and set one trigger on Nvidia. Start with: AMZN, GOOGL, NVDA, MSFT, AVGO, AMD, MU, TSM. Open HeyTheo
The Ticket Window
An IPO range is a ticket window. It is open for a few days, it is small, and most people never reach the front of the line. When it shuts on Nov 18, the price that matters is the one the market sets on Nov 19, and every day after.
So the questions worth carrying past the first trade are not about the first trade. Can revenue growth outrun $900.9 billion of commitments? What do one-vote shares mean in a company its founders and a trust control? And what happens when index funds have to own it? The ANT Files takes these one at a time.
More from The ANT Files
The IPO hub: price, dates, valuation (this note)
The S-1 money: the $17 billion quarter and the loss behind it
The Orbit: the listed companies tied to Anthropic
After the bell: index entry, lock-ups and who holds the votes
First day in numbers
Research the companies tied to Anthropic today, and ANT from its first trading day. Get the HeyTheo app
On a laptop and not ready for the app? Get our free Pre-Market Brief before every open. Send it to me
Sources
SEC EDGAR (Anthropic Form S-1, S-1/A No. 1 and No. 2), CNBC, Yahoo Finance, Fortune, Invezz, StockAnalysis, Webull, Nasdaq
Disclaimer
Disclaimer: HeyTheo is a research and education platform, not an investment adviser or broker-dealer. Nothing here is advice to buy, sell, or hold any security. You trade through your own broker; HeyTheo helps you decide. Backtested results are hypothetical and do not guarantee future returns. References to governments, officials, or policies are for market context only and are not political endorsements. All investing involves risk, including loss of principal. Data is as of the dates noted.