Anthropic Sets $1.4 Trillion Valuation Target in November Nasdaq IPO

Anthropic filed to take the company public in November with a valuation targeting up to $1.4 trillion, fully diluted ¹.

IPO Details and Valuation

The AI firm set a price range of $70 to $78 a share for its initial public offering, aiming to sell 825 million Class A shares ¹. At the top of that range, Anthropic would raise approximately $64.4 billion ¹. Based on basic shares, the valuation lands between $916 billion and $1.02 trillion, while the fully diluted figure reaches $1.405 trillion ¹. The company expects to price the offering on Nov. 18, with trading on the Nasdaq under the ticker ANT to commence on Nov. 19 ¹.

The offering allocates roughly 20% to retail investors, double the typical retail allotment for an IPO of this scale ¹. Alongside the public offering, a $26 billion private placement of non-voting Class N stock was executed at the IPO price by seven of Anthropic's compute suppliers ¹. Google and Nvidia acquired about $10 billion each, AMD took $2.5 billion, while Broadcom, Micron, and Microsoft secured approximately $1 billion apiece, and TSMC invested $500 million ¹. These private placement shares are exempt from lock-up agreements ¹.

Financial Health and Revenue

Financial disclosures within the filing indicate that Anthropic reported revenue of $33.2 billion over the nine-month period, compared to $2.5 billion during the same timeframe a year earlier ¹. The company posted a $1.26 billion operating loss ¹. However, it logged a $104 billion net loss, which was almost entirely attributed to a non-cash charge on convertible notes ¹. Anthropic also reported $900.9 billion in committed spending, with $70.7 billion of that amount due within twelve months ¹. S-1 data covering the first half of 2026 showed $16.3 billion in revenue and an $80.7 billion net loss ³.

Crypto Market Reactions

Offshore crypto exchanges began trading contracts on Anthropic's value prior to the IPO filing ². On Hyperliquid's trade.xyz venue, a contract on Anthropic’s shares opened at $138 and traded near $115 shortly after the filing ². Contracts across seven offshore crypto exchanges implied a valuation ranging from $1.87 trillion to $1.92 trillion ². Hyperliquid's ANTH contract spiked to about $1,980 around the time of the filing before dropping roughly 6% to about $1,857 ³. Trading volume for the contract reached approximately $12 million over a 24-hour period ³.

The contracts on trade.xyz reference one Class A share and are settled in stablecoins, offering leverage before the listing ². Once the stock trades on Nasdaq, the contract will convert into a perpetual contract tied to the listed price ². These contracts do not grant actual Anthropic stock and are unavailable to US residents ². Anthropic's support page cautioned that individuals selling its shares through tokenized securities are likely offering investments that may lack value due to transfer restrictions ².

Corporate Governance Structure

Anthropic operates as a public benefit corporation under Delaware law, aiming to balance stockholder interests with the public benefit purpose of responsibly developing advanced AI ⁴. The company established a Long-Term Benefit Trust (LTBT) holding Class T common stock, which generally possesses the authority to elect and remove a majority of the board of directors ⁴.

A single share of Class F common stock will be issued to a limited liability company organized by Anthropic's co-founders, granting them 50.1% of total voting power for general matters ⁴. Class E common stock will be issued to employees, carrying limited voting rights, while Class N common stock, held primarily by strategic partners, has no voting rights ⁴.

Implications for Crypto Liquidity

Analysts have raised concerns regarding the potential for mega-IPOs to draw speculative capital away from cryptocurrency markets, often referred to as the liquidity drain thesis ¹. The retail allocation mechanism suggests that funds earmarked for IPOs may bypass assets like Bitcoin ¹. In a previous instance, SpaceX's listing coincided with a 29% decline in Bitcoin before the event, though the digital asset later recovered ¹. With a $12.9 billion retail slice for Anthropic, compared to SpaceX's $22 billion, the impact may be lessened ¹. The $26 billion private placement will not affect public market liquidity as it involves vendor contracts ¹.