EL7.AI
StocksMedium•10 November 2026•
3 min read

Anthropic Prices Shares at Up to $78, Targets $62.5 Billion Raise

Key Facts

1The indicative share price range is $70 to $78.
2The company is targeting a raise of up to $62.5 billion from the offering.
3Revenue for the nine months ended September 30, 2026, was $33.242 billion, up 1,206% year over year.
4The company posted a net loss of $23.291 billion in the quarter ended September 30, 2026.

Anthropic set an indicative share price range of $70 to $78 in its initial public offering prospectus, targeting a raise of up to $62.5 billion, according to the company’s filing with the U.S. Securities and Exchange Commission and Axios on November 10. The two figures reflect different measures, so the fully diluted valuation does not equal the expected market capitalization when the shares are priced. The offering combines new shares sold by the company with additional shares sold by existing shareholders. Anthropic filed to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT.

The company is selling 801,351,354 Class A shares, while selling shareholders are offering an additional 23,648,646 shares, according to the prospectus. This means the offering includes both company shares and shares held by existing shareholders, with the prospectus listing the two quantities separately. The target for the maximum proceeds is $62.5 billion, according to Axios. The proposed price range starts at $70 per share and reaches $78.

The financial results in the company’s prospectus show revenue expanding in the nine months ended September 30, 2026, reaching $33.242 billion versus $2.545 billion in the same period of 2025, an annual increase of 1,206%. Revenue in the more recent period comprised $26.306 billion from usage and $6.936 billion from subscriptions. In the comparable period a year earlier, those sources generated $2.125 billion and $420 million, respectively. These figures show the revenue mix the company presented to investors alongside the offering details. For the same nine months, Anthropic said adjusted operating income was $4.1 billion, following an adjusted operating loss of $3.1 billion a year earlier.

The prospectus also showed a net loss of $23.291 billion in the quarter ended September 30, 2026, compared with a loss of $12.138 billion in the same period of 2025. The company attributed part of its third-quarter operating loss to $5 billion in compute tied to short-term commitments. It said this compute costs more than compute purchased through multiyear contracts. For third-quarter revenue, Reuters reported that the company posted $16.96 billion, up 47% from the previous quarter. Revenue growth in the second quarter had reached 144%, meaning the pace of quarterly growth slowed in the third quarter.

Anthropic shares are likely to begin trading during the week following publication of the news, according to Axios, while a Class A listing would allow investors to track the stock under the ticker ANT if the offering proceeds on the expected timetable. The price range and targeted proceeds put the offering at a large scale, while the company’s results present investors with two contrasting trends: rapid revenue growth and a shift to positive adjusted operating income in the first nine months of 2026, alongside a quarterly net loss and high compute costs. The prices in the prospectus remain indicative, with a range of $70 to $78 per share. As for the start of trading, Axios said it was likely during the week following the news.