Anthropic sets IPO range at $70–$78 per share, targets November 19 trading debut

Anthropic has formally opened its IPO roadshow. According to CNBC, citing people familiar with the matter, the company set a range of $70 to $78 per share on 825 million shares, with trading expected to begin November 19. Anthropic's official account announced the roadshow, noting that a registration statement has been filed with the SEC but has not yet become effective.

At the midpoint, the offering raises roughly $60B. That would make it one of the largest technology listings ever and the first public offering from a frontier model lab. The roadshow lets institutional investors examine Anthropic's revenue growth, compute commitments and margin profile before pricing. The final price will depend on demand during the coming week.

The company has timed product news around the listing. It shipped Claude Fable 5.2 and Mythos 5.2 on November 9, then launched workplace tools including Claude Meetings, which joins video calls as a visible teammate, and an Excel competitor. Fortune explicitly framed those launches as preparation for the IPO. Meanwhile, OpenAI reportedly closed financing at a $1.25T valuation and posted its first $10B quarter, giving public investors a clear private-market comparison. Musk's public praise of Claude Opus 5.5 also helps Anthropic's narrative at a convenient moment.

The risks are real. The market backdrop is shaky: NVIDIA, the bellwether of AI spending, has lost about $700B in value this month amid a leadership crisis. Investors will also scrutinize Anthropic's dependence on cloud partners for compute and the sustainability of its burn rate. The price range comes from anonymous sources, not a final pricing announcement. Watch for any upward revision of the range, the final pricing on the eve of November 19, first-day trading performance, and whether a strong debut reopens the IPO window for other AI labs.