Anthropic has put a number on itself, and the number is the kind usually reserved for oil states: an implied valuation of up to $1.404 trillion.

TechCrunch reported on November 10 that the AI company plans to sell 825 million Class A shares at $70 to $78 each, a deal that would raise between $57.75 billion and $64.35 billion and value the company, fully diluted, at as much as $1.404 trillion. Investing.com’s November 11 analysis of the same filing lands in the same place with slightly different framing: roughly $1.33 trillion at the midpoint of the range, and total potential proceeds of $90.4 billion once a parallel private placement is counted.

That is real money next to real milestones. The valuation towers over the $965 billion Anthropic carried in its May funding round, though it stops short of the roughly $2 trillion figure that had been rumored. Where the two reports agree is more telling than where they differ: the price range, the 825 million shares, the debut date and the revenue run rate all line up.

The side deal with the chip crowd

Running alongside the public offer is a $26 billion private placement of Class N shares to a roster that reads like the AI supply chain introducing itself: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Per TechCrunch, Google and Nvidia are each putting in $10 billion — meaning two of the biggest buyers of the offering are also two of the biggest sellers of the hardware Anthropic runs on.

Growth at a sprint, losses at scale

The revenue story is genuinely startling. Investing cites nine-month 2026 revenue of $33.242 billion, up 1,206% year over year, with an annualized run rate of about $81 billion by the end of October — a figure TechCrunch also reports, up from roughly $71 billion annualized at the end of September. TechCrunch puts third-quarter revenue at $17 billion.

The losses depend on which line you read. Investing points to an operating loss of $1.3 billion, improved from $5.2 billion. TechCrunch, meanwhile, flags the heavier ledger: a nine-month net loss of $104 billion alongside $900.9 billion in compute commitments. Both can be true at once, and together they describe the AI economy in one company: spectacular growth, underwritten by spectacular spending.

Retail gets a slice; founders get a payday

TechCrunch notes that up to 20% of the offering is reserved for retail investors — unusually generous for a deal this size. The seven cofounders, meanwhile, are each selling around 3.4 million shares, worth roughly $250 million apiece at the midpoint price. Investing adds that demand covered the entire deal as soon as the roadshow opened, that final pricing was expected Wednesday, and that Morningstar pegs fair value at $1.7 trillion, about 28% above the range.

The stock is expected to debut on the Nasdaq around November 19 under the ticker ANT. Small name. Enormous insect.

The Bit Take

A company can lose money at historic scale and still be priced like a sovereign wealth fund, because what it’s really selling is the future of intelligence. For readers, ANT will be the purest public bet on the AI model wars — just remember the prospectus is written in both billions and red ink.

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