Anthropic is heading to public markets with a target price range of $70 to $78 per share, formalizing the numbers behind what will likely stand as the largest tech listing in Wall Street history.
The updated regulatory filing sets up a massive capital-raising exercise. Anthropic and selling stakeholders are offering 825 million Class A shares, aiming to raise as much as $64.35 billion at the top of the band before underwriting discounts and any greenshoe allocation kick in. The stock will list on the Nasdaq Global Select Market under the ticker symbol ANT.
Metric Details Ticker ANT (Nasdaq Global Select) Filing Price Range $70.00 – $78.00 per Class A share Public Shares Offered 825 million Class A shares Gross Public Proceeds $57.75B – $64.35B Concurrent Placement $26.0B (Non-voting Class N shares) Expected Pricing Date November 18, 2026 Expected Trading Debut November 19, 2026 Lead Underwriters Goldman Sachs, Morgan Stanley
Valuation and Structure
At $78 per share, Anthropic’s implied valuation reaches roughly $1.02 trillion based on basic share count and climbs between $1.26 trillion and $1.41 trillion on a fully diluted basis.
While that firmly places the Claude developer in the trillion-dollar club, the band reflects a calibrated recalibration. Over the summer, market chatter and internal pitch discussions floated targets approaching $2 trillion. However, recent volatility across enterprise software, coupled with pushback from institutional backers concerned about AI infrastructure capital expenditure returns, persuaded leadership and lead underwriters Goldman Sachs and Morgan Stanley to set a more defensive floor.
Alongside the public float, Anthropic has lined up a concurrent private placement of $26 billion in non-voting Class N shares. Strategic partners and cloud/silicon vendors—including Google, Nvidia, Microsoft, AMD, Broadcom, and TSMC—are participating at the finalized IPO price, giving the company an additional liquidity buffer to fund its compute infrastructure roadmap.
Operational Scale and Infrastructure Commitments
The prospectus reveals the sheer cash burn and revenue velocity driving frontier model development:
Revenue Velocity: Anthropic reported third-quarter revenue of $17 billion, with annualized revenue run-rates hitting approximately $81 billion by the end of October.
Compute Obligations: The company carries over $900 billion in total long-term compute and infrastructure commitments, with roughly $70.7 billion coming due over the next twelve months.
Enterprise Base: Enterprise adoption has matured beyond pilot experiments, with nearly 12,000 corporate clients now spending over $100,000 annually on API access and Claude enterprise seats.
Roadshow and Next Steps
With the roadshow underway, early indications suggest the institutional book is already multiple times oversubscribed. Syndicate desks have begun floating the possibility of revising the range upward if demand continues to build through the end of the week.
Final pricing is scheduled for Tuesday evening, November 18, with official trading set to commence the following morning, Wednesday, November 19.