Anthropic files for IPO at $70 to $78 a share, near $1 trillion, with Amazon's $239 billion mark on the line
The top of the range is roughly half the autumn talk, and the midpoint lands almost exactly on the $965 billion May round. The print decides $239 billion of paper marks on Amazon's books, and smaller stakes at Microsoft and Google.
Vincent Jiangthree-minute read
825 million shares at $70 to $78, and $90.4 billion in all
Anthropic$350B — Anthropic, private, latest valuation $350B put its Nasdaq listing on paper on November 10: 825 million shares at $70 to $78 each, raising up to $64.4 billion, plus $26 billion from seven cornerstone buyers, Google, Nvidia−4.97% — Nvidia, down 4.97 percent today, AMD+1.86% — AMD, up 1.86 percent today, Broadcom+4.60% — Broadcom, up 4.60 percent today, Micron−0.42% — Micron, down 0.42 percent today, Microsoft−1.87% — Microsoft, down 1.87 percent today and TSMC+2.95% — TSMC, up 2.95 percent today, $90.4 billion in all 1. At the top of the range the Claude maker is worth about $1.02 trillion on shares outstanding, and $1.3 trillion to $1.4 trillion fully diluted 12. Pricing is set for November 18, first trade the next day under the ticker ANT 2.
The number only fell
Six weeks of revisions all point one way. Early-October quotes of $1.8 trillion to $2 trillion were the first crack in the summer's $2 trillion-plus headline 3; by mid-month $1.5 trillion had become the high end 1; on November 6, buyers saw the deal as low as $1.1 trillion 4. Late on Monday a draft sent to banks showed 867 million shares at $70 to $80, and Anthropic called the figures "inaccurate" before filing smaller terms 15. The May private round sits at $965 billion 1.
Anthropic's marketed value halved in six weeks, landing on its last round
From $2 trillion talk to a $1.02 trillion filed top, with the May round at $965 billion
- Estimate
Data
| Value | |
|---|---|
| Autumn talk (estimate) | $2T |
| High end, mid-Oct (estimate) | $1.5T |
| Buyer floor, 6 Nov (estimate) | $1.1T |
| Filed top, 10 Nov | $1.02T |
A discount built to be bid up
Jeff Zell of IPO Boutique read the filing as strategy: pricing "close to 20% below market expectations" lets buyers "bid up" the deal rather than face a take-it-or-leave-it 1. The range brackets the last round. The $74 midpoint implies a value of almost exactly $965 billion; the top clears it narrowly, the bottom sits below it 2. Retail investors are slated for about 20 percent of the offering, roughly $12.9 billion at the top, against a typical 5 to 10 percent 2.
Above the $965 billion line, or under it
Above it, the paper holds. Amazon+1.62% — Amazon, up 1.62 percent today carries $92.5 billion of Anthropic preferred plus $146.2 billion of notes that convert at the IPO, about $239 billion on $18 billion invested 4; marks on the stake added $62.8 billion of pre-tax income in the first half, against $51.3 billion of operating income from running Amazon 4.
Microsoft booked $3.2 billion, 33 cents a share, on its $5 billion stake 4. Below the line it is a mark-down: a 20 percent day-one slide from $1.1 trillion lands at $880 billion 4. The bulls hold one card, run-rate revenue of $81 billion on October 31, up $10 billion in a single month 1.
Amazon's Anthropic mark almost quadrupled this year, and a tape takes over
Amazon's Anthropic mark almost quadrupled in nine months, to $238.7 billion
Data
| Carrying value of Anthropic stake | |
|---|---|
| 31 Dec 2025 | $60.6B |
| 31 Mar 2026 | $74B |
| 30 Jun 2026 | $190.4B |
| 30 Sep 2026 | $238.7B |
Watch the first trade
The anchor money is softer than it reads. Google's+0.27% — Google, up 0.27 percent today $10 billion is an option on non-voting stock at the offer price, the one commitment the amended S-1 documents, and the seven-way split of the $26 billion is reported, not filed 657. Dario Amodei pitches the deal with JPMorgan's Jamie Dimon on a livestream this Friday 2, and Dan Ives of Yorkville Ives calls the listing "the first time a U.S. frontier lab carries a standalone public market price" 2. Amazon has marked Anthropic to private rounds for three years; from November 19 it marks to a tape 3.
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