Anthropic IPO Would Value Claude's Maker Between About $917 Billion and $1.02 Trillion

Sec.01Anthropic IPO price and valuation

The amended filing, which the SEC accepted at 6:29 a.m. ET on Tuesday, offers 825,000,000 Class A shares. Those are the shares the public can buy and trade. Anthropic sells about 801 million of them, and its seven co-founders sell the rest.

After the sale the company will have about 13.1 billion shares with a claim on its profits, in two classes. About 57% are Class A. The rest are Class N, which have the same rights as Class A except that they carry no vote. Business partners hold most of them, and Amazon and Google hold the most.

A company’s market value is the price of all its shares added together. At the $74 midpoint, Anthropic would be worth about $968 billion. The total passes $1 trillion at about $76.50 a share, inside the range.

Show the data

Category	Value
May 2026 round, as announced	$965.0B
At $70	$917.5B
At $74	$968.4B
At $78	$1,019.4B

The midpoint sits near the $965 billion value Anthropic announced after its latest private funding round, called Series H, on May 28, 2026. A $74 share is also about 26% above the price Series H investors paid, counting a September stock split that turned each share into 10.

A broader count gives a bigger number. The filing also lists employee options (rights to buy shares at a set price), stock awards staff have not yet earned, and Amazon notes, loans that turn into shares over time. With those, the total is about 18.0 billion shares, worth about $1.33 trillion at $74.

For scale, SpaceX listed on Nasdaq in June at $135 a share (our guide to how SpaceX makes money covers its business). On its own share count, that valued it at about $1.77 trillion, and its sale raised $75.0 billion.

Anthropic’s sale is smaller. Its 825 million shares would raise $57.75 billion to $64.35 billion. The banks also have an option to buy more shares, which at $78 would lift the sale to $74.0 billion.

Sec.02Anthropic says it has met its AI research threshold

The filing’s risk factors on the business and industry put it this way: “our use of AI systems has already been accelerating our research and development, and our internal estimates indicate that we may experience a further increase in the rate of progress in AI capabilities.”

Anthropic’s Responsible Scaling Policy is its own set of rules. It ties extra safety steps to what its models can do. One of its thresholds covers AI that speeds up AI research and development. The filing says such progress may let its models advance “more rapidly than our ability to develop, validate, and implement corresponding safety, alignment, and security measures.”

The November 2 version of the filing said the company “may imminently meet” that definition. The new version says the threshold applies where Anthropic will “observe or expect” the speed-up. Then it says: “we made a determination that we have met this threshold based on what we expect from future models and our overall rate of progress, rather than on what we have observed from current models.”

In plain words, the call rests on the models Anthropic expects to build and its overall pace, not on what today’s models have shown. The company says it continues “to assess the underlying data” and is “evaluating the implications of meeting the AI research and development capability threshold and will release further reports in the future.”

Past precautions of this kind, it says, included delaying the release of models and limiting who could first use them, “such as with Mythos through Project Glasswing,” its model first offered to a limited group. It adds that such steps could hurt its position against rivals.

The order of the risks changed too. The top risk factor is now about models acting on their own. Its heading begins “Our models have in the past behaved, and may in the future behave, in unintended, misaligned, or autonomous ways.” The earlier version said they “may behave” that way, and listed the risk further down.

The filing also now uses “super intelligence” as another name for AI. It notes that an executive order of September 29, 2026 tells federal agencies to use that term.

Sec.03Who is buying Anthropic stock at the IPO price

The filing calls this a concurrent private placement. That is a sale of shares straight to chosen buyers, at the same time as the IPO. Based on the $74 midpoint, it says Google and Nvidia would each buy about $10.0 billion. AMD, Broadcom, Micron, Microsoft and TSMC Partners would buy the other $6.0 billion.

Show the data

Category	Value
Google	$10.0B
Nvidia	$10.0B
AMD	$2.5B
Broadcom	$1.0B
Micron	$1.0B
Microsoft	$1.0B
TSMC Partners	$0.5B

Several of the buyers also sell Anthropic its computing, under deals the filing describes. Google and Microsoft provide cloud capacity, Broadcom leases it chip-based equipment, and AMD’s purchase is tied to a chip supply agreement.

The total is fixed in dollars, so the number of shares depends on the final price. The buyers get Class N shares, which carry no vote, and Anthropic pays no bank fees on them. These shares are not covered by the lock-up agreements that stop most existing holders from selling for months. Securities rules still limit how soon they can be resold.

Two of the purchases tie into earlier agreements, the filing says. Google’s purchase uses up an option it had to buy shares at the IPO. Google had also agreed in 2026 to lend Anthropic money through notes, and the purchase cuts what is left of that commitment from $20.0 billion to $10.0 billion. AMD’s $2.5 billion counts toward its promise to buy up to $5.0 billion of stock.

The placement also needs approval from Anthropic’s stockholders, which the company expects to get. The IPO does not depend on it.

Insiders are on both sides of the sale. Board members and related entities may buy up to $303 million of shares, a non-binding interest. Almost all of it would come through a donor-advised fund, a kind of charity account, linked to director Reed Hastings.

Each of the seven co-founders, Dario and Daniela Amodei among them, sells 3,378,378 shares. That is about $250 million each at $74, or about $1.75 billion together, and the filing gives no reason for the sales. Anthropic receives nothing from those shares. Its own part of the sale comes to about $59.3 billion at $74, before costs.

Sec.04Anthropic IPO date and how to buy

On timing, the filing says only that the sale to the public starts “as soon as practicable” after the SEC clears the filing for sale. The date the banks deliver the shares is still blank. So are the final price and the bank fees.

Those details appear in the final prospectus, the last version of the filing, which comes out when the shares are priced. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT.

Part of the sale will go to ordinary investors through Charles Schwab, Fidelity, Robinhood, SoFi, E*TRADE from Morgan Stanley and Trade-PMR. The company expects these retail buyers to get up to 20% of the shares, in the US and abroad. Demand sets the final amount, and each platform has its own rules for who can ask.

A request is not a promise of shares. Buyers who get none can still buy once trading starts, at whatever price the market sets. That price can be far from the IPO price. The sale also includes public offerings in Australia, Canada, parts of Europe, Japan, Switzerland and the UK.

Sec.05Does Anthropic make a profit?

Revenue was $17.0 billion in the July to September quarter, against $1.4 billion a year earlier. These are the same results the company added on November 2, which our guide to that filing covers in full.

The net loss for the first nine months of 2026 was $104.0 billion. But $94.3 billion of it was a charge on paper, from the rising value of notes that turn into stock. Day to day, the business brought in $6.6 billion of cash from operations over the nine months.

One new figure arrived today. Anthropic’s run-rate revenue, its own measure of a year’s sales at the current pace, was about $81 billion on October 31. That was up $10 billion in a month. It multiplies the last 28 days of usage out to a full year, so it can swing more than reported revenue. Anthropic pays no dividend and does not expect to.

Sec.06What the Anthropic IPO numbers show

Existing holders paid an average of $11.50 a share, against $74 for new buyers. After the sale, the company’s tangible assets (what it owns, leaving out things like patents) minus its liabilities would equal $8.21 a share. The filing calls the $65.79 gap below the $74 price dilution.

Lock-ups decide when insiders can sell. Up to 316 million shares held by employees, non-founder directors and officers can be sold from the first trading day. More shares become free to sell in steps, starting with up to 299 million on the 27th day after the prospectus date.

Up to 1.7 billion follow after the full-year 2026 results. The biggest single step, up to 3.0 billion, comes at the earlier of the first-quarter 2027 results or day 180.

The co-founders wait longest, with holders of more than 0.5% of the company’s “fully diluted shares prior to this offering,” in the filing’s words. Their lock-up runs to the earlier of the third-quarter 2027 results or day 365. The filing warns that sales after these dates could push the price down.

Public buyers get one vote a share. But the founders’ single Class F share carries 50.1% of the vote while it remains outstanding, and a trust elects most of the board. As a public benefit corporation, Anthropic must by law balance its shareholders’ money interests with the people its work affects. It must also serve its stated purpose, “the responsible development and maintenance of advanced AI for the long-term benefit of humanity.”

The money also has a job waiting. At $74, Anthropic expects to receive about $84.6 billion from the sale and the placement after costs. Its computing and other commitments total about $900.9 billion over many years, mostly to the suppliers our first guide to the filing lists.

The bills due soon are smaller. About $70.7 billion falls due in the year after September 30, and on that date Anthropic already held $131.8 billion of cash and short-term investments. Most of the rest of the commitments fall due between 2031 and 2045, long after the money from this sale arrives.

Sec.07Frequently asked questions