Anthropic has put a price on its long-awaited public listing. On Tuesday, November 10, the Claude8.3 out of 10 developer announced it had launched the roadshow for its initial public offering, setting an expected range of $70.00 to $78.00 per share for its Class A common stock. The move follows the public S-1 filing in late October, which named the Nasdaq ticker “ANT” but left the share count and price open.
The terms
According to Anthropic’s announcement, the offering totals 825,000,000 Class A shares. Of those, 801,351,354 are being sold by Anthropic and 23,648,646 by certain existing stockholders; the company will not receive proceeds from the shares sold by those holders. Anthropic also expects to give underwriters a 30-day option to buy up to 123,750,000 additional shares. It has applied to list on the Nasdaq Global Select Market under “ANT”, and Goldman Sachs and Morgan Stanley are named as contacts for the preliminary prospectus.
The registration statement has been filed with the SEC but is not yet effective, so no shares can be sold until it is. CNBC, citing people familiar with the matter, reports that Anthropic expects to price the deal on November 18 and begin trading on November 19, and that the order book was already covered at the proposed range.
What it could be worth
Valuation estimates depend on which share count is used. TechCrunch puts the implied valuation at about $1.404 trillion at the top of the range on a fully diluted basis, while other outlets, using shares expected to be outstanding, arrive at lower figures. CNN reports that the offering would raise about $61 billion at the midpoint and up to $64.4 billion at the top of the range.
The range lands below some earlier expectations. Press reports in recent months had floated a listing valuation of around $2 trillion, and Anthropic’s last private round in May valued it at $965 billion. Fortune notes the terms arrive during a broader sell-off in AI stocks.
Why it matters
A public Anthropic would give investors direct exposure to a major frontier AI lab for the first time, and would subject its finances — including the heavy compute commitments disclosed in its S-1 — to quarterly scrutiny. For users of Claude and Claude Code8.3 out of 10, nothing changes immediately, but the pricing will set a public benchmark for how markets value frontier AI developers ahead of any listing by rivals. Final terms are expected after pricing on November 18 and could still move above or below the marketed range.