Anthropic Sets $70–$78 IPO Price Range, Targeting About $1.3T Valuation on Nasdaq as "ANT"

The filing does not state a valuation, so outlets are reporting different figures. Reuters calculated up to $1.02 trillion using only shares outstanding, while other outlets put the midpoint at roughly $1.3 trillion. The final price and valuation will depend on where the offering prices. The filing also shows a $567 million operating loss in the third quarter, a reversal from a $974 million operating profit the prior quarter, along with about $895 billion in commitments, nearly all for computing and data centers.

For attorneys, the pricing window is the immediate event to watch, particularly whether Anthropic prices within, above, or below the range. The valuation has fallen well short of the roughly $2 trillion discussed over the summer, and the offering would raise more than SpaceX's June IPO but would be valued below its $1.77 trillion. Rival OpenAI was reportedly valued at $1.25 trillion after raising $11 billion, nearly half its original target. Securities, governance, and disclosure counsel should track how the controlled-company structure is treated in the market and whether the large commitments draw scrutiny once trading begins.