Anthropic sets IPO price range at $70 to $78 a share, implying a valuation of up to $1.404 trillion

• Public shares: 825 million Class A shares at one vote each. About 801.4 million are new shares from the company and 23.6 million come from existing holders. Underwriters can buy 123.75 million more (FinanceFeeds).
• Retail investors: Up to 20% of the offering may go to retail buyers (TechCrunch). Only brokers that receive allocations can sell at the IPO price.
• Strategic shares (Class N, no vote):
• Google and Nvidia: about $10 billion each
• AMD: about $2.5 billion
• Broadcom, Micron and Microsoft: about $1 billion each
• TSMC: about $0.5 billion (Motley Fool)
• Current flagship model: Claude Opus 4.8, launched in May.

The filing does not describe model architecture. Its documented technical content is about infrastructure and risk:

• Compute suppliers: Amazon, Google and SpaceX supply capacity, with additional "neocloud" providers on top (CNBC). Nvidia and AMD hardware are also used. Google's share purchase is tied to a March 2026 financing deal. The filing links Nvidia's purchase to no chip deal (Motley Fool).
• Infrastructure cost: Expected to run at 45–50% of future revenue (CNBC).
• Safety risk factors: The filing flags recursive self-improvement. Anthropic says future models may "imminently" reach a threshold for sharply faster progress (Fortune).

• Revenue: Q3 revenue was $17 billion, up 1,127% year over year. Nine-month revenue was $33.2 billion (CNBC).
• Run-rate: $81 billion at the end of October, up from about $71 billion in September (Fortune). Run-rate is the company's own metric and has not been audited.
• Large customers: More than 11,900 customers pay over $100,000 a year and make up 74% of revenue (FinanceFeeds).
• Adjusted profitability: Adjusted operating income was $4.08 billion for the nine months. The GAAP operating loss was $1.26 billion (CNBC). The adjusted figures are management's non-GAAP measures.

• Nvidia: Pledged up to $10 billion in November 2025, alongside Anthropic's commitment to use up to one gigawatt of Nvidia compute (Motley Fool).
• SpaceX: Listed at $1.77 trillion in June, which was the benchmark for the $2 trillion talk (Euronews).
• OpenAI: Reportedly valued at $1.25 trillion last week after raising $11 billion, about half of the $20 billion it first sought (TechCrunch).

• Valuation basis: On basic share count the range implies $916 billion to $1.02 trillion, not $1.4 trillion (FinanceFeeds). Headlines use the fully diluted figure.
• Net loss: About $94 billion of the $104 billion is a non-cash charge. It comes from the rising value of convertible notes and derivative liabilities issued to partners (CNBC).
• Commitments: Reported as $895.4 billion on November 2 and $900.9 billion on November 10.
• Slowing growth: Quarter-over-quarter revenue growth fell to 47% in Q3, from 144% in Q2 (CNBC).
• Governance: The founders' Class F share carries 50.1% of the vote (TechCrunch). A Class T share held by the Long-Term Benefit Trust elects a board majority (FinanceFeeds).

• Fixed costs: About $70 billion of commitments falls due within a year and about $450 billion by 2030. SpaceX alone accounts for $120.5 billion (CNBC). Revenue has to keep growing fast to cover that.
• Supplier ties: Most of the Class N buyers also sell Anthropic chips or cloud capacity, or are Microsoft. Teams that depend on Claude should expect more ties to specific clouds and chips, not less.
• Shareholder influence: Class A buyers get limited say over the company.
• Market timing: The Nasdaq fell 5.5% the week before the range was set (Fortune). The final price will test how much public investors will pay for AI labs.