Anthropic Targets $1.4 Trillion IPO Valuation on Nasdaq

Anthropic set a price range of $70 to $78 per share in an updated SEC filing on Tuesday, targeting a fully diluted valuation of $1.404 trillion in its Nasdaq debut — up sharply from the $965 billion it reached in a May funding round.

The Claude developer plans to offer 825 million Class A shares, bringing in between $57.75 billion and $64.35 billion. According to CNBC, trading under the ticker "ANT" should begin around November 19, with up to 20% of the offering allocated to retail investors. The valuation lands below the $2 trillion the company was reportedly targeting just a couple of months ago, reflecting shakier markets and a broader pullback from AI investing.

The strategic investors are already locked in. Anthropic has agreed to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each putting in $10 billion. Underwriters including Goldman Sachs and Morgan Stanley can buy up to 123.75 million additional shares. Net proceeds, Anthropic estimates, will run between $84.6 billion and $93.7 billion — the higher figure applies if the underwriters exercise their option in full.

What does the filing reveal about the business?

Run-rate revenue hit $81 billion by the end of October, roughly $10 billion higher than at the end of September. Third-quarter revenue came in at $17 billion, with nine-month revenue of $33.2 billion. The costs are just as striking: a $104 billion net loss over those nine months, and compute and infrastructure commitments of $900.9 billion. Anthropic holds nearly $132 billion in cash and short-term investments.

All seven co-founders — CEO Dario Amodei, president and chair Daniela Amodei, chief compute officer Tom Brown, Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish and interpretability research lead Christopher Olah — plan to sell 3,378,378 shares each. At the $74 midpoint, that's just under $250 million apiece, ranging from just over $236 million at the bottom of the range to just under $264 million at the top.

Demand signals are already on the record. Board member Reed Hastings wants to buy $300 million of shares through his donor-advised fund, while fellow board member Christopher Liddell wants $3 million worth.

Who actually controls the company?

Not the new Class A holders. After the sale, each founder will own about 3.2% of outstanding Class A shares — roughly 22% collectively — though their stake in total equity is considerably smaller because holders including Amazon and Google own non-voting Class N shares. As a public benefit corporation, Anthropic gives the founders Class F supervoting shares that together hand them majority voting control, with no single founder holding significantly more than the others. The Long-Term Benefit Trust will also elect a board majority, leaving public buyers with limited influence.

The seven founders left OpenAI in 2021 after disagreements with its leadership over how AI should be built, and have positioned Anthropic from the outset as more focused on AI safety than its rivals. OpenAI was reportedly valued at $1.25 trillion last week after securing $11 billion — nearly half of the $20 billion it initially sought.

One terminological note: the filing uses "super intelligence" and "SI" interchangeably with "artificial intelligence" and "AI" at many points, citing a September executive order from President Trump directing federal agencies to adopt the new terminology.

Claude pushes deeper into the office

On the same day, Anthropic rolled out workplace features as it competes with OpenAI, Meta, Microsoft and Google to turn AI assistants into office suites. Claude Meetings brings Claude into video calls as a visible participant that drafts plans, maps timelines, answers questions in the meeting chat and retrieves information from connected work apps while people talk. It identifies itself to participants and won't join calls with external guests unless an admin authorises it. The feature is in beta on Team and Enterprise plans, initially working with Google Meet.

Claude Whiteboards turns team discussions into organised visual workspaces that can be converted into docs or slide decks, while Claude Sheets builds and collaboratively edits spreadsheets with formulas, tabs and dropdown menus. Both are in beta on paid plans. Anthropic also made Claude Data — formerly Claude Dashboards — generally available, and introduced interactive connectors that open apps such as Adobe, Atlassian and HubSpot directly inside Claude.

For investors and enterprise buyers alike, the message is a company monetising fast but spending faster, with an IPO structure that keeps power firmly with its founders and trust.