Anthropic seeks up to $64bn as AI risk becomes tradeable
The AI developer has set a price range of $70 to $78 a share for its flotation, implying a valuation of up to $1.4trn, in the middle of a sell-off in technology stocks.
Anthropic is offering 825m shares and could raise up to $64.4bn at the top of the range. On the same day SoftBank, the biggest backer of its rival OpenAI, reported a quarterly loss equivalent to $7.1bn.
What happened
The range appears in an updated prospectus published on 10 November; the shares are to trade on the Nasdaq under the ticker ANT, from 19 November according to CNBC, citing people familiar with the matter. Depending on the share count, the implied valuation is $1.3trn to $1.4trn, below the $2trn reported weeks earlier. Seven strategic partners, including Google and Nvidia, plan to buy $26bn of non-voting stock at the offer price, according to Fortune. Annualised revenue stood at about $81bn at the end of October, up from roughly $71bn at the end of September; first-half revenue was $16.3bn, according to ABC News. The backdrop is unsettled: the Nasdaq fell 5.5 per cent last week. SoftBank reported a quarterly net loss of ¥1.12trn where analysts had expected a profit, and the cost of insuring its debt against default rose to its highest in years.
What follows
Until now the risk carried by the big AI labs sat with a handful of large investors and corporations. A listing means it is priced daily and finds its way into indices, funds and pension assets. SoftBank shows the other side: its stake of roughly 13 per cent in OpenAI is unlisted, yet every revaluation feeds straight into its balance sheet and bonds. Assessment: Google and Nvidia buying shares deepens a familiar entanglement, since both also earn from Anthropic's spending on computing power. Whether demand holds will become clear only at allocation.
What changes in practice
- Fund savers
- If Anthropic joins major indices, passive funds will also hold a slice of AI risk without anyone actively subscribing.
- Companies
- A listed supplier must disclose figures and risks regularly, giving customers more insight into the stability of their AI provider.
- Bondholders
- SoftBank shows how strongly unlisted AI stakes can feed through to balance sheets and borrowing costs.
What to watch
- Final offer price and allocation, expected in the week of 16 November
- Share performance in the first days of trading relative to the range
- Spreads on SoftBank bonds and credit default swaps
Sources
- Fortune: Anthropic sets IPO range valuing it at up to $1.4 trillion amid AI stock sell-off, 10.11.2026
- ABC News: Anthropic says it could be worth as much as $1.4T, according to new IPO filing, 10.11.2026
- CNBC: Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say, 10.11.2026
- ETV Bharat (nach AP): SoftBank reports $7.1 billion quarterly loss as AI investment concerns weigh, 10.11.2026