Anthropic lost $104 billion in nine months. Now it wants public investors to value it at $1.4 trillion
The Claude maker set its IPO range at $70 to $78 a share after a Nasdaq rout cut its target from $2 trillion. Seven co-founders stand to sell about $250 million each.
Anthropic is asking public investors to buy in at a value of up to $1.404 trillion, even after reporting a net loss of $104 billion over the first nine months of 2026. The Claude maker set a price range of $70 to $78 a share on Tuesday and launched its investor roadshow, according to the company's announcement. It plans to list on Nasdaq under the ticker "ANT." Pricing is expected on November 18 and trading on November 19, CNBC reported, citing people familiar with the plans.
The range is a climb-down. Anthropic had been eyeing a $2 trillion valuation in October. Then the Nasdaq had its worst day since 2020 on November 5, and investors started talking about $1 trillion. The company's answer was to cut the price, not the deal.
The numbers in the filing#
Anthropic will sell 825 million Class A shares. Most are new shares from the company; about 23.6 million come from existing holders, the company said. At the top of the range, that raises about $64.35 billion before fees, TechCrunch reported from the updated filing.
| Item | Figure |
|---|---|
| Price range | $70 to $78 |
| Shares offered | 825 million |
| IPO proceeds, top of range | $64.35 billion |
| Value, top of range, fully diluted | $1.404 trillion |
| Private round, May 2026 | $965 billion |
Sources: Anthropic, TechCrunch, CNBC.
The business is growing fast and losing money faster. Third-quarter revenue was $17 billion and nine-month revenue was $33.2 billion. The nine-month net loss was $104 billion. Compute and infrastructure commitments reached $900.9 billion. The company has nearly $132 billion in cash and short-term investments, per TechCrunch. Run-rate revenue hit $81 billion at the end of October, about $10 billion more than a month earlier.
Big tech is also buying in on the side. Anthropic agreed to sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are putting in $10 billion each.
Founders cash out; public buyers get little say#
Seven co-founders, including CEO Dario Amodei and president Daniela Amodei, each plan to sell nearly 3.4 million shares. At the $74 midpoint, that is about $250 million each, TechCrunch calculated.
Buyers of Class A shares will have limited control. Anthropic is a public benefit corporation. The founders hold a Class F share with 50.1% of the voting power, and the company's Long-Term Benefit Trust elects a majority of the board. Anthropic says the structure protects its safety mission. It also means public shareholders cannot easily force change.
Retail investors will get an unusually large slice. Anthropic is targeting about 20% of the offering for retail buyers, compared with a typical 5% to 10%, CNBC reported.
How the price fell by $600 billion in a month#
The valuation slide happened fast, and it tracked the market.
- Private round values Anthropic at $965 billion
- Company reported to be targeting about $2 trillion
- Investors put it near $1.5 trillion after slower Q3 growth
- Nasdaq plunges; talk falls as low as $1 trillion
- Range set at $70 to $78, up to $1.404 trillion
- Pricing expected
- Trading expected on Nasdaq as ANT
Source: TechCrunch, Axios, CNBC
On November 5, the Nasdaq Composite fell 5.5% and the chip index fell 12.3%, Axios reported. The sell-off came two days after Democrats made big gains in the midterms, which raised fears of slower data center building. That night, three major investors told the Wall Street Journal the $1.5 trillion target was out of reach, and one put it near $1 trillion, Benzinga reported. Bloomberg cited investors at $1.1 trillion to $1.3 trillion. Our markets coverage explains the rout and Monday's rebound.
The reaction on X#
The sharpest reactions came on the day of the crash. Investor Jun Song summed up the mood in a post that drew more than 6,000 likes.
CNBC host Jim Cramer went further. He said Anthropic would need to "take a discount" to get the deal done, and blamed the company for stoking public fear about AI.
Cramer's charge refers to Amodei's own warnings. The Anthropic CEO told Axios in 2025 that AI could wipe out half of all entry-level white-collar jobs within one to five years. Yet the roadshow video, released Tuesday, leads with hope. In a clip shared by the Fireside Alpha account, Amodei says cancer, Alzheimer's, heart disease and mental illness will be "relics of the past" in less than a decade.
That is a forecast, not a finding. Many medical experts doubt such timelines, since new treatments still need years of trials and approvals.
Is demand there?#
People close to the deal say yes. The order book is already covered at the $70 to $78 range, and institutional demand is stronger than it was for SpaceX at the same stage, sources told CNBC. SpaceX raised a record $85.7 billion in its IPO about five months ago.
The risks are also plain. Anthropic's growth rate slowed in the third quarter. Its rival OpenAI was valued at $1.25 trillion last week, The Verge noted, less than Anthropic's top-of-range price. And the losses are huge. Blackstone has warned that Anthropic may struggle to win an investment-grade credit rating after the IPO, according to Benzinga.
The test comes on November 18. If the deal prices at or above $78, the AI trade gets a vote of confidence. If it slips below the range, the whole sector may reprice with it.
Cite this article
Patrick Karsh. “Anthropic lost $104 billion in nine months. Now it wants public investors to value it at $1.4 trillion.” 567 Business. Published 2026-11-10. https://567business.com/news/anthropic-ipo-valuation-selloff
Wikipedia citation
{{cite news |title=Anthropic lost $104 billion in nine months. Now it wants public investors to value it at $1.4 trillion |url=https://567business.com/news/anthropic-ipo-valuation-selloff |work=567 Business |author=Patrick Karsh |date=2026-11-10 |language=en}}CSL-JSON for reference managers
{
"id": "https://567business.com/news/anthropic-ipo-valuation-selloff",
"type": "article-newspaper",
"title": "Anthropic lost $104 billion in nine months. Now it wants public investors to value it at $1.4 trillion",
"URL": "https://567business.com/news/anthropic-ipo-valuation-selloff",
"container-title": "567 Business",
"language": "en",
"author": [
{
"literal": "Patrick Karsh"
}
],
"issued": {
"date-parts": [
[
2026,
11,
10
]
]
}
}Citations identify this article and its publication date. Assess the reporting and its linked sources before using it as evidence.
Read this article as Markdown or JSON. Cite the original page and retain its sources, dates and qualifications.
Embed this article summary
Paste this HTML into your page. The summary stays linked to the full story and updates with it. No account required.
<iframe src="https://567business.com/embed/news/anthropic-ipo-valuation-selloff?theme=auto" title="Anthropic lost $104 billion in nine months. Now it wants public investors to value it at $1.4 trillion by 567 Business" width="100%" height="440" style="border:0;max-width:100%" loading="lazy"></iframe> <p style="font-size:14px">Anthropic lost $104 billion in nine months. Now it wants public investors to value it at $1.4 trillion by <a href="https://567business.com/news/anthropic-ipo-valuation-selloff" rel="nofollow">567 Business</a></p> <script async src="https://567business.com/embed.js"></script>