Anthropic is pursuing a Nasdaq listing and has set an initial public offering price range of $70 to $78 per share. On Nov. 10 (local time), CNBC reported that Anthropic said in an amended filing it plans to offer 825 million shares.

If the offering is priced at the top of the range, Anthropic would raise up to $64.35 billion in the IPO. Its fully diluted valuation would be as high as $1.405 trillion, higher than the $965 billion cited in a fundraising round in May.

The listing environment is not favorable. In last week’s U.S. midterm elections, Democrats took control of Congress, and several states passed ballot measures that could slow the pace of AI buildouts. With higher interest rates increasing borrowing burdens for large infrastructure investments, the public market has become more cautious about AI investment.

Investor expectations have also fallen. Anthropic expected a $2 trillion valuation until recently, but some shareholders now believe even $1.5 trillion could be difficult. One investor assessed that even that level is an unrealistic figure.

If Anthropic lists on Nasdaq as planned this month, its ticker symbol will be "ANT". The listing would come about 5 months after SpaceX’s record listing that raised $85.7 billion. SpaceX’s market capitalization is currently just under $2 trillion, roughly similar to the level at the time of its listing.

Anthropic is an AI research company co-founded in 2021 by Dario Amodei (다리오 아모데이). Amodei and a small group of researchers left OpenAI to establish the company. Its flagship AI model is Claude, and it mainly sells products and services to corporate customers.

Anthropic on Nov. 9 unveiled Claude Fable 5.2 and Claude Mythos 5.2. They are its first frontier models since Amodei said in September that the pace of AI development should be slowed. Anthropic said the two models went through strict safety and alignment testing, and it also prepared new evaluations before launch and monitoring tools after launch.

Revenue for the most recent 9 months ended Sept. 30 was $33.24 billion, up about 1,200 percent from a year earlier. Net loss was $104 billion. Most of the loss, however, was due to fair value changes in convertible bonds and derivative liabilities. Net loss in the same period in 2025 was $25.1 billion.

In the prospectus, the co-founders said they would help humanity navigate technological change safely and open new horizons of discovery. They also said that whether an institution or an individual becomes a shareholder, it becomes part of that effort.