要点
- The Financial Times, in a report circulated on its official X account on Nov. 11, 2026, said Anthropic's bankers are preparing to increase the IPO valuation to $1.5 trillion or more after strong investor demand. This article could not open the FT page, which returned a security-verification screen, so claims attributed to the newspaper are limited to that headline and dek, and to detailed public recaps of the same story.
- On Nov. 10, Anthropic said it had launched the roadshow for 825 million Class A shares, of which 801,351,354 are offered by the company and 23,648,646 by selling stockholders, at an expected price of $70.00 to $78.00 a share, to be listed on Nasdaq as ANT. Underwriters may buy up to 123,750,000 extra shares within 30 days. Those terms have not been replaced by a new official price range in the announcement reviewed here.
- TechCrunch, reading the Nov. 10 amendment to the registration statement, reported a fully diluted valuation of about $1.404 trillion at $78, meaning after counting shares that can still be converted or issued; a public sale of $57.75 billion to $64.35 billion; and a $26 billion concurrent private placement of non-voting Class N stock. It also reported October run-rate revenue, an annualized snapshot based on recent usage and subscriptions, of $81 billion, third-quarter revenue of $17 billion, and compute and infrastructure commitments of $900.9 billion. Those filing figures are used here as TechCrunch reported them. This article did not retrieve the SEC HTML itself.
On Nov. 11, 2026, the Financial Times posted a story whose headline was "Anthropic bankers prepare to increase IPO valuation to $1.5tn or more." The dek on that post was "Claude maker's listing price expected to rise after strong demand from investors."
That is a report about discussions after the roadshow began, not a new price that Anthropic has filed or announced. The day before, on Nov. 10, Anthropic published a short official notice launching the roadshow and restating a range of $70.00 to $78.00 a share. Until a later filing or pricing announcement replaces that range, $1.5 trillion remains a figure from sources the FT did not name in the material this article could independently open.
This article could not retrieve the FT text. The page returned a security-verification screen. Public recaps of the FT story, including one by Moneycontrol, say the newspaper cited five people familiar with the matter, and that the talks began less than a day after the $70 to $78 range was disclosed.
[1][2]The official notice is specific. The offering is 825,000,000 Class A shares. Anthropic is selling 801,351,354 shares. Existing stockholders are selling 23,648,646 shares, and the company will not receive those proceeds. Underwriters named in the notice, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, are expected to receive a 30-day option for another 123,750,000 shares. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. The registration statement had been filed but was not yet effective when the notice was published.
At $78, 825 million shares would raise about $64.35 billion before fees, matching TechCrunch's high-end figure for the public sale. At $70, the same share count would raise about $57.75 billion. TechCrunch also wrote that, on a fully diluted basis, the company would be worth about $1.404 trillion at the top of that range. That is the filed ceiling as reported, not $1.5 trillion.
[2]TechCrunch reported that the same amendment described a $26 billion private sale of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC, with Google and Nvidia investing $10 billion each. Public recaps of the FT named Google, Nvidia, and Microsoft among strategic partners, a shorter list. If the public price moves above $78, that private sale would also be priced higher, because it is tied to the IPO price. Recaps of the FT said a higher offer price could push the combined fundraising package beyond $100 billion. That is an arithmetic possibility once the private placement and the option for extra shares are added, but it is not a completed raise.
The same recaps say three Anthropic backers told the FT the company was prioritizing the amount of capital raised over the highest possible valuation, given planned spending on computing capacity. TechCrunch, again citing the amendment, reported compute and infrastructure commitments of $900.9 billion, nine-month revenue of $33.2 billion, a nine-month net loss of $104 billion, and nearly $132 billion in cash and short-term investments. It also reported that run-rate revenue reached $81 billion by the end of October, and that third-quarter revenue was $17 billion. Those numbers, if the filing is quoted accurately, show why cash raised could matter more to the company than a slightly higher valuation.
Bloomberg Law, summarizing the FT, also noted Bloomberg's earlier reporting that the IPO was fully covered with investor orders for all available shares when the deal launched. Full coverage at launch is a demand signal. It is still not a priced deal.
[1][2]A $1.5 trillion valuation would require a price above the filed high of $78 on the fully diluted share count TechCrunch described. The FT report, as recapped, said bankers expect to pursue a higher price after strong interest on a roadshow that began Nov. 10. That expectation can fade before pricing. The company has not, in the official notice reviewed here, raised the range.
Recaps of the FT also described off-exchange activity. A New York brokerage was offering up to $500 million of Anthropic shares for a venture firm at a 4 percent premium to the eventual IPO price. Another venture group was offering $1.25 billion through a special-purpose vehicle, a company set up just to hold and sell those shares, at a $1.5 trillion valuation. Those prints, if accurately reported, show where some private sellers are trying to trade. They are not the IPO price, and they are not a public order book.
The same recaps mentioned a Morningstar fair-value estimate of $1.7 trillion, with a span from $500 billion to $3 trillion depending on adoption. A range that wide is not confirmation of $1.5 trillion. This article also has not independently verified earlier reports that investors had scaled back from talk of a $2 trillion target.
[1]The fair reply to a skeptical reading is straightforward. If demand is strong, underwriters often raise the range, and the price can still move on pricing day. A company that has already booked very large compute commitments, and that told investors it wants capital more than the highest possible valuation, can accept a higher price if it increases cash without waiting for a later sale. Class A buyers, as TechCrunch described the structure, will have limited voting power, because a Class F share held by the founders carries 50.1 percent of the vote and a Long-Term Benefit Trust will elect a board majority. Demand at a high valuation would then say more about access to the cash-flow story than about control.
The test in the next two weeks is narrow. If Anthropic prices at or below $78, the $1.5 trillion discussion was a demand rumor that did not make the filing. If it prices above $78, and an updated valuation disclosure matches or exceeds $1.5 trillion on a stated share count, the FT's report will have been early rather than wrong. TechCrunch, citing CNBC, said trading could start close to Nov. 19. That calendar, if it holds, is when the checkable number appears.
[1][2]Bankers talking up a higher price is news about the period when banks collect investor orders before setting the price. The number that can be checked today is still the $70 to $78 range Anthropic put on its Nov. 10 roadshow notice, and the filing figures as TechCrunch reported them. $1.5 trillion will be a fact when it is in a pricing announcement, not before.
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