Anthropic, the company behind the Claude AI models, is set to make one of the biggest stock market debuts in history. It has set a price band of $70 to $78 per share for its initial public offering on the Nasdaq, under the ticker ANT, with trading expected around 19 November 2026. Here are the key numbers, what they mean, and how investors in India can take part.
Key points
- Price band $70-78, 825 million shares, Nasdaq ticker ANT
- Trading expected around 19 November 2026
- Valuation reported at $1.02 trillion to $1.4 trillion
- Indians can buy after listing through US investing platforms under LRS
Anthropic IPO at a glance
| Exchange and ticker | Nasdaq, ANT |
| Price band | $70 to $78 per share |
| Shares offered | 825 million |
| IPO size | Up to about $64.4 billion at the top of the range |
| Private placement | $26 billion with cornerstone investors |
| Expected pricing | 18 November, as reported by CNBC |
| Expected listing | 19 November (some reports say 19 or 20 November) |
| Lead bankers | Goldman Sachs and Morgan Stanley |
The dates are based on media reports citing people familiar with the plan. Anthropic has not announced a final pricing date, so they may change.
How much is Anthropic worth?
Reports differ on the valuation because they use different share counts. Reuters put it at up to about $1.02 trillion, while CNBC reported up to about $1.4 trillion on a fully diluted basis, which includes stock options and other future shares. For comparison, Anthropic was valued at $965 billion in its private funding round in May 2026, according to CNBC.
The $26 billion cornerstone deal
Alongside the IPO, Anthropic plans to sell $26 billion of non-voting shares in a private placement at the IPO price. According to CNBC, the investors include Google, Nvidia, AMD, Microsoft, Broadcom, Micron and TSMC, several of which supply the chips and cloud capacity that Anthropic runs on. Including this, the total raise could reach about $90 billion, Reuters reported.
Anthropic’s numbers from the prospectus
- Revenue: $33.2 billion in the nine months to 30 September 2026, up about 1,200% from a year earlier.
- Latest quarter: about $17 billion in July to September, up 47% from the previous quarter, according to Reuters.
- Annual run rate: about $81 billion at the end of October, CNBC reported.
- Losses: an operating loss of about $1.3 billion for the nine months, narrower than a year earlier. The reported net loss is much larger, mainly due to accounting changes in the value of convertible notes and derivatives.
- Compute commitments: close to $900 billion of future purchase commitments, mostly for computing power.
Is demand strong?
Reports again differ. CNBC, citing sources, said the order book was already covered across the price range when the roadshow began. Reuters described cooling appetite, with some investors questioning the valuation after a sharp fall in technology stocks on 5 November. Final demand will only be clear when the issue is priced. Anthropic is also reported to be setting aside about 20% of shares for retail investors, more than the usual 5 to 10%.
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Key risks flagged
- Very fast-moving competition from OpenAI, Google and others
- Huge spending commitments on computing power
- Dependence on a relatively narrow group of large customers
- Tighter AI regulation and political scrutiny of data centres
- Risks from misuse of AI, including hacking and rogue AI agents
- A volatile market for AI stocks
Can Indian investors buy Anthropic shares?
Indian retail investors are unlikely to get shares directly in the US IPO allocation, which mainly goes through US brokers. Once ANT starts trading, residents of India can buy US shares through international investing platforms or brokers that offer US stocks. These investments are made under the RBI’s Liberalised Remittance Scheme, which allows up to $250,000 per person per financial year. Tax collected at source applies to remittances above the set threshold, and gains are taxed in India under the rules for foreign shares. Some Indian mutual funds and funds of funds that invest in US technology stocks may also add the stock later.
Newly listed stocks can swing sharply in their first weeks. This article is for information only and is not investment advice. Speak to a SEBI-registered adviser before investing.
Who runs Anthropic?
Anthropic was founded in 2021 by Dario Amodei, its CEO, his sister Daniela Amodei, its president, and other former OpenAI researchers. It describes itself as an AI safety company, and its Claude models are widely used by businesses and developers. According to the Wall Street Journal, as reported by Yahoo Finance, each co-founder plans to sell only a small part of their holding in the IPO.
Frequently asked questions
What is the Anthropic IPO price?
The price band is $70 to $78 per share. The final price will be set just before listing.
When will Anthropic shares start trading?
Trading is expected around 19 November 2026 on the Nasdaq, under the ticker ANT.
Questions to think about
- Can any company justify a valuation of more than $1 trillion at its stock market debut?
- Is it a good sign or a risk that chip makers and cloud companies are also big investors?
- Should India’s own AI companies plan to list abroad or at home?
