Anthropic plans to offer 825 million shares at $70 to $78 apiece in a Nasdaq IPO targeted for November 19 under the ticker ANT, seeking to raise as much as $64.4 billion at a valuation of up to $1.4 trillion.

That target is below earlier expectations of a valuation near $2 trillion and a raise of up to $100 billion; the article links the more cautious outlook partly to a reported November 5 selloff that erased $2.5 trillion from the Nasdaq Composite, alongside slower sequential revenue growth and continued unprofitability.

Anthropic’s annualized revenue run rate reached about $81 billion by October 31, but the company also faces nearly $900 billion in computing and infrastructure commitments spread across multiple years.

Anthropic expects trading to begin November 19, subject to timely approval, and says it will likely set the final price on November 18 according to market conditions and demand.

Investor interest is already running high, with Bloomberg reporting that IPO orders amount to about six times the shares available.

Still, only about 6% of Anthropic’s outstanding shares are expected to be offered publicly, leaving a limited float that could magnify price swings; Vanda Research estimates opening-day net retail buying could reach about $250 million.

A major source of possible early demand is index-tracking funds: Anthropic is expected to join at least six major indexes, including FTSE’s USA index, the S&P Total Market Index and the Nasdaq 100, within 5 to 15 days of listing.

Intropic estimates those index additions could prompt roughly $19 billion in buying, or about 28% of the shares offered, while investors and hedge funds may buy early to get ahead of the passive funds.

The trading setup could differ from SpaceX’s because Anthropic employees, who own about 15% of its equity, may sell some shares on day one; a separate $26 billion private placement involving Alphabet’s Google, Nvidia and Advanced Micro Devices also has no lock-up, though whether those investors will sell is unknown.

Key details remain unsettled, including the final IPO price and share count, any over-allotment, lock-up terms, index-entry dates and actual retail allocations; predictions about first-month trading are analysis, not confirmed outcomes.

Polymarket traders put the most likely first-day closing valuation between $1.25 trillion and $1.5 trillion, with about 56% probability below $1.5 trillion; at a $1.4 trillion IPO valuation, that suggests a better-than-even chance of a gain of roughly 7% or less—or a loss.

Prospective investors are urged to weigh the substantial risks in Anthropic’s IPO documents, including the company’s warning that failing to keep AI safety protections aligned with more capable models could bring incidents, regulatory intervention and reputational damage.