Anthropic Pushes On With Its IPO, at a Lower Valuation

Anthropic, maker of the Claude models you may use every day, still wants to go public before Thanksgiving, after a week in which tech stocks fell and buyers asked for a lower price.

It’s aiming for $1.25 trillion to $1.75 trillion, according to investors cited by the Financial Times.

That’s above its current $965 billion, but short of the $2 trillion the keenest investors hoped for, as The Decoder reports.

The same week, OpenAI, the other lab you might pay, settled for less too.

What Anthropic is aiming for

The plan, as the FT’s sources describe it:

• Raise $80 billion to $100 billion in the listing.
• Go public before Thanksgiving, which falls on November 26 this year.
• Annualized revenue of about $81 billion, up from about $65 billion at the end of July.

Bloomberg heard a lower number. Some potential buyers think Anthropic could be worth as little as $1.1 trillion.

That’s against the $2 trillion investors expected about a month ago, TechCrunch reports.

So which number is right? You won’t know until the price range is set.

Why the price came down

Tech stocks sold off this week on rising borrowing costs and big AI spending plans, and the Democrats’ midterm wins sped it up, since they’d promised to slow data center building.

The Nasdaq 100 fell 6.4% on Thursday. It won some back on Friday.

OpenAI raised less than it wanted

OpenAI has raised $11 billion so far, at a $1.25 trillion valuation, Bloomberg reported. The round hasn’t closed and could reach about $20 billion in the coming weeks.

That’s well short of the $30 billion it hoped for, at $1.4 trillion, before tech stocks dropped and the midterm results came in, The Verge says.

The Verge notes OpenAI raised $122 billion in March at $852 billion. Sam Altman hasn’t given a date for its own IPO.

What we checked

On 8 November we read Anthropic’s filings on the SEC’s EDGAR system: an S-1 from October 26 and a first amendment from November 2. The price range is still blank.

• The amendment says the price per share “will be between $ and $”, so you can’t work out a valuation from it yet.
• Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT”, and calls itself a “controlled company” under that market’s governance rules.
• Customers paying it $100,000 or more a year grew from more than 950 to more than 11,900 between September 2025 and September 2026.

Why it matters

Why should you care, if you’ll never buy a share?

Then think about it this way: your writing, your support bot or your agents may run on Claude or ChatGPT, and both companies behind them are heading for public markets that want growth.

My read: a lower price won’t change Claude tomorrow. But a listed company gets asked for growth every quarter, and that tends to show up in your pricing, plans and limits.

I’d expect more moves like the shared ChatGPT and Codex allowance from both.

That said, the filing shows real demand from businesses like yours. Those big customers aren’t hype. Far from it.

Do you depend on either model? I’d do three things:

• Keep your prompts and workflows portable, so you can move your work between Claude, GPT and others.
• Check the pricing pages you rely on each month. The Claude API dropped some sampling controls last month.
• Think twice before you lock yourself into a long annual plan at today’s prices, since the company setting those prices will soon answer to new shareholders every three months.

Anyway, the price range should land in an S-1 amendment soon. We’ll read it for you.

Common Questions

When is Anthropic’s IPO?

Anthropic wants to go public before Thanksgiving, according to investors cited by the Financial Times. Its S-1 amendment from November 2 still has no price range, and the filing sets no date.

What is Anthropic’s IPO valuation?

Reports differ. Treat any figure you see as an estimate for now. The FT’s sources put it at $1.25 trillion to $1.75 trillion, while Bloomberg says some potential buyers think it could be as low as $1.1 trillion.

What will Anthropic’s stock ticker be?

Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT”, according to its SEC filing.