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Anthropic has set a price range of $70 to $78 per share for its planned Nasdaq listing, a band that would value the Claude developer at up to about $1.4 trillion when potential shares are counted, according to Coinpedia. The company intends to sell 825 million shares in the offering and has lined up a separate $26 billion private placement backed by several major technology firms.
The updated SEC filing was reported on Tuesday, November 10, with Mint putting the number of shares on offer at 825 million and describing the proposed valuation as a large step up from the $965 billion valuation Anthropic announced during its May funding round. Al Jazeera reported that the investor roadshow began on Tuesday and that a listing could follow next week.
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Key facts
- Anthropic’s IPO price band is $70 to $78 per share, with a fully diluted valuation of up to roughly $1.4 trillion, per Mint.
- At the top of the range on 825 million shares, the company could raise approximately $64.35 billion, Mint reported; Al Jazeera cited up to $64.4bn.
- Nvidia and Alphabet are each committing about $10 billion to a $26 billion private placement that also involves Microsoft, AMD, Broadcom, Micron and TSMC.
- Anthropic reported $33.24 billion in revenue for the nine months ended September 30, with a net loss of $104 billion over the same period.
- The company plans to list on Nasdaq under the ticker ANT; Coinpedia described the final price and trading date as still subject to the IPO process.
Where the reports diverge
Coinpedia cited a band of $70 to $80 per share and 865 million shares, implying a valuation near $1.02 trillion at the top end and a fully diluted figure around $1.4 trillion. Mint and Al Jazeera, working from the updated filing, put the range at $70 to $78 on 825 million shares but arrived at a comparable fully diluted total of about $1.405 trillion. Coinpedia also cited an earlier expectation of an $80 billion to $100 billion raise.
On losses, the outlets part company in explanation rather than number. Mint reported the nine-month net loss of $104 billion against $25.1 billion in the same period of 2025 and said Anthropic attributed most of the latest figure to changes in the fair value of convertible notes and derivative liabilities. Al Jazeera reported that losses narrowed and that the company said it was tracking toward roughly $81 billion in annual revenue, $10 billion above its estimate a month earlier.
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Nvidia’s exposure and the AI spending question
Nvidia’s $10 billion commitment sits alongside its existing role as a supplier of the GPUs used to train and run models like Claude. Coinpedia framed the investment as one that raises questions about interconnected financing: a chipmaker putting capital into a customer that requires heavy computing infrastructure, including its own products. Al Jazeera noted that Anthropic has committed almost $900 billion to computing costs with partners including Amazon and Google, and that Coinpedia put the disclosed infrastructure and computing commitments at approximately $900.9 billion.
The political backdrop has shifted. The US midterm elections gave Democrats control of both chambers of Congress, per Al Jazeera and Mint, prompting concerns about new AI regulation and restrictions on data centre construction. The Nasdaq fell 5.5 percent on Thursday, its biggest one-day drop in more than a year, before recovering some losses. Al Jazeera reported the selloff was also driven by declines at Nvidia, whose chief executive was targeted by an alleged Chinese spy.
Why it matters
The listing is shaping up as the clearest market verdict yet on what investors will pay for a large-scale AI developer that is growing revenue quickly while carrying heavy losses and long infrastructure obligations. For Nvidia and its partners, the deal tests whether capital circulating among industry participants is matched by durable end-customer demand. Earlier estimates had put Anthropic’s value between $1.5 trillion and $2 trillion, and Mint reported that some shareholders recently doubted even $1.5 trillion was achievable.
What to watch
The final offer price and the first trading day on Nasdaq under ANT are the immediate markers, with Coinpedia noting both remain subject to the IPO process and Al Jazeera pointing to a debut next week. Pricing will also be read against SpaceX’s record $85.7 billion IPO earlier this year, which Al Jazeera and Mint said is now valued at just under $2 trillion.
This article is not financial advice. Valuations and share prices in the AI and technology markets are volatile and can change quickly.
Sources: Coinpedia, Mint, Al Jazeera
