Anthropic Sets $70-$78 IPO Price Range Targeting up to $1.4T Fully Diluted

Artificial intelligence startup Anthropic established an initial public offering price range of $70 to $78 per share on Tuesday, seeking to sell 825 million Class A shares to raise up to $64.4 billion ¹. The offering implies a basic market valuation between $916 billion and $1.02 trillion, reaching up to $1.405 trillion on a fully diluted basis ¹. Pricing is scheduled for Nov. 18, with shares slated to debut on Nasdaq under the ticker ANT on Nov. 19 ¹.

Anthropic earmarked approximately 20% of the public offering for retail participants, representing about $12.9 billion ¹. Concurrently, seven of Anthropic's compute suppliers will purchase $26 billion in non-voting Class N stock at the IPO price without lock-up provisions ¹. Google and Nvidia are each acquiring roughly $10 billion, Advanced Micro Devices is purchasing $2.5 billion, and Broadcom, Micron, and Microsoft are taking about $1 billion each, with Taiwan Semiconductor Manufacturing Company purchasing $500 million ¹. Between the public offering and private placements, Anthropic anticipates collecting roughly $84.6 billion for corporate use, centered on computing infrastructure ¹.

Financial Disclosures and Crypto Derivatives Reaction

The company posted $33.2 billion in revenue across the first nine months of the year, compared to $2.5 billion in the prior-year period ¹. Its nine-month operating loss reached $1.26 billion, while net losses expanded to $104 billion, driven mostly by non-cash charges tied to convertible notes ¹. The firm has also accumulated $900.9 billion in total spending commitments, including $70.7 billion due within 12 months ¹. Prior reporting noted that Anthropic filed its Form S-1 registration statement as public interest mounted around mega-cap tech listings ¹.

On decentralized perpetuals exchange Hyperliquid, ANT pre-IPO contracts traded at an implied $1.8 trillion valuation, processing $100 million in daily volume with $200 million in open interest ¹. Meanwhile, spot digital assets showed modest pressure; at the time of writing, $BTC traded at $73,745 while $ETH changed hands at $2,048. Analysts note retail allocations may pull temporary liquidity out of crypto markets, though supplier-funded private placements remain outside general secondary market capital pools ¹.