Anthropic IPO Valuation: From $965 Billion to a Reported $1.5 Trillion, Every Round and Who Owns What

What is Anthropic's IPO valuation? As of November 12, 2026, the filed price range of $70 to $78 per share values Anthropic at about $916.1 billion to $1.02 trillion, based on shares outstanding after the offering.

The $74 midpoint, about $968.4 billion, is almost the same as the $965 billion post-money valuation from the May 2026 Series H, so the low end of the range sits below the last private round and the high end sits above it.

The earlier reported talk of about $1.5 trillion, down from $1.8 trillion to $2 trillion in October, was never a filed number.

Key Takeaways

• The last private valuation Anthropic confirmed is $965 billion post-money, from the $65 billion Series H announced on May 28, 2026.
• The IPO valuation is a separate number: the November 10 S-1/A sets a $70–$78 range, which works out to about $916.1 billion at $70, $968.4 billion at $74 and $1,020.8 billion at $78.
• The valuation climbed from $61.5 billion in March 2025 to $183 billion, $380 billion and $965 billion in about fourteen months, each step announced by the company.
• The Form S-1 of October 26, 2026 shows $141.1 billion raised since founding, a credit facility expanded to $15 billion in September 2026, and a 5% stake for the Anthropic Public Benefit Fund.
• Amazon has put in about $18 billion and Google about $20 billion, both will hold more than 5% after the listing without voting rights, and the IPO itself is 825,000,000 Class A shares plus a $26.0 billion concurrent private placement.

What Is Anthropic's Valuation at the IPO Price Range?

At the IPO price range, Anthropic's valuation is about $916.1 billion at $70, $968.4 billion at $74 and $1,020.8 billion at $78, by our calculation from the November 10 S-1/A.

Those figures multiply each price by 13,086,672,593 (about 13.09 billion), the number of shares outstanding after the offering and the concurrent private placement.

If the underwriters buy all 123,750,000 extra shares, the count rises to 13,210,422,593 (about 13.21 billion), and the valuations become about $924.7 billion, $977.6 billion and $1,030.4 billion.

The share count leaves out 1,774,342,693 shares under stock options, 1,026,660,010 unvested restricted stock units and 47,041,287 RSUs granted after September 30.

Counting those on a fully diluted basis would add about 2.85 billion shares and push the valuation at any given price higher.

That is the main reason outlets quote different Anthropic valuations: they use different share counts.

How each price converts into a per-share figure, and back again, is covered in our Anthropic IPO price per share guide.

What Is Anthropic Worth Today?

Anthropic is worth $965 billion on the last valuation the company has stated, set at the close of the Series H round on May 28, 2026.

That round raised $65 billion, was led by Altimeter, Dragoneer, Greenoaks and Sequoia, and was announced alongside a run-rate revenue figure above $47 billion.

The filings still do not state a valuation, because a registration statement reports what investors paid, not what the next buyer will pay, but the November 10 amendment gives the price range and share count that imply one.

What the S-1 adds is the scale behind the number: revenue of $16.29 billion for the first half of 2026, a $974 million operating profit in the second quarter, and $131.7 billion of cash and short-term investments at June 30, 2026.

Amendment No. 1 added the third quarter: revenue of $16.96 billion, a GAAP operating loss of $567 million after the second quarter's profit, and $131.8 billion of cash and short-term investments at September 30, 2026, as broken down in Anthropic's Q3 2026 results.

The longer view of revenue, run rate and cash burn is in our guide to whether Anthropic is profitable.

Those figures, not the headline valuation, are what IPO investors are pricing during the roadshow.

Anthropic IPO Valuation 2026: From $965 Billion to $1.5 Trillion Talk to the Filed Range

Anthropic's valuation story has three steps: the private round set a $965 billion mark, media reports discussed $1.5 trillion to $2 trillion, and the filed range now implies about $916.1 billion to $1.02 trillion, with pricing still to set the final number.

The private mark is the $965 billion Series H valuation, which was a negotiated price for new preferred shares on one date in May.

The balance sheet behind it is $141.1 billion of capital raised since founding, per the S-1, and $131.8 billion of cash and short-term investments on September 30, 2026, per Amendment No. 1, plus a revolving credit facility expanded to $15 billion in September 2026 with a maturity of September 4, 2031.

The reported step came from the press: around the S-1 filing, media reports described a discussion range of $1.5 trillion to $2 trillion.

In October, prospective investors were reported to consider $1.8 trillion to $2 trillion a fair valuation, according to Bloomberg.

After the S-1, Bloomberg reported on October 28 that investors had indicated $1.4 trillion to $1.5 trillion, with $1.75 trillion possible, and Reuters reported a similar figure of about $1.5 trillion.

Amendment No. 2 on November 10 then added the price range, and the filed figure came in well below that talk, at about $916.1 billion to $1.02 trillion.

The earlier figures were reports, not company statements, and the final IPO valuation will equal the final price multiplied by the shares outstanding after the offering.

The IPO size, meaning the number of shares sold and the money raised, is now filed too: 825,000,000 Class A shares, worth $57.75 billion to $64.35 billion at the range, plus the $26.0 billion private placement.

NVIDIA, reported in September to be in talks about an anchor investment, is now in the filing: it is buying $10.0 billion of Class N shares in the private placement, the same amount as Google.

Prediction markets price the public number as well, and how to read those odds is covered in our guide to prediction-market odds on Anthropic's listing.

How the Price Range Turns Into an IPO Valuation

The IPO valuation is arithmetic on two numbers the November 10 S-1/A now supplies: the price range and the number of shares outstanding after the offering.

Multiplying the midpoint of the range by the post-offering share count gives the implied valuation that headlines quote during the roadshow, about $968.4 billion at $74.

The roadshow can move the range up or down on demand, and the underwriters fix the final price the evening before trading, which fixes the IPO valuation.

The first-day closing market cap is a third number again: the closing price multiplied by the same share count, which is what the prediction-market brackets are betting on.

Each of those numbers can differ from the reported figure of about $1.5 trillion, and as of November 12, 2026 only the first, the one implied by the range, exists.

From Anthropic's private rounds to the filed IPO range; the final figure is set only at pricing.

How Did Anthropic's Valuation Climb Round by Round?

Anthropic's valuation rose through five announced rounds, from an undisclosed figure in 2023 to $965 billion in 2026, and the last three each at least doubled the one before.

• Series C, May 2023: $450 million raised, valuation not disclosed, led by Spark Capital.
• Series E, March 2025: $3.5 billion raised at a $61.5 billion post-money valuation, led by Lightspeed Venture Partners.
• Series F, September 2, 2025: $13 billion raised at $183 billion, led by ICONIQ, per the Series F announcement.
• Series G, February 12, 2026: $30 billion raised at $380 billion, led by GIC and Coatue, per the Series G announcement.
• Series H, May 28, 2026: $65 billion raised at $965 billion, led by Altimeter, Dragoneer, Greenoaks and Sequoia.

The list covers only rounds Anthropic announced with a valuation; the Amazon and Google convertible notes and preferred purchases sit outside it.

Over the same period the company's announced run-rate revenue rose from about $1 billion to over $47 billion, which is the growth the valuation steps were pricing.

All preferred series convert into common stock at the IPO, so the round structure disappears the day ANT trades.

Anthropic's announced post-money valuation at each priced round, per the company's own announcements.

How Much Is Anthropic Stock Per Share?

There is no final Anthropic share price yet, but the November 10 S-1/A gives a range of $70 to $78 per share, with the final price to be set at pricing.

The S-1 does fix the scale of the share count: Anthropic completed a 10-for-1 forward split of its Class A and Class N shares on September 17, 2026, so any per-share figure dated before that, including quotes of the Series H price per share, is ten times the equivalent current figure.

The Series H round priced preferred shares, and the price paid in that round is not the same thing as a public share price, because the preferred stock carried rights that the Class A common stock sold in the IPO will not.

Secondary-market quotes for "Anthropic shares" may refer to common, preferred or neither, and the company's investor notice treats unapproved transfers as void.

A "$71.43 per share" figure that circulated after the first amendment is a third-party calculation of the implied fair value of common stock at September 30, 2026, derived from a footnote, and it is not an IPO price or a price range.

The honest per-share answer as of November 12, 2026 is the filed range of $70 to $78, with one final number still to come.

Why Employee Shares Are Worth Less Than the Headline Price

Preferred shares carry rights such as liquidation preferences that common shares lack, so private common stock has historically been valued below the preferred price of the same round.

That distinction ends at the IPO, when all preferred series convert into common.

Until then, a quoted "Anthropic share price" needs a label: which class, which date and whether the transfer was approved.

Why a Post-Money Valuation Isn't a Market Cap

A post-money valuation is a negotiated price for new preferred shares on one date, while a market cap is the traded price of common shares multiplied by the shares outstanding.

The two can diverge in either direction: preferred protections argue for a lower public price per share, while scarcity and demand on the first day argue for a higher one.

SpaceX closed its first session 19% above its offer price in June 2026, which shows how far a first-day market cap can sit from the IPO valuation.

Anthropic will have a market cap only once ANT trades, and until then every "Anthropic market cap" or Anthropic stock valuation figure is the $965 billion private mark, the value implied by the $70–$78 range or an expectation.

Who Owns What After the IPO?

Amazon and Google will each own more than 5% of Anthropic after the IPO, according to the S-1, and both hold non-voting Class N shares.

Amazon's convertible notes convert subject to a 12% ownership cap that Amazon can waive, and any amount above the cap becomes rollover notes that convert each quarter after listing, so its stake can still change.

Google's holdings are capped at 14.99% of fully diluted shares, a limit Google can choose to relax.

The S-1 does not give either company's exact stake, and outside estimates vary widely.

Seven companies, led by Google and NVIDIA at $10.0 billion each, are also buying $26.0 billion of Class N shares at the IPO price in the private placement.

Voting control sits with a single Class F share held by the co-founders' LLC, as explained in our Anthropic prospectus walkthrough.

What Anthropic IPO Valuation Should You Expect?

No final Anthropic IPO valuation has been set as of November 12, 2026, but the price range in the November 10 S-1/A is the first company figure to anchor one.

Multiplying that range by the shares outstanding after the offering gives the implied valuation, and the final price set the evening before trading gives the real one.

The reported figure of about $1.5 trillion, down from $1.8 trillion to $2 trillion in October, was the market's starting point, not the company's, and the roadshow that media reports say began on November 10, 2026 is where demand is testing the filed range.

One simple piece of arithmetic, not a forecast and not a company figure: annualizing Q3 2026 revenue ($16.96 billion x 4 = $67.8 billion) puts the $968.4 billion midpoint valuation at roughly 14 times that run rate.

The confirmed and expected steps between the filing and the pricing are laid out in the IPO timeline.

What Could Push the Valuation Up or Down

Four things visible today will shape where the final price lands and how the stock trades after it.

• Demand split: Bloomberg reported on October 27 that Anthropic picked JPMorgan to lead US retail sales and was considering 15% to 20% of the shares for retail investors, a proportion that could change and would shift the mix of buyers on the first day; the S-1 names no percentage.
• Index entry: Nasdaq moved SpaceX into the Nasdaq-100 within a month of its listing, and a deal of Anthropic's expected size may qualify the same way, which brings index buying and, afterwards, index-linked selling.
• Lock-up supply: the S-1 staggers the end of the lock-up period, with some insiders able to sell up to 10% from the first trading day, other holders released in steps on days 27, 48, 62 and 76, and the largest holders fully free only by the third-quarter 2027 results or day 365.
• Governance discount: Class A buyers get one vote each under a founders' share with 50.1% of the vote and a trust that elects the board majority, a structure the S-1 itself lists as a risk.

None of these moves the $965 billion mark, which is history, but all of them bear on the number that replaces it.

What a Recent Mega-Listing Shows About Valuation Marks

SpaceX is the 2026 precedent: it priced its IPO at $135.00 per share on June 11, 2026, sold 638,888,888 shares including the underwriters' option for about $85.7 billion of net proceeds, and closed its first session 19% above the offer price.

Its first trade came at $150, at about 11:46 a.m. ET on June 12, more than two hours after the market opened.

The lesson for Anthropic is procedural: SpaceX's price range came in an amendment days before pricing, and its first public valuation existed only once the shares traded.

MEXC View: What Does a Flat Midpoint Tell Us?

Our read is that the most telling choice in the filing is where Anthropic centered its range.

After three priced rounds that each at least doubled the previous valuation, the $74 midpoint lands within half a percent of the $965 billion Series H mark.

That puts the burden of proof on public demand: if the October talk of $1.5 trillion to $2 trillion reflected real appetite, it would have to show up in the order book or in trading, not in the range.

We also read the $26.0 billion placement differently from a private round, because the seven buyers agreed to pay whatever price public investors set, not a price negotiated on their own.

What we would not do is compare any of these figures without first checking the share count behind them, because that alone can move a valuation by hundreds of billions of dollars.

None of this says where ANT will trade; it says what the filing itself is and is not claiming.

Anthropic Pre-IPO Valuation: What Traders Are Actually Pricing

Pre-IPO products and prediction markets price Anthropic's expected valuation, not a share price, and that is the number to compare with the $965 billion private mark.

A pre-IPO valuation contract quoting 1,500 means $1.5 trillion for the whole company, and a prediction-market bracket of $1.5 trillion to $1.8 trillion means the same kind of whole-company number after the listing.

Neither conveys shares, votes or dividends, and both can move on reports that the company never confirms.

MEXC's ANTHROPICUSDT perpetual contract works this way, and dividing its quote by about 13.09 gives a rough implied price per share, so $70, $74 and $78 line up with quotes of about 916, 968 and 1,021.

Futures trading uses leverage, positions can be liquidated, and prices can gap sharply, so you can lose your entire margin.

The contract is not available in restricted regions, and MEXC has not announced how it will be handled once ANT trades.

On MEXC, the Anthropic Pre-IPO Countdown page tracks the milestones that will turn these expectations into a final price and then a traded price.

Follow the Anthropic Pre-IPO Countdown on MEXC

Frequently Asked Questions

What was Anthropic's valuation in its last funding round?

$965 billion post-money, from the Series H round announced on May 28, 2026, which is the last valuation the company has confirmed.

What is Anthropic's IPO valuation?

As of November 12, 2026, the filed range of $70 to $78 per share implies about $916.1 billion to $1.02 trillion on shares outstanding after the offering, and the final figure is set at pricing.

Is the IPO valuation lower than the last private round?

At the low end, yes: $70 implies about $916.1 billion, below the $965 billion Series H mark, while the $74 midpoint is about level with it and $78 is above it.

Why do outlets quote different Anthropic valuations?

They use different share counts, such as shares outstanding after the offering or a fully diluted count that adds options and restricted stock units.

What is the Anthropic IPO size?

The offering is 825,000,000 Class A shares, or $57.75 billion to $64.35 billion at the $70–$78 range, plus a $26.0 billion concurrent private placement.

Who owns Anthropic?

Amazon, Google, Microsoft, the seven co-founders, employees, the Series A to H investors and the Public Benefit Fund, with public Class A holders joining after the IPO.

How much of Anthropic does Amazon own?

Amazon has invested about $18 billion, its notes convert at the IPO subject to a 12% cap, and it is expected to hold more than 5% after the listing without voting rights.

Does Google own part of Anthropic?

Yes, Google bought about $20 billion of preferred stock in 2026, is buying $10.0 billion more in the private placement at the IPO price, and is capped at 14.99% of fully diluted shares.

What is Anthropic's market cap?

None until ANT trades; the $965 billion figure is a private post-money valuation, and the first-day market cap will be the closing price times the shares outstanding.

How much is one Anthropic share?

The filed range is $70 to $78 per share, on a post-split share count after the 10-for-1 split of September 17, 2026, and the final price is set at pricing.

Conclusion

$965 billion is real, dated and company-confirmed, and the filed range now brackets it: about $916.1 billion at $70 and about $1.02 trillion at $78, well below the $1.5 trillion to $2 trillion reported in October.

The S-1 has already revealed what sits behind the number: $141.1 billion raised, $131.7 billion of cash, a 5% Public Benefit Fund stake, two strategic investors capped at 12% and 14.99%, and a founders' share with 50.1% of the vote.

The missing number is now the final price, and the pricing announcement is the document to read before deciding what Anthropic is worth, along with the guide to how to buy Anthropic stock once it trades.

Follow the Anthropic Pre-IPO Countdown on MEXC

More Anthropic Guides

• When Is the Anthropic IPO? Anthropic IPO Date, Plans and Status for 2026
• Is Anthropic Stock Public Yet? Does Anthropic Have a Stock, Ticker ANT and How to Buy
• Where Is Anthropic's S-1? Inside the Anthropic IPO Filing and Its November 2026 Amendment
• Anthropic IPO Prospectus Explained: What the S-1 Reveals About Revenue, Losses, Control and Risks
• Anthropic IPO News 2026: Latest on the S-1 Amendment, Ticker ANT and Listing Date
• Anthropic Q3 2026 Results: $16.96 Billion in Revenue, a $567 Million Operating Loss, and What It Means for the IPO
• Is Anthropic Profitable? Annual Revenue, Q3 2026 Losses and Cash Burn Explained
• Can You Buy Anthropic Stock Before the IPO? Three Routes Compared
• Can You Get Anthropic Shares at the IPO Price? How to Buy the Anthropic IPO From Anywhere
• When Will Anthropic List? What the Polymarket Anthropic IPO Odds Say Now
• Anthropic vs OpenAI IPO: Anthropic Lists First — What's Confirmed and What's Still Rumor
• Can You Still Get In Early? SpaceX, OpenAI, Anthropic and Databricks IPO Plans 2026
• ANT Stock: Anthropic's Ticker, IPO Date and How to Buy It (Not Ant Group)
• Anthropic IPO Price Per Share: What the $70–$78 Range Means and How the Final Price Is Set
• What Is Anthropic Tokenized Stock? How It Works Before and After the ANT IPO
• Can You Short Anthropic Stock? How Shorting ANT Works Before and After the IPO
• Anthropic IPO Roadshow: $70–$78 Price Range, Who Runs It and What Happens Next
• Will Anthropic Join the Nasdaq-100 or the S&P 500? How Index Inclusion Works for ANT

Disclaimer: This article is for informational purposes only and does not constitute investment, legal or tax advice. IPO timing, pricing and allocations can change. Derivatives trading involves high risk, including the loss of your entire margin. MEXC products are not available in restricted regions.

Trading crypto assets is high-risk; prices can be highly volatile and you may lose everything you put in. No security measure removes all risk, and MEXC does not promise principal protection or absolute security. This article is not investment advice.