Anthropic Sets $70 to $78 Range for Nasdaq IPO, Crunchbase Reports

Anthropic is seeking up to $88.5 billion through an IPO and a private placement that closes right after it, Crunchbase News reported on Nov. 10, citing an updated S-1 filed Tuesday. The shares would trade on Nasdaq under the ticker ANT, with the debut expected later in November.

The Terminal could not open the SEC filing itself, so every figure below is Crunchbase's account of it unless another source is named.

The offering terms in the amended filing

Crunchbase said Anthropic plans to sell just over 800 million shares at $70 to $78 each, which raises about $62.5 billion at the top of the range. A footnote puts the total offering at 825 million shares, including 23.6 million from selling shareholders.

Item	Figure reported
Price range per share	$70 to $78
Total shares	825 million
IPO proceeds at $78	about $62.5 billion
Private placement	about $26 billion
Combined	up to $88.5 billion

The private placement is with AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC, according to Crunchbase. The article puts the implied fully diluted valuation at up to $1.4 trillion, and said investors had forecast closer to $2 trillion. At $1.4 trillion it would trail only SpaceX's June debut, which Crunchbase said raised $75 billion.

What changed since the first filing

Tech Insider reported on Nov. 7 that the registration statement had not yet become effective and that the share count and price range were still blank. It cited a purchase-commitment total of about $895.4 billion, mostly for computing and data centres, in an amended S-1. The price range Crunchbase reports must therefore come from a later amendment, which The Terminal has not read.

Tech Insider also said a listing in the week of Nov. 16 had been reported but was unconfirmed. Crunchbase gave only "later in November."

Revenue and losses

Crunchbase said Anthropic's nine-month revenue to Sept. 30, 2026 was $33.2 billion, against $2.5 billion a year earlier. Revenue for the third quarter alone was $17 billion, a figure Tech Insider also gave.

1. 20252.5 $ billion
2. 202633.2 $ billion

Source: Crunchbase News, Nov. 10, 2026, citing Anthropic's amended S-1

The nine-month operating loss was $1.3 billion, down from $5.2 billion. The net loss was $104 billion, up from $25.1 billion. Crunchbase's summary does not explain why the net figure is about 80 times the operating one, and The Terminal has not seen the filing's reconciliation. Readers should treat that line as unresolved.

Crunchbase said Anthropic calls its growth the fastest enterprise adoption of any technology in history, a company claim the article does not test. The company's models are covered in the Terminal's report on Claude Fable 5.2 and Mythos 5.2, and its open skills repository in the agent skills repos story.

The price range is the number to watch: a final pricing sets the valuation, and no pricing date has been published.