Anthropic IPO: date, $70-$78 price range and what we know so far
Anthropic’s IPO is expected to price on Wednesday 18 November and start trading on the Nasdaq under the ticker ANT on Thursday 19 November, with shares marketed at $70 to $78 each. At the top of that range the AI company would raise about $64.35 billion and be valued at up to $1.405 trillion on a fully diluted basis, CNBC reported.
That would put the maker of the Claude AI models among the largest stock market debuts on record, and it gives ordinary investors their first realistic chance to own a piece of one of the leading AI labs. Here is what is confirmed, what is still open, and what traders should watch over the coming week.
When is the Anthropic IPO date?
The current timetable is pricing on 18 November and first trades on 19 November, according to people familiar with the deal cited by CNBC. In a US IPO the price is normally set the evening before trading begins, after the banks running the deal have finished taking orders from investors. The schedule can still move if market conditions change.
The terms are set out in Anthropic’s amended registration statement, the Form S-1/A filed with the SEC. Morgan Stanley and Goldman Sachs are the lead underwriters, TipRanks reported.
What is the Anthropic IPO price range and valuation?
Anthropic is offering 825 million Class A shares at $70 to $78 each, which works out to between $57.75 billion and $64.35 billion raised. The top-end valuation of about $1.4 trillion compares with the $965 billion the company was valued at in a private funding round in May, so a top-of-range price would value the company roughly 45% above that level in six months.
It is also well below the roughly $2 trillion some investors had hoped for earlier in the year. One shareholder told CNBC that even a $1.5 trillion valuation would be a “stretch”.
Alongside the public offering, Anthropic is selling $26 billion of Class N stock at the IPO price in a private placement to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, according to CNBC. Those shares are not part of the registered offering. For scale, SpaceX raised $85.7 billion in its own listing about five months ago.
How big is Anthropic’s business?
The growth figures are the core of the pitch. Anthropic reported revenue of $33.24 billion for the nine months to 30 September, up roughly 1,200% from a year earlier, and an annualised revenue run rate of about $81 billion at the end of October, up $10 billion from September, according to the amended filing as reported by CNBC.
The company also reported a nine-month net loss of $104 billion, against $25.1 billion a year earlier. Most of that came from changes in the fair value of convertible notes and derivative liabilities, which are accounting charges rather than cash spent running the business. Investors will still look closely at cash burn, because training and running frontier AI models needs enormous amounts of computing power.
Can ordinary investors buy Anthropic shares at the IPO price?
Yes, more easily than in most large listings. Up to 20% of the shares are expected to go to retail investors, well above the typical 5% to 10%, CNBC reported. The filing names Charles Schwab, Fidelity, Robinhood, SoFi and Morgan Stanley’s E*Trade as brokers that will offer shares to individual clients at Anthropic’s request. Some brokers set entry rules: Schwab requires at least $50,000 in assets at the firm and Fidelity $25,000, according to TipRanks.
In practice, an IPO allocation works like this. You place a request through your broker for a number of shares, usually committing to pay up to the top of the range. Once the deal is priced, the broker tells you how many shares you actually received, if any. When demand is much larger than supply, requests are scaled back or filled by lottery. SoFi has warned that the shares it receives may not be enough to fill every request, so many applicants should expect a partial fill or none at all. Our explainer on what an IPO is and how a company goes public covers each step in more detail.
In the prospectus, Anthropic’s co-founders framed the wider retail allocation as deliberate: “Everyone who owns our stock, whether an institution or an individual, becomes part of that effort.”
What does the Anthropic IPO mean for AI stocks?
The deal lands in a busy week for the AI trade. Nvidia reports earnings on Tuesday 17 November, the day before Anthropic is due to price, and its first results since Jensen Huang stepped down as chief executive. A strong Nvidia report could lift appetite for the listing, while a disappointing one could test it.
The chipmakers taking part in the private placement also matter. AMD and Broadcom both rallied hard this week, as we covered in AMD and Broadcom’s 18% weekly gain, and a successful Anthropic debut would underline how much demand there is for their chips. There is also a practical effect: a raise of $60 billion or more needs buyers, and some funds may trim other technology holdings to make room. That could add short-term pressure to large AI names in the days around pricing.
Anthropic is not the only big private tech company testing the market. Payments group Stripe has no confirmed date yet, as we reported in our Stripe IPO update, and AI chipmaker Cerebras is already trading publicly after its own listing, with Cerebras stock jumping on its latest earnings.
What should traders watch next?
First, the final price. A deal priced at or above the top of the range is usually a sign of strong demand, while a cut would signal caution. Reports suggest the order book was already covered across the range, according to CNBC. Second, the opening trade on 19 November. Large IPOs often open well above or below the offer price, and the first hours can be very volatile.
Third, the lock-up details in the prospectus, which set when existing holders can sell. Shares sold in the private placement are not subject to the underwriters’ lock-up agreements, CNBC noted. Finally, analyst coverage from the underwriting banks normally starts a few weeks after listing, which can be another catalyst.
For more market coverage, see our companies and deals section.
Trade the markets you read about. Open a free WiseProp Trader account, with no deposit.
This article is for education and information only and is not financial advice. Figures are as reported by the sources linked above.
