Anthropic sets IPO range at $70-$78, valuing it at up to $1.41 trillion

Anthropic has set terms for what would be one of the largest tech listings ever. The roadshow offers 825 million shares at $70 to $78, implying a valuation of $1.26 trillion to $1.41 trillion. The company announced the offering on X on November 12 with standard SEC language, noting it had filed a registration statement and prospectus, and the post drew more than 10,000 likes. A trillion-dollar listing is expected as soon as next week.

The disclosed numbers explain the valuation. Q3 revenue was about $17B (a Reddit thread cites $16.96B), and the annualized revenue run-rate reached $81B as of October 31. Seven major tech companies, including Google, NVIDIA and Microsoft, committed $26B to buy non-voting shares. That structure gives strategic partners exposure without governance control. Anthropic also released new products during the roadshow: Claude Whiteboards, Sheets and Data, and Claude for Manufacturers.

The comparison with OpenAI is striking. OpenAI just reported $10B in Q3 revenue with a $10.9B operating loss, while Anthropic's disclosed quarterly revenue is substantially higher. Product momentum also helps: Anthropic's Fable 5.2 and Mythos 5.2 models shipped November 9 with 30% faster speeds and lower pricing, and even Elon Musk publicly called Claude Opus 5.5 'a masterpiece' this week.

The skeptical view is about costs. A r/Anthropic thread noted that Anthropic has nearly $900B in compute commitments against quarterly revenue of about $17B, and another post titled 'Still confused why anthropic is worth 1.4 trillion' drew 333 comments. Profitability figures, the size of long-term compute obligations and dependence on a few cloud partners are what investors will look at most closely in the prospectus. The NVIDIA CEO turmoil also took over developer forums this week, so the listing's market timing is uncertain. Watch the final pricing and first-day trading.