Anthropic is preparing a Nasdaq IPO under the ticker ANT, targeting a November 19 debut and offering 825 million shares at an estimated $70 to $78 each, which could raise as much as $64.4 billion and value the company at up to $1.4 trillion.

The company says it expects to set the final price on November 18, subject to market conditions and demand, and its European offering price will match the U.S. price; a $120 figure in the European prospectus is only a provision for purchases if the final price exceeds the current estimate.

The planned listing follows rapid growth: Anthropic’s annualized revenue run rate reached about $81 billion by October 31, while it faces nearly $900 billion in computing and infrastructure commitments spread over several years.

The reported valuation target is more cautious than earlier expectations of nearly $2 trillion and a raise of up to $100 billion; the article links the shift partly to a November 5 Nasdaq selloff and notes third-quarter revenue of $17 billion, up 1,127% year over year, alongside slower sequential growth and continued losses.

Investor interest is already strong, with Bloomberg reporting that IPO orders amount to several times the shares available.

Even so, analysts expect early trading to be driven substantially by funds buying shares to track indexes, with Anthropic potentially entering at least six major indexes within five to 15 days of listing; Intropic estimates index-tracking demand could reach about $19 billion, roughly 28% of the shares offered.

Retail investors may also play an unusually large role: Vanda Research estimates about $250 million in net retail buying on the first trading day, a projection that could exceed twice the previous IPO retail-buying record attributed to SpaceX.

The public offering covers only about 6% of Anthropic’s outstanding shares, creating a limited float that could magnify price swings as retail and index-related demand arrives.

Trading may differ from SpaceX’s because employees, who own about 15% of Anthropic’s equity, can sell some shares on the first day, while a separate $26 billion private placement involving Google, Nvidia and Advanced Micro Devices has no lock-up; whether those investors sell is unknown.

SpaceX offers a precedent, not a forecast: after raising $75 billion in June, its shares climbed about 50% from their opening-day price by the third trading session, aided by index inclusion and passive-fund buying, then weakened as lock-up expirations approached.

The IPO arrives amid uncertainty about whether the AI investment boom can last, a concern that could affect demand and the stock’s performance; Anthropic has also warned that failing to keep safety protections aligned with increasingly capable models could bring incidents, regulatory intervention and reputational damage.

Important details remain unsettled, including the final IPO price and share count, any over-allotment, lock-up terms, exact index-entry dates and actual retail allocations, so projections about first-month trading are analysis rather than established outcomes.