Tech
Anthropic Sets IPO Range of $70 to $78 a Share, Valuing It at Up to $1.4 Trillion Amid an AI Stock Selloff
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The offering of 825 million Nasdaq shares is being closely watched as a test of investor appetite for artificial intelligence.
By Emmanuel Cruz ·
Anthropic has set a price range of $70 to $78 a share for its initial public offering, which would value the artificial intelligence company at up to $1.4 trillion on a fully diluted basis, as it launches its roadshow in the middle of a sharp selloff in AI-related stocks, Fortune reported on Tuesday, Nov. 10 [1].
According to Fortune, the company plans to sell 825 million shares on the Nasdaq under the ticker "ANT," which would raise as much as $64.4 billion at the top of the range [1]. Seven strategic partners, including Google and Nvidia, have agreed to buy $26 billion of non-voting stock at the IPO price, the report said [1]. Anthropic filed confidentially in June and made its prospectus public on Oct. 26, and trading could begin as early as Wednesday or Thursday of next week, Fortune said [1]. Reuters reported that the company is pressing ahead with the listing at a $1.4 trillion valuation, with trading expected to start next Thursday [2][3].
The valuation is lower than some earlier talk. Fortune noted that some outlets had reported a figure near $2 trillion weeks ago, and it compared the range with SpaceX, which listed in June after seeking a valuation of about $1.75 trillion [1]. An amended filing put Anthropic's annualized revenue run rate at about $81 billion at the end of October, up from roughly $71 billion in late September, according to Fortune [1].
The timing is notable. Fortune said the AI sector has sold off sharply since Democrats made gains in the midterm elections, with investors worried about stricter regulation and tougher scrutiny, particularly of data center construction [1]. The Nasdaq fell 5.5% last week, including a single session that erased nearly $2.5 trillion in market value, Fortune reported, and Nvidia, a key Anthropic partner, closed down more than 4% on Monday after its board opened an independent investigation tied to reports about chief executive Jensen Huang [1]. Reuters said the offering is a key test of Wall Street's faith in the AI boom [2].
Sentiment improved on Wednesday. Reuters said CoreWeave shares rose 16% in premarket trading after the AI cloud provider said it expects to turn profitable in 2028, Nasdaq futures were up 2%, and Nvidia shares rose in premarket trading after two days of steep losses that erased about $430 billion of its market value [2]. Alberto Conca, chief investment officer at LFG+ZEST, told Reuters that the CoreWeave results confirm AI demand is still very strong, though he said the company still faces questions over the sustainability of its debt [2]. Those comments concern CoreWeave, not Anthropic, but they show how closely AI financing is being scrutinized.
The prospectus also contains risk disclosures. Fortune reported that the filing warns that using AI to build more capable AI "could also pose a considerable safety risk" and that an amendment says internal estimates indicate future models may reach a threshold under the company's Responsible Scaling Policy for dramatically accelerated progress [1]. Anthropic says no current model has crossed that threshold and is considering policy changes to keep humans in control of frontier model development, Fortune said [1].
What to watch: the final pricing and whether it lands inside, above or below the $70 to $78 range; how the stock trades on its first day, which would show whether demand matches the size of the deal; and whether Wednesday's rebound in AI shares holds as the Federal Reserve is expected to keep raising rates. Reuters noted that a quarter-point December hike is now essentially priced in, which adds a rate backdrop to any new listing of this scale [3].
Sources:
[1] Fortune, "Anthropic sets IPO range valuing it at up to $1.4 trillion amid AI stock sell-off", November 10, 2026. https://fortune.com/2026/11/10/anthropic-ipo-price-range-ai-stock-sell-off/
[2] Reuters (via Kitco News), "Tech lifts world stocks as CoreWeave revives AI trade", November 11, 2026. https://www.kitco.com/news/off-the-wire/2026-11-11/tech-lifts-world-stocks-coreweave-revives-ai-trade
[3] Reuters (via Yahoo Finance), "Stocks rally as CoreWeave soothes, bonds reel on rate hike fears", November 10, 2026. https://finance.yahoo.com/economy/policy/articles/bonds-reel-hot-inflation-fuels-020451336.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.