Anthropic sets its IPO at $70 to $78 a share: 825 million shares, about $61 billion at the midpoint

Anthropic has put numbers on its IPO. In an amended registration statement filed with the SEC on Tuesday, the company says it expects to price its Class A shares between $70.00 and $78.00 and has applied to list on the Nasdaq Global Select Market under the symbol ANT. The filing is on SEC EDGAR. Disclosure: the Chronicle's newsroom uses Claude, an AI model made by Anthropic.

The deal in numbers

• Shares: 825,000,000 Class A shares, of which 801,351,354 are new shares from the company and 23,648,646 are sold by existing holders. Underwriters have an option on 123,750,000 more.
• Size: at the $74 midpoint that is about $61.1 billion (about $59.3 billion to the company, $1.75 billion to selling holders). The BBC's "up to $64 billion" is the same share count at the top of the range, $78.
• Private placement: separately, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners agree to buy $26.0 billion of non-listed Class N stock at the IPO price. Google and Nvidia are down for about $10 billion each, AMD about $2.5 billion and Broadcom about $1.0 billion.
• Net proceeds: the company estimates about $84.6 billion from the IPO and placement together at $74, or $93.7 billion if the underwriters take the full option.
• Retail: part of the allocation goes through Schwab, Fidelity, Robinhood, SoFi and E*TRADE, as we reported from the earlier amendment. Some directors have indicated interest in up to $303 million of shares.

The valuation number depends on what you count

Headlines this morning range widely: the Reuters exclusive calls it a $1 trillion target, the Wall Street Journal says $1.3 trillion, and Bloomberg and the New York Times say up to $1.4 trillion. We have only read the headlines of those four pieces, so we do not vouch for their figures. We did the arithmetic from the filing instead.

So the headline "over $1 trillion" holds only at the top of the range on basic shares, and holds comfortably once options and restricted stock units are included. Option holders pay an average exercise price of $2.91 a share, so the second row slightly overstates what a buyer is paying for. Our tally excludes the new 2026 equity plan reserve, which the filing says is another 1.92 billion shares.

What the company has to justify it

For the nine months to Sept. 30, 2026, revenue was $33.2 billion, up from $2.5 billion in the same period of 2025, a 13-fold jump. The operating loss narrowed to $1.26 billion from $5.22 billion. Compute and infrastructure cost $18.8 billion, about 57% of revenue.

The net loss was $104.0 billion, against $25.1 billion a year earlier. Almost all of the gap is a non-cash item: $94.3 billion from changes in the fair value of convertible notes, derivatives and SAFEs, which move with the company's own valuation. It is not operating cash going out, but it is the number that will catch the eye in headlines.

The larger issue is future spending. The filing lists compute and infrastructure commitments of about $451.6 billion expected before the end of 2030, with $70.7 billion due in the 12 months after Sept. 30. Those obligations are why the raise matters. For context, see our earlier reports on the valuation talks and the third-quarter figures.

The market backdrop

The BBC notes the offer comes after a sharp Nasdaq fall last week on worries that a Democrat-led Congress could slow AI development and data-center build-outs, and says the planned valuation is below the roughly $2 trillion some analysts had talked about weeks ago. The BBC says the listing is expected this month. The filing leaves the pricing date blank, so we do not have a firm date.

What to watch: the final price against the range, whether the underwriters use the full option, and how the shares trade on day one. A debut well above the range would lift the AI group. A weak one would feed the doubts over AI spending that have hit chip and cloud names in recent days.

Sources: Anthropic, PBC Form S-1/A (Amendment No. 2), SEC EDGAR; BBC News; headlines from Reuters, The Wall Street Journal, The New York Times and Bloomberg. Valuation tables are Chronicle calculations from filing share counts. This is market information, not investment advice.