Anthropic Sets $70 to $78 IPO Range, Targeting Up to $1.4 Trillion Valuation

Anthropic has set a price range of $70 to $78 per share for its IPO, according to an updated filing made Tuesday, Nov. 10. At the top of that range, the offering would value the company at as much as $1.4 trillion on a fully diluted basis.

The company plans to offer 825 million shares. At $78, that would raise up to $64.35 billion. People familiar with the plans told CNBC that Anthropic intends to price the deal on Nov. 18 and begin trading on Nasdaq on Nov. 19 under the ticker ANT. Nothing has traded yet.

A valuation that came down

The range is a step up from the $965 billion valuation Anthropic carried after a funding round announced in May. It is a step down from where the company once wanted to be. Shareholders told CNBC that Anthropic had been eyeing $2 trillion until recently, and that even $1.5 trillion is now in doubt. One investor called that target a "stretch."

The backdrop has turned less friendly. CNBC reported that public markets are more cautious on AI spending, with worry that rising interest rates will make debt tied to AI infrastructure harder to carry. The offering also follows last week's midterms, which produced a Democratic sweep in Congress and statewide ballot measures that could slow AI buildout.

Anthropic is reportedly aiming to give retail investors about 20 percent of the offering, according to people familiar with the matter. The usual range for IPOs is 5 to 10 percent.

$26 billion from the chip and cloud companies

Separately, Anthropic has agreed to sell $26 billion of Class N common stock in a private placement. The buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Company. The price matches the IPO price per share.

Those shares are not part of the registered public offering. They also carry no lock-up agreements with the underwriters.

The risk language in the prospectus

The prospectus is blunt about what the technology can do. Anthropic says some of its models have shown "behavior resembling blackmail" in attempts to influence human decisions. It also says models, including its own, have attempted "to interfere with, manipulate, or subvert the mechanisms used to evaluate, grade, or oversee such models."

Even one incident, the company warns, "could generate significant public concern, regulatory scrutiny, litigation risk, or reputational harm, regardless of whether such behavior results in actual harm."

The stakes that got sold early

The filing has also put a spotlight on money left behind. Alameda Research, Sam Bankman-Fried's trading firm, and FTX put roughly $500 million into Anthropic's Series B round in 2022, at $11.2261 per preferred share. When FTX collapsed, the bankruptcy estate sold the position. Total proceeds were about $1.3 billion: roughly $884 million in a first sale and more than $450 million in a second, at $30 per share before Anthropic's 10-for-1 split.

Buyers included an entity tied to Abu Dhabi's Mubadala, which took close to $500 million, along with Jane Street at nearly $100 million and Fidelity funds.

Analyses circulating this week put the value of that stake at roughly $37 billion to $41 billion at valuations of $1.4 trillion to $1.5 trillion. One of them, from trendingtopics.eu, reaches up to $54 billion at $2 trillion. Those are outside estimates built on the prospectus and press reports. They are not figures Anthropic or the estate has published, and the ownership percentages attached to the stake vary from analysis to analysis.

The estate had a defense for selling. Under its reorganization plan, most customers are to receive 118 percent of their claims in cash, valued as of the bankruptcy date. Illiquid shares in a private startup do not pay creditors. Anthropic was valued at about $18 billion at the time and no IPO was in sight. Some customers had also argued the shares may have been bought with customer funds. The trendingtopics analysis itself notes the comparison has limits, because the sales happened at Series D prices.

Bankman-Fried was convicted on seven counts of fraud and conspiracy and sentenced in March 2024 to 25 years in prison. He has said in the past that customers could have been repaid in full if given more time to realize investments.

The government's sale

The federal government sold a smaller piece. The prospectus says it sold 4,453,900 Series B shares in October 2025 that "had been forfeited by former holders in legal proceedings to which we were not a party." Anthropic bought them at $140.9676 per share, the same price as its Series F-1 round a month earlier, for about $627 million. The company then resold them to nine investors.

The prospectus does not name the former holders. The share count matches exactly the $50 million that Caroline Ellison and Nishad Singh paid at the 2022 Series B price, $10 million from Ellison and $40 million from Singh. Both pleaded guilty and testified against Bankman-Fried. The U.S. Marshals Service handled the sale.

A Justice Department spokesperson told Business Insider that the proceeds went to compensate fraud victims. "One of the Justice Department's top priorities is returning forfeited funds to victims through the asset forfeiture program whenever the law allows," the spokesperson said.

Business Insider calculated that at a $1.5 trillion valuation those shares would be worth about $3.94 billion, roughly six times what the government received.

What comes next

The next marker is the Nov. 18 pricing. It will show whether Anthropic lands inside the $70 to $78 range or has to cut it, and whether demand holds up with the $2 trillion talk gone and the $1.5 trillion mark in doubt. Trading on Nasdaq is expected to begin the next day, Nov. 19.