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Anthropic's updated IPO filing sets a range of $70 to $78 a share, ticker ANT, for an implied value of up to $1.4 trillion. Here's what's inside: the revenue, the loss, the side deal with chip giants, and who controls the votes.
Is Anthropic really worth more than OpenAI?
- Price range $70-$78 a share; 825 million Class A shares; Nasdaq, ticker "ANT" (S-1/A, 10 Nov 2026).
- Implied value up to about $1.404 trillion at the top of the range, fully diluted (TechCrunch, CNBC). OpenAI was reportedly valued at $1.25 trillion last week in a private round (Bloomberg, via TechCrunch).
- Run-rate revenue about $81 billion at the end of October, up $10 billion from September. Run-rate = the current pace over a year.
- Net loss $104.0 billion for the nine months to 30 Sept 2026; $94.3 billion of that is changes in the fair value of convertible notes and other instruments (an accounting charge, not cash).
- About $900.9 billion committed spend, substantially all compute and infrastructure.
- $26 billion of non-voting Class N shares at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC; Google and Nvidia about $10 billion each.
- Some shares offered to regular investors through brokers including Robinhood, Schwab and Fidelity; about 20% retail allocation targeted, according to CNBC's sources.
- The founders' Class F share holds 50.1% of the total voting power.
- Same day: Claude Meetings, Sheets and Whiteboards (beta) and Claude Data (generally available).
- Pricing expected 18 Nov and trading 19 Nov, according to people familiar (CNBC); dates can move.
News, not financial advice.
Sources:
- Anthropic, PBC, Form S-1/A (10 Nov 2026): https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm
- TechCrunch, Anthropic sets IPO price range of $70 to $78 per share: https://techcrunch.com/2026/11/10/anthropic-sets-ipo-price-range-of-70-to-78-per-share-to-reach-an-implied-valuation-of-1-404-trillion/
- CNBC, Anthropic sets IPO price range of $70 to $78: https://www.cnbc.com/2026/11/10/anthropic-sets-price-range-of-70-to-78-in-upcoming-ipo.html
- TechCrunch, OpenAI reportedly raises an additional $11 billion at a $1.25 trillion valuation: https://techcrunch.com/2026/11/06/openai-reportedly-raises-an-additional-11-billion-at-a-1-25-trillion-valuation/
- Anthropic, Claude Whiteboards, Claude Sheets, and Claude Data: https://claude.com/resources/articles/sheets-whiteboards-data
- TechCrunch, Anthropic launches Claude Meetings: https://techcrunch.com/2026/11/10/anthropic-launches-claude-meetings-to-turn-workplace-discussions-into-plans-and-tasks/
Photos (used under their free licences):
- Dario Amodei at TechCrunch Disrupt 2023 01 (cropped): TechCrunch, CC BY 2.0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Dario_Amodei_at_TechCrunch_Disrupt_2023_01_(cropped).jpg)
- Racks Amravati Data Center: PiDatacenters, CC BY-SA 4.0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Racks_Amravati_Data_Center.jpg)
- Nasdaq Tower May 2026: Nielsoncaetanosalmeron, CC BY 4.0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Nasdaq_Tower_May_2026.jpg)
- Logos: Simple Icons (CC0); trademarks of their owners, shown to identify the companies.
- Screenshots of sec.gov (Anthropic's S-1/A) and claude.com, shown for news reporting.
Music: Hypnothis by Kevin MacLeod, CC BY 3.0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Hypnothis_(ISRC_USUAN1100634).mp3)
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What the video says
Anthropic just put a price on itself. Up to one point four trillion dollars. The filing: seventy to seventy-eight dollars a share, ticker A N T. At the top, that beats OpenAI's reported one point two five trillion. Its yearly revenue pace hit eighty-one billion dollars, up ten billion in one month. But it lost a hundred and four billion in nine months. Most of that is an accounting charge, not cash. And it has signed up for about nine hundred billion dollars of compute. Seven chip and cloud giants are buying twenty-six billion in shares on the side. Google and Nvidia, ten billion each. Regular investors can buy in through apps like Robinhood, but get little say. The founders keep fifty point one percent of the votes. The same day, it launched office tools. Claude joins your meetings, builds spreadsheets and draws whiteboards. Trading could start around November nineteenth. So, is Anthropic really worth more than OpenAI?