Key points
- Anthropic set a $70 to $78 range for 825 million shares on 10 November, valuing it at up to $1.404 trillion fully diluted, according to TechCrunch.
- The original S-1 showed $542 billion to $567 billion in compute and infrastructure commitments, Fortune reported. Higher totals reported for later amendments are unverified.
- Second-quarter revenue was $11.6 billion against $5.6 billion of compute spending, and the run-rate reached about $81 billion by end-October.
- Anthropic Direct leases compute in partner-run data centres. Fortune reported $125.2 billion of rent over a five-year lease.
- NewsWLD's illustrative analysis suggests the range implies roughly 25% to 35% annual revenue growth over five years from the current run-rate.
Anthropic, the developer of the Claude AI models, set a price range of $70 to $78 a share for its Nasdaq listing in an amended registration statement filed on Tuesday 10 November 2026. At the top of the range the company would be worth about $1.404 trillion on a fully diluted basis, according to TechCrunch. Shares are due to trade under the ticker "ANT". Fortune reported that trading could start as early as Wednesday 18 or Thursday 19 November.
The range matters beyond one company because Anthropic has committed to spend hundreds of billions of dollars on computing capacity bought from Amazon, Google, Microsoft and others, years before the revenue to pay for it arrives. How investors price the shares will show what they are willing to pay for AI growth that depends on capacity booked in advance.
What the offering terms say
Anthropic is offering 825 million Class A shares. TechCrunch reported that the sale is expected to raise $57.75 billion to $64.35 billion. Some of the shares are being sold by existing holders; TechCrunch reported that each of the seven co-founders is selling nearly 3.4 million shares. NewsWLD has not confirmed the exact split between new and existing shares.
Separately, seven strategic partners will buy $26 billion of non-voting Class N stock at the IPO price. TechCrunch named them as AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. The company expects net proceeds of $84.6 billion to $93.7 billion, according to TechCrunch.
The range is below the $2 trillion valuation that some outlets reported weeks earlier, Fortune and TechCrunch said. TechCrunch put the valuation at Anthropic's May fundraise at $965 billion.
Why the timing is difficult
The range was set during a sell-off in AI stocks. Fortune reported that the Nasdaq fell 5.5% in the week before the filing, as investors weighed the prospect of tighter regulation of AI and data centre construction after Democratic gains in the midterm elections. Nvidia, one of the strategic buyers, closed down more than 4% on Monday 9 November after its board opened an independent investigation linked to reports about its chief executive, Fortune said.
How big the compute commitments are
The original S-1, made public on 26 October, showed that Anthropic had committed to spend between $542 billion and $567 billion on future compute and infrastructure, according to Fortune's reading of the filing. That total included $417 billion of commitments as of 31 December 2025, with deals starting in 2026 or 2027 and running for one to 20 years. It also included further capacity of $125 billion to $150 billion starting between 2028 and 2031.
Some individual deals are large on their own. Between May and October 2026 Anthropic agreed a series of contracts with SpaceX for up to $120.5 billion of compute through 2029, running on Nvidia GPUs that SpaceX owns, Fortune reported.
Later amendments are reported to have raised the total. Outlets including DatacenterDynamics and MLQ have reported figures of roughly $895 billion and $901 billion, which appear to come from the 2 November and 10 November amendments respectively. NewsWLD has not been able to check either figure against the filings, so this article does not rely on them.
What compute costs relative to revenue
Compute is Anthropic's largest operating expense. It cost $5.6 billion in the second quarter of 2026, when revenue was $11.6 billion, according to Fortune. That is a little over $2 of revenue for each $1 spent on compute. Fortune said the S-1 identifies this revenue-to-compute ratio as a metric the company aims to keep improving.
Revenue has since grown. The 10 November amendment says annualised run-rate revenue (the latest month's revenue multiplied by 12) reached about $81 billion at the end of October, up from about $71 billion in late September, Fortune reported.
How Anthropic Direct works
Anthropic is building a second route to capacity, called Anthropic Direct, to reduce its reliance on cloud providers that are also its competitors. Around 30 September 2026 it began signing purchase commitments and lease agreements under the programme, according to Fortune. Third-party partners secure the land, power and buildings and run the data centres. Anthropic leases the compute inside.
Fortune reported rent of $125.2 billion over a five-year lease, excluding interest. It is not clear from the available reporting whether that figure covers the whole programme or a single lease. Fortune named Broadcom as the largest infrastructure partner in 2026, with $42 billion of potential financing, followed by Google at $20 billion and Amazon at $15 billion. Fortune also reported that connecting power to the data centres is the biggest risk in this approach.
What the price range implies about growth
This section is NewsWLD analysis using our own arithmetic and assumptions, not company guidance.
At $78 a share, the $1.404 trillion valuation is about 17 times the $81 billion run-rate. At $70 it is about 1.26 trillion, or roughly 16 times. The original S-1 commitments of $542 billion to $567 billion equal roughly seven years of revenue at the current run-rate.
As an illustration, suppose investors want a 10% to 12% annual return over five years, the shares then trade at 25 to 30 times earnings, and Anthropic earns about 28 cents of after-tax profit per dollar of revenue. On those hypothetical inputs, the range requires annual revenue of roughly $245 billion to $360 billion in five years. From the $81 billion run-rate base, that is growth of about 25% to 35% a year. Small changes to any assumption move the result widely, and the margin assumption in particular is not drawn from the filing.
Timeline
- 31 December 2025: compute commitments stand at $417 billion, per the S-1 as reported by Fortune
- June 2026: confidential IPO filing
- 26 October: S-1 made public
- 2 November: first amendment filed
- 10 November: second amendment sets the $70 to $78 range and the roadshow begins
- 18 or 19 November: trading expected to start
The final price, first-day trading and confirmation of the updated commitments total are the next data points to watch.
Why it matters
Anthropic's commitments are a large source of contracted demand for Amazon, Google, Microsoft, Broadcom, Nvidia and other suppliers. The IPO price will act as a reference point for how public markets value AI companies whose growth depends on capacity paid for years ahead, at a time when AI stocks are already falling.
What we know
- The $70 to $78 range for 825 million Class A shares was set in an amended S-1 filed on 10 November 2026.
- The sale is expected to raise $57.75 billion to $64.35 billion, and the company expects net proceeds of $84.6 billion to $93.7 billion, according to TechCrunch.
- Seven strategic partners will buy $26 billion of non-voting Class N stock at the IPO price.
- The original S-1 showed $542 billion to $567 billion of future compute and infrastructure commitments, according to Fortune.
- Second-quarter revenue was $11.6 billion and compute expense $5.6 billion; run-rate revenue was about $81 billion at the end of October.
- Trading under the ticker ANT is expected to start around 18 or 19 November.
What we don't know yet
- The exact commitments total in the latest amendments. Reports of about $895 billion and $901 billion have not been verified against the filings.
- How much of the commitments fall due in the next 12 months under the latest filing.
- Whether the $125.2 billion Anthropic Direct rent covers the whole programme or a single lease.
- What cancellation or termination terms apply to individual contracts, including those with SpaceX and Lambda.
- How Anthropic depreciates its chips and whether Anthropic Direct equipment is booked as finance or operating leases.
- The final IPO price, the date of pricing and the level of investor demand.
Market and economic impact
- AI chip and cloud suppliersUpward pressure
- Multi-year commitments give Amazon, Google, Microsoft, Broadcom and others contracted demand. Broadcom shares rose 3% on the day the S-1 was published, Fortune reported.
- AI stock valuationsUnclear
- The range sits below earlier $2 trillion talk and was set during an AI sell-off. Final pricing will serve as a reference for other AI listings.
- Data centre developmentMixed
- Anthropic Direct shifts some capacity to partner-built data centres, adding demand for land and power, with grid connection named as a key risk.
Sources
- 1.Anthropic sets IPO range valuing it at up to $1.4 trillion amid AI stock sell-off, fortune.com
- 2.Anthropic, PBC - S-1 (Q2), sec.gov
- 3.Anthropic S-1 update reveals $895.4bn in cloud and data center commitments - DCD, datacenterdynamics.com
- 4.Anthropic's compute bill: $901 billion of cloud, chip and data center commitments against an $81 billion run-rate, mlq.ai
- 5.Anthropic, PBC - S-1/A-2, sec.gov
