--- title: "Anthropic files for IPO at $70 to $78 a share, near $1 trillion, with Amazon's $239 billion mark on the line" description: "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." publisher: "The Inference" section: "Deals" published: 2026-11-10T20:20:51.290Z modified: 2026-11-10T20:20:51.290Z canonical: https://theinference.org/article/anthropic-files-for-ipo-at-70-to-78-a-share-near-1-trillion-with-amazon-s-239-billion-mark-on-the-line language: en keywords: "Anthropic, IPO, Amazon, Valuation" --- # 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. ## 825 million shares at $70 to $78, and $90.4 billion in all [Anthropic](https://theinference.org/markets/companies/anthropic) put its Nasdaq listing on paper on November 10: [825 million shares at $70 to $78 each](https://www.reuters.com/business/anthropic-ipo-raise-much-644-billion-latest-draft-prospectus-shows-2026-11-10/), raising up to $64.4 billion, plus $26 billion from seven cornerstone buyers, Google, [Nvidia](https://theinference.org/markets/companies/nvidia), [AMD](https://theinference.org/markets/companies/amd), [Broadcom](https://theinference.org/markets/companies/broadcom), [Micron](https://theinference.org/markets/companies/micron), [Microsoft](https://theinference.org/markets/companies/microsoft) and [TSMC](https://theinference.org/markets/companies/tsmc), $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 [1][2]. 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](https://theinference.org/article/anthropic-s-buyers-want-in-below-2-trillion-and-amazon-s-190-billion-mark-moves-first) 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 [1][5]. The May private round sits at $965 billion [1]. *Chart: **Anthropic's marketed value halved in six weeks, landing on its last round** Bar chart of Anthropic IPO valuation marks falling from $2 trillion autumn talk to a $1.02 trillion filed top, with the $965 billion May private round as a reference line.* *Anthropic IPO valuation in trillions of dollars. Autumn talk and the mid-October high end per Reuters, the November 6 buyer floor per Yahoo Finance, and the filed top from the November 10 draft prospectus on shares outstanding, $1.3 to $1.4 trillion fully diluted. [1][2][3][4]* ## 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](https://www.forbes.com/sites/gabrielalinzainescu/2026/11/10/anthropic-ipo-targets-13-trillion-valuation-904-billion-raise/), 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](https://theinference.org/markets/companies/amazon) 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]. *Chart: **Amazon's Anthropic mark almost quadrupled this year, and a tape takes over** Line chart of Amazon's Anthropic carrying value rising from $60.6 billion in December 2025 to $238.7 billion in September 2026.* *Amazon's carrying value of its Anthropic stake at each quarter-end, in billions of dollars, per The Inference and Yahoo Finance. The $146.2 billion of notes convert at the IPO, so the November 19 print takes over from private-round marks. [3][4]* ## Watch the first trade The anchor money is softer than it reads. [Google](https://theinference.org/markets/companies/alphabet)'s $10 billion is an option on non-voting stock at the offer price, [the one commitment the amended S-1 documents](https://cryptobriefing.com/anthropic-google-option-10b-class-n-stock/), and the seven-way split of the $26 billion is reported, not filed [6][5][7]. [Dario Amodei](https://theinference.org/markets/people/dario-amodei) pitches the deal with JPMorgan's [Jamie Dimon](https://theinference.org/markets/people/james-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]. ## Takeaway The filed range of $70 to $78 puts Anthropic almost exactly on its $965 billion May round; above that line Amazon's $239 billion of marks hold, below it they unwind. ## Sources 1. [Reuters, Echo Wang, Manya Saini and Arasu Kannagi Basil, "Anthropic eyes $1.4 trillion IPO valuation in test of Wall Street's AI fervor", 10 November 2026](https://www.reuters.com/business/anthropic-ipo-raise-much-644-billion-latest-draft-prospectus-shows-2026-11-10/) 2. [Forbes, Gabriel A. Zainescu, "Anthropic IPO Targets $1.3 Trillion Valuation, $90.4 Billion Raise", 10 November 2026](https://www.forbes.com/sites/gabrielalinzainescu/2026/11/10/anthropic-ipo-targets-13-trillion-valuation-904-billion-raise/) 3. [The Inference, Vincent Jiang, "Anthropic's Buyers Want In Below $2 Trillion, and Amazon's $190 Billion Mark Moves First", 4 October 2026](https://theinference.org/article/anthropic-s-buyers-want-in-below-2-trillion-and-amazon-s-190-billion-mark-moves-first) 4. [Yahoo Finance, Roxanna Maglangit, "Andrew Ross Sorkin: Anthropic's IPO Is 'the Linchpin' for Amazon, Google and Microsoft", 10 November 2026](https://finance.yahoo.com/markets/stocks/articles/andrew-ross-sorkin-anthropic-ipo-163755524.html) 5. [24/7 Wall St, Omor Ibne Ehsan, "Google, Nvidia and Microsoft Are Among 7 Tech Giants Putting $26 Billion Into Anthropic's IPO", 10 November 2026](https://247wallst.com/investing/2026/11/10/google-nvidia-and-microsoft-are-among-7-tech-giants-putting-26-billion-into-anthropics-ipo/) 6. [Crypto Briefing, Diego Almada Lopez, "Anthropic gives Google an option to buy up to $10 billion in Class N stock", 2 November 2026](https://cryptobriefing.com/anthropic-google-option-10b-class-n-stock/) 7. [Yahoo Finance / PitchBook News, Esther Luz, "Anthropic's IPO: the who, what and why?", 26 October 2026](https://finance.yahoo.com/markets/stocks/articles/anthropics-ipo-why-234719994.html) --- Anthropic files for IPO at $70 to $78 a share, near $1 trillion, with Amazon's $239 billion mark on the line — The Inference. Canonical: https://theinference.org/article/anthropic-files-for-ipo-at-70-to-78-a-share-near-1-trillion-with-amazon-s-239-billion-mark-on-the-line