Anthropic has named the price of its Nasdaq debut. The developer of the Claude AI assistant is selling 825 million Class A shares under the ticker ANT at $70-78 per share. At the top of the range, that's up to $64.4 billion raised and a company valuation of up to $1.4 trillion.
An IPO is the first sale of a company's shares on an exchange to anyone who wants them. Until now, Anthropic shares had only been bought in private rounds.
Why this matters to traders. A deal of this size will shake up the entire tech sector. The price will be set on November 18, and the first trading day is November 19.
How is the offering structured?
The company disclosed the main terms of the deal along with the price range.
- $70-78 - price per share.
- 801.4 million of the 825 million shares are new, with another 23.6 million sold by existing shareholders.
- 123.75 million shares may additionally be bought by the underwriting banks.
- 20% of the volume is reserved for retail investors.
- $1.405 trillion - fully diluted company valuation.
The valuation changed quickly. In the May round, Anthropic was worth $965 billion, and in September the benchmark cited was $2 trillion.
Who is buying before the exchange?
A $26 billion private deal is running alongside the offering. Non-voting shares at the offering price are being taken by major chipmakers and cloud companies.
- Nvidia and Google. ~$10 billion each.
- AMD. About $2.5 billion.
- Broadcom, Micron and Microsoft. ~$1 billion each.
- TSMC. About $500 million.
These shares are not subject to the usual lock-up ban on selling in the first months after going public.
What's in the financials?
Revenue grew severalfold, and so did the loss. The company disclosed its financials ahead of the offering.
- $33.2 billion - revenue for the nine months of 2026 versus $2.5 billion a year earlier.
- $1.26 billion - operating loss.
- $104 billion - net loss, of which $94.3 billion is a non-cash write-off on convertible loans.
- $900.9 billion - contracted spending on compute and infrastructure.
- $70.7 billion of that amount must be paid within 12 months.
Key point: revenue for nine months is $33.2 billion, while compute obligations are $900.9 billion.
What's next?
The market is already trading Anthropic before the offering. On Hyperliquid, share contracts are trading at a 24% premium to the $78 top of the range. Hyperliquid is a perpetual futures exchange.
- November 18. The final share price will be set.
- November 19. First trading day on Nasdaq.
If you're planning to trade the launch day on indices, you can conveniently find a challenge suited to that style in the calculator, and the selection mechanics are covered in the academy.
Are you waiting for November 19 with a Nasdaq plan?
An offering of this scale will shake up the entire tech sector. You've probably already been sketching out a plan for that day. What gets in the way is account size: on fifteen hundred dollars, a carefully taken half a percent on an index is lunch money. Prop firms solve this differently: you pass a paid evaluation and then trade with the company's trading volume, giving it a share of the profit under the contract. There's more than a week until the first trading day, enough time to get to grips with the mechanics.