Anthropic launched the roadshow for its initial public offering on Tuesday, setting an indicative price of $70 to $78 a share for the sale of 825 million Class A shares — the clearest signal yet that the AI developer intends to go public before Thanksgiving. Of the shares on offer, roughly 801 million come from the company itself and about 24 million from existing stockholders, with underwriters holding an option on another 123.75 million shares if demand runs hot. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate, according to the preliminary prospectus, and the stock is expected to list on the Nasdaq Global Select Market under the ticker "ANT."
Depending on how the math is done, the range implies a company worth somewhere between $916 billion on a basic share count and as much as $1.4 trillion on a fully diluted basis, according to RTTNews's read of the filing — well below the roughly $2 trillion some of Anthropic's most bullish backers had been floating earlier this year.
In an unusual twist for a Silicon Valley debut, Anthropic isn't relying solely on public investors to fill the order book. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan's TSMC have each agreed to buy a slice of a concurrent $26 billion private placement of Class N common stock at whatever price the IPO ultimately sets — tying the fortunes of the chip and cloud companies that sell Anthropic its computing power directly to the stock's performance.
A Growth Story With a Steep Price Tag
The prospectus underlying the roadshow lays out both halves of the bet. Anthropic's net losses have widened every year it has existed — from $1.5 billion in 2023 to $8.3 billion in 2024 to $42 billion in 2025 — and the company posted a $104 billion loss for the nine months ended Sept. 30, 2026 alone. Offsetting that, Anthropic says it has raised $141.1 billion in total capital to date and held $95.6 billion in cash plus $36.3 billion in short-term investments as of that same date.
The bigger number sitting over the whole offering is committed spending: roughly $900.9 billion in contracted computing and infrastructure deals, with $451.6 billion of that due before the end of 2030. That is the backdrop for Tuesday's private placement — Anthropic's biggest hardware suppliers are, in effect, helping finance the company that will spend hundreds of billions of dollars with them over the next several years.
Wall Street Is Divided on the Price
Reaction split quickly along familiar lines. Moor Insights & Strategy chief Patrick Moorhead wrote that Anthropic might be "pricing it to go crazy on IPO day," implying the band understates genuine demand. CNBC's Jim Cramer argued the company's "47% sequential growth is still very impressive" and said it alone justifies a valuation above $1 trillion, while Wharton's Mohamed El-Erian pointed to what he called the company's "eye-popping revenue growth." Not everyone is convinced: 22V Research's Dauvin Peterson described the lower end of the range, down from the roughly $2 trillion some investors had expected months ago, as disappointing, and Yorkville Ives partner Dan Ives cautioned that "you have to have a valuation that's digestible" if the stock is going to hold up once it starts trading.
Anthropic has not set a formal pricing date, but analysts following the roadshow expect the deal to price in the week of Nov. 20-24, which would let shares begin trading on Nasdaq before the Thanksgiving holiday. The debut will be read widely as a referendum on whether the AI industry's spending commitments — and the revenue growth meant to justify them — can hold up under public-market scrutiny.
