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

Anthropic sets IPO range at $70-$78 a share as pre-IPO futures top $260 million

Key Facts

1Anthropic and some of its investors plan to sell shares within an indicative range of $70 to $78 a share.
2The offering includes 825 million Class A shares, with expected sale proceeds of $57.75 billion to $64.35 billion.
3Open interest in pre-listing contract markets exceeded $260 million on November 10.
4The ANT contract at TradeXYZ was priced at about $97, around 23% above the offering range’s upper limit.

Anthropic set an indicative range of $70 to $78 a share for its offering, establishing a public price for the anticipated IPO ahead of trading expected to begin around November 19. Reuters reported that the company and some of its investors plan to sell shares within that range. According to the company filing cited by TechCrunch, the offering includes 825 million Class A shares. TechCrunch estimated proceeds of $57.75 billion to $64.35 billion based on the two ends of the price range. That makes the announced figure an estimated offering range, while pre-listing contract prices remain separate trading indicators from the share price in the public market.

As for those contracts, Talos estimated that open interest in Anthropic pre-listing contract markets exceeded $260 million on November 10. The ANT contract at TradeXYZ was priced at about $97, according to Talos, around 23% above the offering range’s $78 upper limit. Open interest in the TradeXYZ market alone also exceeded $65 million as of that date. Talos said this open interest became four times that of the OKX market in less than four days after the TradeXYZ contract launched. These figures describe outstanding positions and contract prices on specific trading platforms, while $70 to $78 remains the indicative range for the offering shares.

In the Entropy market, Talos estimated that traders were pricing in a rise of about 20% at the offering. The company said Entropy bases its pricing on Anthropic’s overall valuation, while other markets use a per-share price. Differences in pricing bases and settlement rules may lead to gaps between prices quoted in these markets. Kraken says its pre-listing contracts are cash-settled and do not give holders shares or direct ownership rights in the company. Its price index is also synthetic and derived from the contract market itself, and liquidity may be thin and spreads wider in the early stages.

The expected offering figures give a sense of its size alongside the share price. According to Anthropic’s filing with the US Securities and Exchange Commission, estimated net proceeds from the sale of Class A shares and a concurrent private placement are about $84.6 billion, based on an assumed offering price of $74 a share. This estimate does not include full exercise of the additional purchase option. In another estimate cited by TechCrunch, the company could be valued at $1.404 trillion if the shares are priced at the top of the range, on a fully diluted basis. These figures place the potential valuation at the offering price in a different range from indicators in pre-listing contracts.

The offering comes as Anthropic has recorded rapid revenue growth alongside large losses and infrastructure commitments. TechCrunch reported that revenue at an annualized run rate reached $81 billion at the end of October, an increase of about $10 billion from the end of September. Revenue was $17 billion in the third quarter and $33.2 billion in the first nine months of the year, according to the report. Over the same period, the company posted a net loss of $104 billion, while computing and infrastructure commitments totaled $900.9 billion. The Associated Press said first-half revenue exceeded $16 billion, 14 times revenue in the same period a year earlier, and that the company had yet to turn a profit.

The offering arrangements include a concurrent private sale of $26 billion in non-voting Class N shares to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, according to TechCrunch. The report added that Google and Nvidia are each investing $10 billion. The company expects to allocate up to 20% of the offering to retail investors, according to TechCrunch. Trading on Nasdaq is expected to begin around November 19 under the ticker ANT, TechCrunch reported, citing CNBC reports. Kraken said it offers leverage of up to five times on pre-IPO contracts and plans to change the contract’s pricing when the IPO is completed, adjusting its specifications at that time.