1.404 trillion is only the top of the filed range

TechCrunch published at 14:01 UTC on 10 November 2026. The byline is Rebecca Bellan and Ram Iyer, and the page clock is 6:01 a.m. Pacific, which is 22:01 in Beijing on 10 November. The article says that in an updated filing on Tuesday, Anthropic set out an offering of 825 million Class A shares at an estimated range of 70 to 78 dollars a share. The article puts the raise at about 57.75 billion to 64.35 billion dollars.

The 1.404 trillion dollar figure is, in the article, the fully diluted value if the shares list at the top of that range. It is not a price that has already traded. The article compares it with the 965 billion dollar valuation from a May fundraise, and says it is still lower than the 2 trillion dollars the company was reportedly targeting a couple of months earlier. That 2 trillion figure is the article's account of earlier talk, not a sentence it quotes from the filing. An earlier report still had the range as something to be set this week, with trading on Thursday or Friday of the following week. This article is later, and it says the updated filing now contains the range. The trading day is still not the filing's own sentence. The article, citing CNBC, says the company intends to start trading on the Nasdaq close to 19 November, under the ticker ANT, with up to 20 percent of the offering allocated to retail investors.

The article also says Anthropic agreed to sell 26 billion dollars of non-voting Class N stock privately at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are investing 10 billion dollars apiece. Net proceeds, the article says, are estimated at 84.6 billion to 93.7 billion dollars, with the higher figure if the underwriters exercise an option to buy more shares. Goldman Sachs and Morgan Stanley are among the underwriters, and the option is for up to 123.75 million additional shares at the IPO price.

On voting power, the article's account of the filing is that the founders hold a Class F share with 50.1 percent of the votes, that the Long-Term Benefit Trust will elect a board majority, and that Class A buyers will have limited influence. Each of the seven co-founders is selling nearly 3.4 million shares. The article names Dario Amodei as chief executive, Daniela Amodei as president and chairperson, Tom Brown as chief compute officer, Jack Clark as head of the Anthropic Institute, Jared Kaplan as chief science officer, Sam McCandlish as chief architect, and Christopher Olah as interpretability research lead. At the 74 dollar midpoint, the article estimates about 250 million dollars each.

The operating figures are also the article's account of the filing. Run-rate revenue reached 81 billion dollars by the end of October, about 10 billion dollars more than at the end of September. Third-quarter revenue was 17 billion dollars, and nine-month revenue was 33.2 billion dollars. The nine-month net loss was 104 billion dollars. Compute and infrastructure commitments hit 900.9 billion dollars. Cash and short-term investments were nearly 132 billion dollars. Those are figures the article attributes to the filing, not trades that have already happened.

The photograph is the Getty image used with this TechCrunch article, taken by Samuel Boivin of NurPhoto. It shows the Anthropic logo on a phone screen, with the company's branding behind it. The frame is already within the tolerance of 3:2, so it was not cropped again. It is not a photograph of a roadshow or a trading floor.