The listing numbers
Anthropic made public on November 10 the final framework of its initial public offering, indicating a price range of $70 to $78 per share. The sale of 825 million Class A shares is expected to raise up to $64.4 billion, to which are added $26 billion raised through a private placement reserved for institutional investors. The total, according to the source, reaches $90.4 billion, surpassing SpaceX's previous June record and shaping the largest debut in Wall Street history.
Revenue growth and expected valuation
The prospectus describes very rapid expansion: third-quarter 2026 revenue is stated at $17 billion, versus $1.4 billion a year earlier, while run-rate revenue as of October 31 stands at around $81 billion, an increase of $10 billion in a single month. The overall valuation could reach $1.4 trillion, down from the $2 trillion hypothesized in previous months and the $965 billion of the May round. The source reads this figure as a sign of cooling in AI-related stocks in U.S. markets.
The Nasdaq debut is scheduled for the week of November 16 under the ticker ANT, with pricing expected in the immediately preceding days.
Declared risks and control arrangements
Alongside the results, the document contains significant warnings. Anthropic has made commitments for hundreds of billions intended for computing capacity, with agreements cited at about $110 billion with Amazon, up to $120.5 billion with SpaceX and between $125 billion and $150 billion with Google. The company warns that growth could slow sharply and that many payments would remain due even if demand falls short of forecasts. In the first half, losses of about $80 billion were recorded, largely tied to accounting components.
The private placement involves Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC, which will buy a total of $26 billion in shares: a transaction that provides capital to Anthropic and orders to chip and cloud suppliers. The seven co-founders, including CEO Dario Amodei and Daniela Amodei, will retain slightly more than half of the votes and therefore control of the company after the listing. The source also notes that the U.S. Department of Defense has labeled the company a national security risk, after its refusal to ease restrictions on military use of the technology.
