Anthropic, the company behind the Claude AI chatbot, set the price range for its stock market debut on Tuesday. It plans to sell 825 million shares at $70 to $78 each, according to its updated filing with the SEC. At the top of that range, the offering would raise about $64.4 billion, which would make it one of the biggest IPOs ever. Yahoo Finance reported that the price range would value the company at more than $1 trillion.
The stock will trade on the Nasdaq under the ticker “ANT.” Anthropic itself is selling about 801 million of the shares, and existing shareholders are selling the other 23.6 million. The filing came after what Bloomberg called a brief clerical misstep: Reuters reported that Anthropic circulated, then pulled back, earlier figures of about 867 million shares at $70 to $80.
How much money does Anthropic make?
A lot more than it used to, and it still isn’t profitable. The filing shows revenue of $33.2 billion in the first nine months of 2026, up from $2.5 billion in the same period last year. For all of 2025 it was $4.6 billion. In 2023 it was $41 million. The operating loss shrank to $1.3 billion, from $5.2 billion a year earlier.
The bigger number is what it has promised to spend. Anthropic says it has signed commitments worth about $900.9 billion, “substantially all of which is related to compute and infrastructure,” with about $451.6 billion due before the end of 2030. That’s chips, data centers and cloud contracts it has to pay for whether the demand shows up or not.
Seven big tech companies are buying in alongside the public: Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy $26 billion of a separate class of stock at the IPO price. Several of them also sell Anthropic the chips and cloud capacity it runs on. Nvidia is one of the buyers, the same week its board opened an investigation into CEO Jensen Huang.
When can you buy Anthropic stock?
Not yet. Yahoo Finance reports the earliest the price could be set is Nov. 13, and the Wall Street Journal and Reuters have reported a debut as early as Nov. 19 or 20. Anthropic hasn’t announced a first trading day. Most regular investors will end up owning it the way they own everything else, through index and retirement funds, once it’s added to them.
Buyers should know what they’re getting. Anthropic is a public benefit corporation, and a separate body called the Long-Term Benefit Trust “generally has the power to elect and remove a majority” of its board, the filing says. Public shareholders get a stake in the money, not control of the company. It’s the same AI boom that has had investors on edge about debt, as we reported when the Nasdaq had its worst week since June.
The BeezLoop Take
Revenue growth this fast is real and hard to fake. So is a $900 billion spending bill against $33 billion in sales. The whole price rests on demand for AI continuing to grow faster than the cost of the chips needed to serve it.
The investor list also deserves a hard look. When the companies selling Anthropic its chips and cloud capacity are also buying its stock, the money goes around in a circle. Anyone buying in should ask how much of that $1 trillion is customers and how much is suppliers.
The open question: at more than $1 trillion, are public investors paying for what Anthropic earns, or for what everyone hopes AI will earn someday?
Sources: Anthropic amended Form S-1, SEC · Yahoo Finance markets live coverage · Yahoo Finance IPO explainer · Bloomberg Television (video)
