Anthropic files IPO terms: $70–$78 a share, a $26B supplier placement, and a $1T valuation
Anthropic filed IPO terms on November 10 pricing 825 million shares at $70–$78, raising up to about $64.4 billion at a roughly $1 trillion valuation — with Google and Nvidia putting $10 billion each into a $26 billion supplier placement alongside the deal.
The News
Anthropic launched its IPO roadshow on November 10 with filed terms that replace the banker plan it retracted the previous day. The amended S-1 — the formal document a company files with the US Securities and Exchange Commission before selling shares to the public — prices 825 million shares at $70–$78. Of those, 801.35 million are new shares being sold by the company and 23.65 million are being sold by existing holders. At the top of the range Anthropic would raise up to about $64.4 billion, valuing the company at roughly $1 trillion on its outstanding shares and about $1.4 trillion counting all shares that could exist.
Alongside the IPO, seven suppliers agreed to buy $26 billion of non-voting Class N stock at the IPO price in a concurrent private placement — a sale of shares to a small group of buyers rather than the public. Google and Nvidia are putting in $10 billion each, AMD $2.5 billion, and Broadcom, Micron and Microsoft $1 billion each, with TSMC adding $500 million. Net proceeds — the money Anthropic keeps after fees and costs — are estimated at about $84.6 billion at the $74 midpoint of the range. CNBC reports pricing on November 18 and a first trade on November 19, on the Nasdaq as ANT.
The filing also shows the scale of the business — and its costs. Revenue for the first nine months of 2026 was $33.2 billion, against $2.5 billion a year earlier, and the revenue run rate — the annual pace implied by recent sales — was about $81 billion as of October 31. The nine-month net loss was $104 billion, but most of that was $94.3 billion of fair-value changes on convertible notes, loans that can turn into shares, whose accounting value moves with the company's worth; the operating loss, which strips out those accounting moves, was $1.3 billion. Total purchase and lease commitments — money already promised for computing power and buildings — stood at about $900.9 billion, with $70.7 billion due within 12 months.
Less than a day after the range was set, the Financial Times reported on November 11 that bankers are weighing pricing above $78 after heavy roadshow demand, which could lift the valuation to $1.5 trillion or more. That is a press report only, and the filing still shows $70–$78. The filed terms are smaller and cheaper than the $69.3 billion banker version Anthropic itself retracted on November 10.
The biggest AI IPO ever filed is now real — and its suppliers are buying $26 billion of it themselves.
Why It Matters
The deal matters because it is the largest test yet of whether public markets will pay $1 trillion for an AI company that is still losing money. Anthropic's revenue growth is extraordinary — $33.2 billion in nine months against $2.5 billion a year earlier — but so is its spending: nearly $901 billion of purchase and lease commitments, mostly for the computing power its models need. The IPO asks investors to fund that spending at a valuation that would make Anthropic one of the most valuable companies on earth on its first day.
The supplier placement is what makes this different from an ordinary IPO. When a company's biggest customers and suppliers put $26 billion into the deal themselves, they are telling the market they believe the business will be there to keep buying from them. Nvidia and Google at $10 billion each is not a casual endorsement — it ties the two companies most central to the AI buildout directly to Anthropic's success. For Micron, the $1 billion commitment is also a public signal that its memory chips sit at the centre of the AI economy.
The retraction matters too. Anthropic itself told bankers on November 9 that the earlier $69.3 billion plan was inaccurate, and the filed terms are smaller and cheaper. That is a company choosing to set its own price rather than let bankers set it — and the Financial Times report that bankers are now weighing a price above $78 shows the tension between the two. The filing is the fact; the $1.5 trillion talk is a press report, and the gap between them is where the first day's trading will be decided.
Analyst's Take
Our call is Mixed. The filed terms are a genuine landmark — a $1 trillion AI company coming to market, with its biggest suppliers putting $26 billion of their own money in alongside it. That supplier vote is the strongest signal in the deal: Nvidia, Google, AMD, Broadcom, Micron, Microsoft and TSMC are not just selling to Anthropic, they are buying it. But the numbers underneath are extreme in both directions — revenue up more than 13 times in a year, and nearly $901 billion of promised spending, with $70.7 billion due within 12 months.
What to watch: whether bankers really do price above $78, as the Financial Times reports, and what happens on November 19. A deal this size, priced on a filing that is already smaller and cheaper than the version Anthropic retracted, will set the tone for every AI valuation that follows.
Are you bullish or bearish on this story?
By The Numbers
FAQ
What is an IPO?
An IPO, or initial public offering, is the first time a company sells shares to the public on a stock exchange. Anthropic plans to list on the Nasdaq under the ticker ANT, with pricing expected November 18 and a first trade November 19, according to CNBC.
How big is this IPO?
At $70–$78 a share on 825 million shares, Anthropic would raise up to about $64.4 billion and be valued at roughly $1 trillion on its outstanding shares, or about $1.4 trillion counting all shares that could exist. That would make it one of the largest offerings ever.
Who is buying $26 billion of stock alongside the IPO?
Seven suppliers agreed to buy $26 billion of non-voting Class N stock at the IPO price: Google and Nvidia $10 billion each, AMD $2.5 billion, Broadcom, Micron and Microsoft $1 billion each, and TSMC $500 million. It ties Anthropic's biggest customers and suppliers directly to the deal.
Is Anthropic profitable?
No — not yet on the bottom line. Revenue for the first nine months of 2026 was $33.2 billion, up from $2.5 billion a year earlier, and the revenue run rate was about $81 billion as of October 31. But the nine-month net loss was $104 billion, mostly $94.3 billion of accounting changes in the value of convertible notes — a type of loan that can turn into shares — while the operating loss was $1.3 billion.
Could the price go above $78?
The Financial Times reported on November 11 that bankers are weighing pricing above the $78 top of the range after heavy roadshow demand, which could lift the valuation to $1.5 trillion or more. That is a press report only — the filed terms still show $70–$78.
👁
Source: PJFP — Anthropic S-1 filing summary