Anthropic Sets $70 to $78 IPO Range, and Hyperliquid Traders Price It at the Floor

Anthropic plans to sell 825 million shares on the Nasdaq under the ticker ANT, priced between $70 and $78. At the top of that range the offering would bring in up to $64.35 billion and value the company at as much as $1.405 trillion on a fully diluted basis, compared with $965 billion in May. Pricing is expected in mid November, about five months after SpaceX raised a record $85.7 billion. On Hyperliquid, the market tied to the listing dropped to $1500, the bottom of the range.

Anthropic Revenue and Losses Ahead of the Listing

Revenue for the first nine months reached $33.24 billion, up roughly 1,200%. The net loss hit $104 billion, mostly from changes in the value of convertible notes and derivatives, against $25.1 billion a year earlier. Run rate revenue was about $81 billion at the end of October, up $10 billion in a month.

Investor Doubts About the IPO Valuation

The company once eyed $2 trillion, but some shareholders now call even $1.5 trillion a stretch. Democratic wins in last week’s midterms, ballot measures that could slow AI buildouts and fears that higher rates will make infrastructure debt costly have cooled the market. On Monday Anthropic released Claude Fable 5.2 and Claude Mythos 5.2, its first frontier models since Dario Amodei urged slowing AI development in September.