Anthropic kicks off its IPO at up to a $1.4 trillion valuation as OpenAI rules out 2026

In 30 seconds

• Anthropic launched its roadshow on November 10: 825 million shares at $70 to $78, listing on the Nasdaq as ANT.
• That implies a valuation of $1 trillion to $1.4 trillion, below the $2 trillion investors had floated.
• OpenAI confidentially filed a draft with the SEC in June, but Sam Altman has ruled out going public this year.
• The companies themselves, a former senator and evaluator METR have put AI safety at the center of the debate.

The race to take artificial intelligence to Wall Street now has its first runner on the track. Anthropic, the maker of Claude, filed an amended prospectus with the SEC on Tuesday, November 10, and began pitching investors, according to Reuters and Fox Business. OpenAI, its main rival, is moving more slowly.

Anthropic by the numbers

Price per share$70–78825 million Class A shares

Public offering$64.4Bup to $90.4B with the private placement

Valuation$1T–1.4Tnon-diluted / fully diluted, top of range

Last private round$965BMay 2026

The deal covers 825 million Class A shares, almost all sold by the company and a small slice by existing holders. Seven strategic partners — Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC — agreed to buy an additional $26 billion of stock at the offering price. Goldman Sachs and Morgan Stanley lead the underwriting syndicate.

Whether the company is worth $1 trillion or $1.4 trillion depends on counting stock options and restricted shares. Reuters notes that investors had once discussed as much as $2 trillion, and that preliminary terms sent to banks on Monday were quickly pulled. Fox Business reports that the prospectus shows $33.2 billion in revenue for the first nine months of 2026, up from $2.5 billion a year earlier, and a $104 billion net loss driven mostly by noncash accounting charges.

“It’s a huge valuation”

OpenAI: draft ready, no rush

OpenAI announced on June 8 that it had confidentially submitted a draft S-1 to the SEC, working with Goldman Sachs and Morgan Stanley, CNBC reported. At the time it said it had not decided on timing. In September, Sam Altman was blunter, telling Fortune that, given everything happening with safety, going public now would be ill-advised. Since then, Bloomberg — as cited by TechCrunch — and Reuters have reported that OpenAI is seeking about $30 billion in a final private round ahead of a possible debut next year.

Who wants to slow down

The warnings are not only coming from outside. Anthropic’s prospectus, Reuters reports, acknowledges that AI progress could outpace its safety measures, mentions existential risks to humanity and anticipates heavier regulatory oversight. In September, Dario Amodei published an essay urging the industry to slow how fast its most powerful models improve, and former Sen. Joe Manchin went on CNBC to ask Donald Trump to pause AI IPOs until Congress sets safeguards. On November 5, METR estimated that Anthropic’s progress is running at roughly twice its 2024–2025 pace, largely driven by AI itself.

1. Jun 8
   OpenAI files a confidential draft

   It announces the filing itself, with no date set.

2. Sep 12
   Amodei urges a slowdown; Altman sees bad timing

   An essay from Anthropic’s CEO and Altman’s interview with Fortune.

3. Sep 14
   Manchin calls for a pause on AI IPOs

   The former senator makes the case on CNBC.

4. Nov 5
   METR report

   Estimates Anthropic is progressing at twice its earlier pace.

5. Nov 10
   Anthropic launches its roadshow

   A range of $70 to $78 per share.