Anthropic IPO: $70 to $78 a Share, First Trade Reported for Nov 19

Show 4 earlier updates

TL;DR

• Anthropic set its IPO price range at $70 to $78 a share in an amended filing on November 10. It is offering 825 million shares, worth $57.75 billion to $64.35 billion.
• CNBC's sources say the final share price will be set on Wednesday, November 18 and the shares will first trade on Thursday, November 19, on Nasdaq under the ticker ANT. The filing gives no dates.
• The top of the range values the company at about $1.4 trillion counting all shares and share awards. Backers told the Financial Times in August they expected $2 trillion or more. Anthropic never gave that number.
• Seven partners, including Google and Nvidia, are buying another $26 billion of non-voting stock at the IPO price in a separate sale.
• Revenue was $16.96 billion in the third quarter. By the end of October it was running at a rate of about $81 billion a year. The $1.4 trillion valuation is about 17 times that yearly rate.
• SpaceX raised $86.2 billion in June, the largest IPO on record. Anthropic's IPO raises about $74 billion at most. That needs a final price of $78 and the banks selling all 123.75 million extra shares they are allowed to add.

The Board

This chart was made in August, when backers expected a $2 trillion valuation. The price range filed on November 10 values the company at about $1.4 trillion at most. The two bars on the right are revenue forecasts from people who own the stock.

When Is the Anthropic IPO?

The shares are reported to start trading on Thursday, November 19, 2026. The final share price is reported to be set the day before, Wednesday, November 18. CNBC reported both dates on November 10 from people familiar with the plan. Anthropic has not confirmed them and its filing does not carry a date.

The expected date moved from October to November in two steps. Bloomberg reported on June 3 that October was the earliest window. Reuters reported on September 5 that marketing would start in mid-October, and the WSJ and NYT reported on September 18 that the target had moved to November. The public S-1 went on EDGAR on October 26, an amendment with third-quarter results followed on November 2, and the amendment with the $70 to $78 price range came on November 10.

Anthropic is also not the only one queuing. OpenAI filed its own confidential S-1 in June and is reportedly weighing a slip to 2027 to hold out for a $1 trillion print, which makes the Anthropic listing the first real read on what public markets will pay for a frontier lab.

Where the $2 Trillion Came From

Six backers, talking to the FT. That is the whole provenance, and it is the part most of the coverage compressed into "Anthropic eyes $2 trillion".

Anthropic has not named a number. The same FT reporting says senior executives have not set an IPO valuation target even in private conversations. The people quoted own the company and would be marked up by a high print, which does not make them wrong. It does mean the figure is an expectation from interested parties, and I would not carry it as company guidance.

One of them told the FT that at 800% annual growth, "at the incredibly low end" the company trades at 30 times revenue, which gets to $3 trillion. That arithmetic works on $100bn of revenue, and it is a bull sketching a floor rather than an underwriter setting a range.

$2 Trillion Is 42.6 Times Anthropic's Annualized Revenue, or 20 Times a Forecast

Anthropic said on May 29 that annualized revenue had passed $47 billion. The ramp behind it: $9bn at the end of 2025, $14bn in February, $19bn in March, $30bn in April. That is a real number, disclosed by the company, and it is the only revenue figure here that has actually happened.

Dividing the $2tn valuation by Anthropic's $47 billion of annualized revenue gives 42.6x.

Put $2tn over the $100-120bn backers expect by December and you get 20x or 16.7x, which sounds like a rich software multiple instead of an extraordinary one. Same valuation, three very different pictures, and almost every write-up I read used the forward number without saying so.

I am not calling the year-end range implausible. Going from $47bn in May to $100bn in December is 2.1x in seven months, and the company just did 5.2x in the five months before that. The forecast is a deceleration. My problem is narrower: a multiple quoted against revenue that does not exist yet is a forecast wearing a valuation's clothes, and readers deserve to be told which one they are looking at.

The Month the Models Went Dark

Two investors told the FT that revenue growth measurably slowed in June. There is a specific reason, and it is worth resolving rather than leaving as a shrug about AI momentum.

On June 12 the Commerce Department imposed export controls on Anthropic's two most advanced models, Fable 5 and Mythos 5, requiring a licence for any foreign person to access them. Anthropic could not reliably screen users by nationality, so it disabled both models outright. Commerce lifted the controls on June 30, and Anthropic confirmed the restoration, though Commerce indicated the scope could change again.

So the June wobble has a start date, an end date and a cause. That is a policy risk sitting on the S-1 rather than a demand problem, and the distinction matters for anyone extrapolating the ramp.

Can You Buy Anthropic Stock Before the IPO?

Not yet. The shares do not trade until the IPO prices, and the first trade is reported for November 19 under the ticker ANT on Nasdaq.

Before November 19, the only way an individual can get shares is to ask a broker for some of the shares being sold in the IPO. Anthropic's filing names six brokers that will offer shares to their customers: Charles Schwab, Fidelity, Robinhood, SoFi, E*TRADE from Morgan Stanley and Trade-PMR. CNBC reports that up to 20% of the offering is aimed at individual investors. Each broker sets its own rules for who can ask for shares, and an order placed in an IPO can be filled in part or not at all.

A product sold as a way to own Anthropic before the IPO usually holds a stake in a fund, not Anthropic shares themselves. The product's own documents say what it holds.

The nearest listed proxies are the counterparties. Anthropic's compute agreements show up in public filings, including the Riot lease that made it a bitcoin miner's landlord, and we track the full set in the AI compute deal ledger. Those are second-order bets on Anthropic's capex, not on its equity.

For the shape of what a mega-listing does afterwards, SpaceX is the live case study: it priced at $135, raised $86.2 billion across 638,888,888 shares once the greenshoe went, and has since spent two months trading around its own unlock calendar. Anthropic's own lock-up schedule will matter more to the 2027 price than the first day's headline does.

The One-Line Read

Anthropic is asking for $70 to $78 a share, which values the company at about $1.4 trillion at the top price. That value is about 17 times its current annualized revenue, and the company lost money on operations in the third quarter. The reported first trading day is November 19.