An Anthropic IPO may be priced above the range the company filed this week, pushing the valuation of the maker of Claude past $1.5 trillion, according to a report in the Financial Times.
The report, published late Tuesday and citing five people familiar with the matter, said strong demand on the first day of the investor roadshow had bankers expecting to lift the price above the $70 to $78 a share range set out in Anthropic’s filing. The Times of London reported the same account on Wednesday. No new price range has been filed, so the $1.5 trillion figure is a report about what bankers expect, not a confirmed valuation.
What is filed is this: Anthropic’s amended prospectus, filed November 10, offers 825 million Class A shares at $70 to $78, which would raise up to $64.35 billion. On a fully diluted basis, counting employee options and restricted shares, that range implies a valuation of $1.26 trillion to $1.41 trillion, the Financial Times reported. A price above $78 would lift both the valuation and the amount raised.
What the Reports Say
The Times reported that Anthropic launched its marketing roadshow on Wednesday and received significant demand from investors. Goldman Sachs and Morgan Stanley are leading the offering, according to the Financial Times account carried by Benzinga. The company also plans to raise $26 billion through a separate private placement with cornerstone investors including Google, Nvidia and AMD, the Times reported.
If shares are priced above the range, the total raised could pass $100 billion, the Financial Times said, which would comfortably beat the $75 billion record set by SpaceX in June. Pricing is expected on November 18, with trading on the Nasdaq under the ticker ANT on November 19, according to CNBC’s reporting. Both dates are expectations, not confirmed by a filing.
One point the reports are careful about: Anthropic has not filed a new range. Its November 10 filing remains the latest, and the $1.5 trillion figure comes from people familiar with the bankers’ thinking, not from the company. Investors will know the real number only when the final price is set.
The Numbers Behind the Deal
The filing gives the business behind the headline. Anthropic reported revenue of nearly $17 billion for the three months ended September 30, 2026, up 47 percent from the second quarter and up 1,127 percent from a year earlier, according to its amended prospectus filed November 2. The same quarter brought an operating loss of $567 million, after a $974 million operating profit in the second quarter. The company also reported a net loss of $23.3 billion for the quarter, driven mainly by an accounting charge on convertible notes.
Anthropic’s run-rate revenue was about $81 billion as of October 31, up $10 billion from September 30, according to a second amended filing on November 10. The filing itself says run-rate revenue is not a substitute for revenue under accounting rules and is not a forecast. The company also disclosed future spending commitments of about $895.4 billion, most of it for data center contracts that must be paid whether or not the capacity is used.
Why Investors Are Watching
Anthropic would be the first company that builds frontier AI models to go public, the Times noted, making the listing a test of investor appetite for the AI trade. The company was founded in 2021 by seven former OpenAI employees, including Dario Amodei, its chief executive, and his sister Daniela. Its last private round, in May, valued it at $965 billion, the Journal has reported.
Anthropic’s own research has shown AI systems beginning to build other AI systems, a line of work that sits at the center of the company’s pitch to investors. Analysts are split on what the business is worth. Morningstar analysts put fair equity value at $1.7 trillion but said it could be worth anywhere from $500 billion to $3 trillion depending on how fast its tools are adopted, according to the Financial Times. Amazon holds a stake of about 12 percent, which Dealroom estimated would be worth up to $159 billion at the top end of the filed range.
The AI trade has been volatile. A sharp selloff last week hit AI stocks, and the Journal reported large investors pointing to a $1.5 trillion to $1.6 trillion valuation, below the roughly $2 trillion discussed in early October. Meanwhile, AI coding tools are already reshaping software work, which is one reason investors are watching how the market prices a company that sells the models behind those tools.
The photo above is a file photo of a data center, not one of Anthropic’s own facilities. It shows the kind of computing infrastructure behind the company’s $895.4 billion in future spending commitments.
What to Watch Next
The next hard facts about the Anthropic IPO arrive with the pricing. Watch for a new filing that sets a final range, the pricing expected on November 18, and first trading on November 19. Also watch the size of the private placement and whether the book stays covered at a higher price. Until the price is set, the $1.5 trillion figure is a report, not a result.