The biggest stock market debut in history is shaping up before a single share has traded. Anthropic, the company behind the Claude chatbot, filed the terms of its initial public offering on November 10, 2026: 825 million Class A shares at $70 to $78 each, with pricing expected on November 18 and first trading on the Nasdaq under the ticker ANT on November 19. At the top of the range, the public offering alone would raise about $64.4 billion — and with a concurrent $26 billion private placement, the total would reach about $90.4 billion, the largest IPO ever.
The demand is what has Wall Street talking. Bloomberg reported on November 12 that the order book is about six times oversubscribed — orders for roughly six times the shares available at the marketed range. The book was already covered when marketing began, and the six-times figure was a step beyond that, with bankers prioritising existing backers and some buyers set for smaller allocations than they asked for. The Financial Times reported on November 11 that bankers are considering pricing the offering above its $70 to $78 range, which could lift the fully diluted valuation to $1.5 trillion or more.
The Numbers Behind The Hype
Anthropic’s amended prospectus, filed with the U.S. Securities and Exchange Commission on November 10, puts the fully diluted valuation at up to about $1.4 trillion at the top of the range. The filing shows revenue of $33.2 billion in the first nine months of 2026, up from $2.5 billion in the same period a year earlier — growth on a scale rarely seen in a company going public. The annualised revenue run rate reached $81 billion by the end of October, according to coverage of the filing.
The $26 billion private placement is unusual in itself. Seven technology giants — Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC — are buying non-voting shares at the IPO price in a concurrent deal. They are Anthropic’s suppliers and partners as much as its investors: the chipmakers whose hardware trains Claude, and the cloud companies that sell it. Their presence is both a vote of confidence and a reminder of how deeply the AI boom’s biggest names are now entangled with each other.
What Could Still Change
Nothing here is final yet. The registration statement was not yet effective when the terms were filed, and the November 18 and 19 dates are the reported timetable, not dates confirmed by the company. The order book can still move before pricing, and Bloomberg’s own reporting notes that the details, including the demand level, could change. Anthropic could not immediately be reached for comment when the oversubscription was reported. A price above $78 has been discussed, according to the Financial Times, but no revised range has been formally announced.
That is the honest shape of this story: a company with extraordinary growth, an order book far bigger than the shares on offer, and a valuation that would make it one of the most valuable companies on earth on its first day of trading — all of it still subject to a pricing decision three days away. If it prices at the top of the range, it will be the largest IPO ever. If it prices above it, the record gets bigger. Either way, November 19 will be the day the AI boom gets its first true public price tag.
At the top of the range, the public offering would raise about $64.4 billion — plus a $26 billion private placement, for a combined $90.4 billion.
THE STORY SO FAR
October 26, 2026 — Anthropic files its public S-1 registration statement with the SEC.
November 10, 2026 — Anthropic files an amended prospectus: 825 million Class A shares at $70 to $78, Nasdaq listing under the ticker ANT, plus a $26 billion private placement from seven tech giants.
November 11, 2026 — The Financial Times reports bankers are weighing pricing above the $70 to $78 range, for a valuation of $1.5 trillion or more.
November 12, 2026 — Bloomberg reports the order book is about six times oversubscribed.
WHAT HAPPENS NEXT
November 18, 2026 — Final pricing is expected, and whether it lands at, above, or below the $70 to $78 range.
November 19, 2026 — First trading is expected on the Nasdaq Global Select Market under the ticker ANT, with the opening price and first-week trading closely watched.
The record question — at the top of the range, the combined $90.4 billion would make this the largest IPO in history.
THE KEY NUMBERS
825 million — the Class A shares on offer.
$70 to $78 — the price range per share.
$64.4 billion — the maximum the public offering would raise at the top of the range.
$26 billion — the concurrent private placement from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC.
$90.4 billion — the combined total, which would make it the largest IPO ever.
About $1.4 trillion — the fully diluted valuation at the top of the range; bankers have discussed $1.5 trillion or more.
6 times — how oversubscribed the order book is, according to Bloomberg.
November 18 and 19 — the reported pricing and first-trading dates.
