No. 024 · Spotlight
By Oliver Darby · 11 Nov 2026
2 min read
Anthropic's $64b IPO prices below the hype
Still the biggest listing story going, just with a smaller number than the bankers were dreaming of
I think the interesting thing about Anthropic's IPO is that the valuation came in lower than the chatter, and it still looks enormous. It's looking to raise up to $64.4b, and I'd want to see how that price holds up once the shares are actually trading.
The company is offering 825m shares at $70 to $78 each, and they're expected to start trading on Nasdaq under the ticker ANT later this month.
On valuation, Reuters analyses put it at up to $1.2tn, which is well below the $2tn some bankers had earlier priced it at, though it's still above the $965b from its last private round.
One line for European founders: Anthropic says its focus is being a foundation model company, but it may compete with application startups from time to time in select categories. Make of that what you will!
Source: tech.eu, Anthropic to raise $64BN in landmark US IPO