Anthropic is about to go public. The company behind the Claude AI models plans to price its IPO on Wednesday, Nov. 18. Its shares are set to start trading on the Nasdaq on Thursday, Nov. 19, under the ticker “ANT.”

The IPO has not priced yet. Terms can still change.

The numbers

Anthropic plans to sell 825 million shares at $70 to $78 each. Most of those, about 801 million, come from the company. The rest come from existing shareholders.

At the top of the range, the deal raises up to $64.35 billion. That would value Anthropic at up to $1.405 trillion on a fully diluted basis, CNBC reported. That is up from the $965 billion valuation from its May funding round.

Seven tech companies, including Nvidia, Google, Microsoft, AMD, Broadcom, Micron and TSMC, agreed to buy another $26 billion of stock at the IPO price. Together, the two sales could raise about $90.4 billion.

Demand looks strong. The deal has drawn about six times more orders than shares available, Bloomberg News reported Thursday. Goldman Sachs and Morgan Stanley lead the deal.

Sales are growing fast. Revenue hit $33.2 billion in the first nine months of 2026, up about 1,200% from a year earlier. Anthropic says its revenue run rate reached about $81 billion at the end of October.

The risks

Anthropic still loses money. It posted a $1.3 billion operating loss over the first nine months of the year. It has also committed about $895 billion to future spending, mostly on computing power.

CEO Dario Amodei called that compute question the company’s “deepest business dilemma” during a livestream with JPMorgan CEO Jamie Dimon on Friday. The valuation also came in below the $2 trillion some investors once expected, as AI stocks have pulled back. Rival OpenAI is expected to make its own market debut early next year.

Why it matters to everyday investors

This IPO is unusually open to individuals. Anthropic is reportedly targeting about 20% of shares for retail buyers, versus a typical 5% to 10%, CNBC reported. Some brokers, such as Fidelity, let eligible customers request shares before pricing. With strong demand, many may get fewer shares than they asked for, or none.

Anyone can buy once trading starts on Nov. 19. First-day prices can swing widely.

There is also indirect exposure. Amazon and Alphabet both hold large stakes in Anthropic, mostly in non-voting shares, according to the filing. Nvidia, Microsoft and others are joining through the private sale.

What to watch

The final price Wednesday night, and whether it lands above, within or below the $70 to $78 range.

Sources

  • Anthropic, “Anthropic launches roadshow for proposed initial public offering,” Nov. 10, 2026: anthropic.com
  • CNBC, “Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say,” Nov. 10, 2026: cnbc.com
  • Yahoo Finance, “Anthropic IPO: Claude maker to begin trading on Thursday, Nov. 19,” Nov. 12, 2026: finance.yahoo.com
  • Yahoo Finance, “Anthropic CEO Dario Amodei aims to ‘underpromise and overdeliver’ as IPO valuation drops below $2T hopes,” Nov. 13, 2026: finance.yahoo.com
  • Reuters, as carried by Investing.com, “Anthropic’s IPO is about six times oversubscribed, Bloomberg News reports,” Nov. 12, 2026: investing.com
  • Bloomberg, as carried by The Hindu BusinessLine, “Anthropic IPO draws sixfold demand, targets $1.4 trillion valuation,” Nov. 13, 2026: thehindubusinessline.com
  • Fidelity, “Anthropic IPO explained”: fidelity.com
  • Leverage Shares, “Who Owns Anthropic? Amazon and Google’s Stakes in the S-1”: leverageshares.com

Not financial advice. This article is for information and education only. It is not a recommendation or an offer to buy or sell any securities, and it is not investment, financial, legal or tax advice. Do your own research before investing.