Anthropic, the company behind the Claude AI, will list on Nasdaq on November 19. Its valuation could reach $1.4 trillion. In a rare move for a US IPO, French retail investors will be able to subscribe through several brokers. Considering taking part in the offering? Here are 10 things to know about Anthropic’s stock market debut.
1. French retail investors will be able to subscribe to the IPO
Anthropic plans to offer shares to retail investors in 9 countries in the European Economic Area, including France.
Intermediaries offering the Anthropic IPO include several names familiar to French investors: Trade Republic, eToro, Interactive Brokers, Revolut, Saxo, DEGIRO and BNP Paribas.
The subscription dates and minimum amount are not yet known. They will be set out in the European prospectus, which will be published at ipo.anthropic.com when the offering launches. Since Anthropic shares will be listed only on Nasdaq, investors will need to use a standard securities account (CTO).
According to US media sources, Anthropic is targeting around 20% of the offering for retail investors, compared with 5% to 10% in a conventional IPO.
2. A price of $70 to $78 per share
The offering includes 825 million Class A shares. Anthropic is issuing about 801 million of them, while the rest are being sold by existing shareholders. At the top of the range, the IPO could raise up to $64.4 billion.
Lead underwriters Goldman Sachs and Morgan Stanley will also have a 30-day option to purchase up to 123.75 million additional shares if demand is strong.
3. Listing on Nasdaq under the ticker ANT, probably on November 19
Anthropic shares will be listed on the Nasdaq Global Select Market under the ticker “ANT.”
According to US media sources, the final price is expected to be set on the evening of November 18, before trading is due to begin on November 19.
4. A valuation revised downward
At the top of the range, Anthropic’s valuation would reach about $1.4 trillion on a fully diluted basis, including stock options and free shares, and nearly 1 trillion for outstanding shares alone. That figure exceeds 965 billion reached in its May funding round, but remains far below 2 trillion discussed just a few weeks ago.
Reuters reports that an initial version of the terms, briefly sent to banks before being withdrawn, referred to a raise of up to $69.3 billion. Analysts believe the more reasonable price is deliberate: it leaves room for demand to push up the final price, and potentially the share price on the first day of trading.
The backdrop remains challenging. Investors are becoming increasingly cautious about AI, as rising interest rates increase the cost of debt that companies in the sector rely on to fund their data centers. Institutional investor demand is reportedly strong, however: according to US media, the order book is already covered within the $70 to $78 range, with more interest than SpaceX saw at the same stage.
5. Revenue multiplied 13-fold in a year
The prospectus data help explain investors’ interest. In the first 9 months of 2026, Anthropic generated $33.24 billion in revenue, up about 1,200% year over year.
At the end of October, its annualized revenue, calculated by multiplying monthly revenue by 12, stood at about $81 billion, or 10 billion more than a month earlier.
6. A $104 billion loss, mainly accounting-related
Anthropic nevertheless recorded a net loss of $104 billion in 9 months, compared with 25.1 billion a year earlier.
This striking amount mainly reflects an accounting loss. Anthropic has issued convertible bonds, in other words, loans that investors can convert into shares. The higher Anthropic’s valuation rises, the more valuable those future shares become.
The company therefore has to revalue them upward in its accounts, generating a paper loss. No money has actually left its coffers.
7. Nvidia, Google and Microsoft buy $26 billion worth of shares
Alongside the IPO, seven tech giants, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, have committed to buying $26 billion worth of shares at the offering price. These shares will not be subject to the lock-up period imposed by the banks.
Several of these companies also supply Anthropic. If you already own Amazon or Alphabet (Google) shares, you are also indirectly exposed to Anthropic, since both groups are shareholders in the company.
8. Nearly $900 billion in spending already committed
Anthropic has committed to spending nearly $900 billion in the coming years, mainly to lease servers and chips from partners such as Amazon and Google.
This amount shows that its growth depends on future access to data centers. Reuters notes that some of this capacity relies on financing beyond the company's control.
9. Some employees allowed to sell from the first day
Some executives, employees and consultants will be able to sell up to 10% of their shares from the first day of trading.
The 7 co-founders, meanwhile, will have to wait about 6 months before they can sell a maximum of 29% of their shares, then up to a year to sell the rest. This phased schedule aims to limit the waves of selling that often occur at the end of a lock-up period.
10. Shareholders with limited power
Anthropic is a public benefit corporation, the American equivalent of a mission-driven company. The Class A shares offered to the public carry rights to profits, but control remains concentrated.
An independent body, the Long-Term Benefit Trust, elects a majority of the board, while the founders retain a significant share of the voting rights. The prospectus acknowledges that this structure could lead to decisions contrary to shareholders' financial interests.
Sources: Anthropic, Anthropic (international brokers)
