Anthropic targets Nasdaq debut on Nov. 19 or 20 with valuation up to $1.75 trillion

Anthropic plans to start trading on Nasdaq on November 19 or 20. The company is also expected to announce its IPO valuation range early this week.

The filing, the ticker and the numbers

Anthropic PBC, the AI company behind the Claude large language model, filed a Form S-1 registration with the US Securities and Exchange Commission on October 26, 2026. The company amended that filing on November 2 to add its third-quarter results. It is seeking to list Class A shares on Nasdaq under the ticker ANT.

The expected valuation range runs from approximately $1.1 trillion to $1.75 trillion. The company is reportedly looking to raise an anticipated $80 billion to $100 billion or more.

Goldman Sachs and Morgan Stanley are leading a syndicate of 22 banks on the deal.

The roadshow was expected to begin the week of November 9, 2026. The listing itself is pencilled in for the week of November 16 to 20.

Revenue is soaring. So are the losses.

First-half 2026 revenue hit $16.3 billion, a 1,300% increase year over year.

Third-quarter revenue came in at approximately $17 billion on its own, topping that entire first-half figure. That brings revenue for the first nine months of 2026 to around $33.2 billion.

Anthropic reported a net loss of $80.7 billion, attributed primarily to non-cash adjustments.

The company has also taken on commitments to operational costs nearing $895 billion.

A valuation coming back down to earth

Anthropic’s last private valuation was $965 billion, set in May 2026. The expected IPO range of $1.1 trillion to $1.75 trillion would still represent a step up from that mark.

Earlier valuation talk reached as high as $1.5 trillion to $2 trillion, and expectations have moderated significantly since then.

Several factors appear to be weighing on the number. They include a slowdown in reported revenue growth, heightened scrutiny of the AI sector and those hefty operating commitments.

How we got here

The S-1 filing in late October turned that test into a calendar event. The November 2 amendment, adding Q3 numbers, gave prospective buyers a fuller picture of the business heading into the roadshow.

A raise of $80 billion to $100 billion or more would require an enormous pool of institutional demand, which helps explain why 22 banks are involved in distributing the shares.