10 Nov 2026

Anthropic's IPO values it at about $970 billion

Anthropic plans to sell 825 million shares at $70 to $78 each, an IPO of about $61 billion. Seven chip and cloud companies will buy another $26 billion of stock at the same price.

The offering

Price range: $70 to $78; A share
IPO size: $61.0B; 825 million shares at $74
Private sale: $26.0B; At the IPO price
Company value: $968B; At $74 a share; $916B to $1.02T across the range

Offering terms

Figure	Value
Price range a share	$70 to $78
Shares in the IPO	825 million
Sold by Anthropic	801 million
Sold by existing stockholders	23.6 million
Extra shares the banks may buy	124 million
Private sale beside the IPO	$26.0 billion
Net proceeds to Anthropic	About $84.6 billion
Net proceeds with the extra shares	About $93.7 billion
Shares outstanding after the offering	13.09 billion
Run-rate revenue at 31 October	About $81 billion
All compute commitments	About $900.9 billion
Compute due in the 12 months after September	About $70.7 billion

Anthropic would be the 13th most valuable US company

What all its shares would be worth at $74 each, the middle of the price range, next to today's market values.

Apple$5.10T
Nvidia$4.31T
Microsoft$4.05T
Alphabet$3.53T
Amazon$2.89T
SpaceX$1.93T
Meta Platforms$1.64T
Broadcom$1.53T
Tesla$1.49T
Eli Lilly$1.26T
Berkshire Hathaway$1.22T
Walmart$997B
Anthropic$968B
JPMorgan Chase$908B
Advanced Micro Devices$834B

Rank	Company	Market value
1	Apple	$5.10T
2	Nvidia	$4.31T
3	Microsoft	$4.05T
4	Alphabet	$3.53T
5	Amazon	$2.89T
6	SpaceX	$1.93T
7	Meta Platforms	$1.64T
8	Broadcom	$1.53T
9	Tesla	$1.49T
10	Eli Lilly	$1.26T
11	Berkshire Hathaway	$1.22T
12	Walmart	$997B
13	Anthropic	$968B
14	JPMorgan Chase	$908B
15	Advanced Micro Devices	$834B

Stock on sale

At $74 a share. Anthropic gets the money from the first three.

New shares in the IPO$59.3B
Private sale to chip and cloud companies$26.0B
Extra shares for the banks$9.2B
Sold by existing stockholders$1.7B

Anthropic's compute commitments

Totals over each agreement's life. All commitments come to about $900.9 billion, with $70.7 billion due within a year.

Partner	Amount	Term	Cancellation
BroadcomLeases of Google TPU-based compute equipment	About $161.2B	Five-year leases	Non-cancelable by either party during the lease period, except by the lessor in the case of a default.
GoogleCloud compute	At least $121.3B	April 2026 to July 2033	Non-cancelable except for Google's uncured material breach. A shortfall is paid to Google as a true-up.
SpaceXAICompute on NVIDIA GPUs	Up to $120.5B	Into 2029; about $3.1 billion a month once all capacity is delivered (expected December 2026)	After non-cancelable periods ending in January 2027 and March 2027, either party can cancel each agreement with 90 days' written notice.
AmazonCloud compute	At least $110.0B	May 2026 to April 2036	Non-cancelable except for Amazon's uncured material breach. A shortfall is paid to Amazon as a true-up.
MicrosoftCloud compute	At least $47.2B	November 2026 to June 2033	Non-cancelable except for Microsoft's uncured material breach, or per tranche for certain tranches not delivered.
NscaleCompute on NVIDIA GPUs	Up to $44.6B	Into 2033; fees only as capacity is delivered	Non-cancelable except in limited cases, including Nscale missing delivery or availability requirements or an uncured material breach.
LambdaCompute on NVIDIA GPUs	About $41.3B	Into 2034; fees only as capacity is delivered	Either party can now end the August 2026 agreement ($34.9 billion of the total): Lambda did not secure the facility lease by the agreed date. Neither has given notice. Otherwise non-cancelable except for breach or other limited cases.
Google and other TPU providersAdditional TPU compute delivered 2028 to 2031, no fixed amount	$125.0B-$150.0B, estimated	No fixed amount; not in the totals	-
AMDHelios rack-scale systems from 2027, no fixed amount	Over $20.0B, estimated	No fixed amount; not in the totals	-

Cancellation terms and the S-1 wording for each agreement

About the data

Every figure is from Anthropic's amended S-1 filed on 10 Nov 2026.
The value is our calculation: the 7.43 billion Class A and 5.66 billion Class N shares the filing says will be outstanding after the offering, times the share price. It leaves out stock awards and options not yet turned into shares, so a fully diluted value would be higher.
The price range can still change, and the final price is set shortly before trading starts.
The private buyers are AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Their purchase happens only if the IPO completes, and Google's part funds an investment it had already committed to.
The extra shares are an option: the banks running the IPO may buy up to 124 million more from Anthropic at the IPO price. With them, net proceeds would be about $93.7 billion.
Run-rate revenue is Anthropic's own measure of yearly revenue at the latest pace. It is not reported revenue.
The ranking is among S&P 500 companies at Company Tracker's latest weekly close, plus SpaceX, which is listed in the US but not in the index. Its value is the share count on its latest quarterly report times its close on 9 Nov 2026.
The full filing figures are on Anthropic's IPO page. How we collect and check the data: About.

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