Anthropic moved closer to a public listing Tuesday, setting a price range of $70 to $78 a share for an offering of 825 million shares. At the top of the range, the company could reach a fully diluted valuation of about $1.4 trillion, with trading planned for Nov. 19, according to people familiar with the schedule.¹

The target is enormous, but below the $2 trillion valuation bankers had floated earlier. One account explained that the difference reflects the extra shares that could be issued through options and other stock classes: counting those, Anthropic’s fully diluted value could approach $1.4 trillion.² The company’s planned range is also above its reported $965 billion valuation in a May funding round.³

The offering comes with powerful corporate backing. Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. have agreed to buy $26 billion in stock at the IPO price. Investor demand is reportedly strong, with the order book covered at the proposed range. Craig Coben, a former Bank of America equity-capital-markets chief, called the deal “too crucial to fail,” arguing that a successful listing could validate valuations across the AI sector.⁴

But the market backdrop is unsettled. Recent elections and ballot measures could slow data-center expansion, while higher interest rates threaten to make infrastructure financing more expensive. Anthropic is growing quickly—it reported $33.2 billion in revenue for the first nine months of the year—but also disclosed a $104 billion net loss over that period and infrastructure commitments near $901 billion.⁵

The company’s co-founders framed the listing as part of a broader project, writing that their aim is to help humanity “chart a safe course through this technological evolution.”⁶ For investors, the immediate test is whether that promise—and Anthropic’s growth—can carry a price that remains below its earlier, more ambitious target.