Anthropic
The Anthropic IPO Lands in Nvidia's Worst Week
The Anthropic IPO is a Nasdaq listing under the ticker ANT, priced at $70 to $78 a share and expected to start trading around 19 November 2026. It arrives days after Nvidia's CEO resigned, and Nvidia is one of Anthropic's backers. What's confirmed, what's reported and what to watch.
The Anthropic IPO is the stock market listing of the company that makes Claude. Anthropic plans to sell 825 million shares on the Nasdaq under the ticker ANT, at $70 to $78 each, which values it at up to $1.4 trillion. Trading is expected to start around 19 November 2026, though neither the date nor the price is final yet.
It also landed in a brutal week for Nvidia. Nvidia's chief executive, Jensen Huang, resigned on 12 November after admitting to an affair and facing reports tied to a suspected Chinese intelligence effort, and Nvidia is one of Anthropic's backers. My first thought was the one a lot of people had: Nvidia sits so deep inside so many AI companies that a shock at the top drags all of them down. That's partly true, and the parts that aren't true matter more for the IPO.
This page covers the listing itself, what happened at Nvidia, how tightly the two companies are tied, and what to watch before the first day of trading. It's not investment advice.
What is the Anthropic IPO?
It's Anthropic's move from a private company to a public one. Anthropic filed confidentially in June, made its prospectus public on 26 October, and set its price range on 10 November. The confirmed terms so far:
| Item | Detail |
|---|---|
| Exchange and ticker | Nasdaq, ANT |
| Shares on offer | 825 million |
| Price range | $70 to $78 a share |
| Money raised | Up to $64.4 billion at the top of the range |
| Valuation | Up to $1.4 trillion, fully diluted (counting options and other shares that could still be issued) |
| Private placement | $26 billion of non-voting stock bought at the IPO price by seven strategic partners, Google and Nvidia among them |
| Revenue run rate | About $81 billion at the end of October, up from about $71 billion in late September |
| Expected first trade | As early as Wednesday or Thursday of the week of 16 November, per reports |
Two things in that table are softer than they look, and both of them can still move. The valuation sits well below the $2 trillion figure some outlets reported weeks earlier, and Fortune notes the range came out in the middle of an AI stock selloff. The trading date comes from press reports, and tastytrade's IPO tracker points out that neither Anthropic nor the exchange has confirmed it. The registration only takes effect once the offering prices.
What happened at Nvidia this week?
Nvidia lost its CEO of more than 30 years in five days, counted from his letter to staff. TechCrunch's timeline separates what's confirmed from what's only reported, and that line is worth keeping:
- 29 October (reported). The New York Times reported a close relationship between Huang and an executive at Megaspeed, a Singapore-based AI infrastructure company and Nvidia customer. U.S. officials believe she is a Chinese intelligence asset. Beijing calls the accusations baseless.
- 8 November (confirmed). Huang told employees in a letter, also published as a press release, that he had been unfaithful to his wife. Nvidia's board opened an independent investigation.
- 11 November (reported). The New York Times, citing five people who worked at Nvidia, reported a second relationship, with a senior Nvidia executive who reported directly to him. Nvidia hasn't confirmed it.
- 12 November (confirmed). Nvidia said in a filing that its board had accepted Huang's resignation as CEO and director. CFO Colette Kress is interim CEO, and long-time director Harvey C. Jones becomes the company's first board chair. Reuters reported a third relationship, with an unnamed employee, the same day. Huang has agreed to testify to Congress before Thanksgiving.
There's a Singapore thread in this too. Megaspeed had been under investigation by both the U.S. and Singapore since October 2025 over possible export violations, according to the same timeline, and the federal probe has reportedly moved to the Justice Department.
The stock moved with each headline. It closed 4.27% lower on Monday, fell 5.47% on Tuesday, rose 2.87% on Wednesday and fell 4.34% on Thursday, when it dropped as much as 14% during the day before closing just above a $4 trillion market value. Bernstein's Stacy Rasgon put the problem plainly to CNBC: "Jensen is Nvidia, right? He is the visionary."
How tied is Anthropic to Nvidia?
They're tied by money and by chips, but less than most of the AI industry is. The relationship is only a year old. In November 2025, Anthropic, Microsoft and Nvidia announced a three-way deal, and Anthropic's own page lists what Nvidia got out of it.
The same page commits Nvidia to invest up to $10 billion in Anthropic, with Microsoft at up to $5 billion.
In the IPO itself, Nvidia has agreed to buy about $10 billion of the $26 billion private placement, according to Anthropic's filings as reported by Fortune. So Nvidia is both a supplier and a shareholder.
The other side is the chips. Fortune's reporting describes Anthropic as less dependent on Nvidia than some rivals: Claude runs on Google's TPUs, Amazon's Trainium chips and AMD's GPUs as well as Nvidia hardware, and Anthropic has reportedly explored building its own chip. Even on the day it signed the Nvidia deal, Anthropic's announcement said "Amazon remains Anthropic's primary cloud provider and training partner." There's history between the two CEOs as well. Dario Amodei has pushed for tighter chip export controls on China, which put him at odds with Huang.
Why did AI stocks fall with Nvidia?
Partly because of the web, and partly for reasons that had nothing to do with Huang. The web is real. Nvidia invests in the companies that buy its chips. In September 2025 it announced it would invest up to $100 billion in OpenAI "progressively as each gigawatt is deployed," and its stakes in cloud providers like CoreWeave work the same way. When the company at the centre of those loops wobbles, investors re-price everything connected to it.
But the selloff started before the scandal and had other drivers. Fortune reports the Nasdaq fell 5.5% the week before, after Democrats made big gains in the midterm elections and investors priced in tougher scrutiny of data centre buildout. Nvidia was already down more than 20% over the month by Thursday. On Tuesday, Reuters listed a hot U.S. inflation report that raised the odds of another Federal Reserve rate rise, problems at an Ohio data centre project and SoftBank changing its U.S. equipment plans, alongside the Nvidia investigation. That day GE Vernova fell more than 6%, Iren 10%, Nebius 7%, Dell 4.8% and CoreWeave 3%.
So my read is that the scandal deepened a selloff that was already underway, rather than starting one. The stocks hit hardest were the ones whose business is building and renting AI infrastructure, which is exactly where Nvidia's money and chips are most concentrated.
Will the Nvidia scandal hurt the Anthropic IPO?
The analysts Fortune spoke to mostly don't expect it to stop the listing, but they expect it to change the questions. Seaport Research's Jay Goldberg, one of the few analysts with a sell rating on Nvidia, said Anthropic will go public "right in the face of Nvidia's earnings call, and I don't think that derails it." He sees the bigger risk later, when Anthropic reports its first quarter as a public company: "They'll get much tougher questions."
Others split along the same lines. M13's Karl Alomar said Anthropic's position is as strong as it was before the news. Accountant and investigative journalist Francine McKenna expects Nvidia's $10 billion purchase to go ahead. Georgetown's Jason Schloetzer expects much closer scrutiny of Anthropic's ties to Nvidia and to Nvidia-linked customers. And Axios has argued the listing could give AI stocks a needed spark, while a weak debut would add to the doubts about AI valuations that ran through this week's selloff.
The timing is the tight part. Nvidia reports its third-quarter results, its first without Huang as CEO, on 17 November after the market closes. If the reported dates hold, Anthropic prices one day later.
What should you watch before the Anthropic IPO?
Five dates and numbers will tell you more than any headline this week, and they're all public as they happen.
| What to watch | When | Why it matters |
|---|---|---|
| Nvidia's quarterly results | 17 November, after the U.S. close | Shows whether AI chip demand held up through the scandal, and sets the mood for pricing |
| Anthropic's final price | Expected around 18 November | A price above $78 means demand ran ahead of the range; below $70 means it fell short |
| Nvidia's $10 billion placement | In the final prospectus | Whether Nvidia stays in at the same size |
| Huang's testimony to Congress | Before 26 November | Any new detail on Megaspeed and export controls lands on Nvidia's customers too |
| First-day trading in ANT | Expected around 19 November | The first public verdict on Anthropic's valuation |
Does any of this change Claude?
Not that anything this week points to. An IPO changes who owns the company, and none of the reporting on the listing or on Nvidia touches Claude's plans, prices or models. The model work carried on through the week: Anthropic released Claude Mythos 5.2 to verified organizations on 9 November, the same day Nvidia's shares first fell.
What a listing does change is disclosure. Anthropic will report results every quarter, so the compute deals, the chip mix and the money that flows between it and its suppliers become public numbers rather than leaks.
Where this coverage stops
This is a fast story, and three parts of it aren't settled yet. The IPO's price and date are expected, not fixed. The second and third relationships at Nvidia come from press reports Nvidia hasn't confirmed. And the U.S. claim about the Megaspeed executive is an intelligence assessment that Beijing rejects, not a court finding. A class action has also been filed against Nvidia and Huang in federal court in San Jose, and it's at the very start.
Key takeaways
- The Anthropic IPO offers 825 million shares on the Nasdaq under ANT at $70 to $78, valuing the company at up to $1.4 trillion, with trading expected around 19 November 2026.
- Jensen Huang resigned as Nvidia's CEO on 12 November. CFO Colette Kress is interim CEO.
- Nvidia committed up to $10 billion to Anthropic in November 2025 and has agreed to buy about $10 billion of the IPO's private placement.
- Claude also runs on Google TPUs, Amazon Trainium and AMD chips, so Anthropic leans on Nvidia less than many AI companies do.
- The AI selloff began before the scandal, driven also by the midterms, inflation data and data centre setbacks.
FAQ
When is the Anthropic IPO?
Trading in Anthropic shares is expected to start around 19 November 2026, with pricing expected the day before. Neither Anthropic nor Nasdaq has confirmed those dates, and the listing only takes effect once the offering prices.
What is the Anthropic IPO price and ticker?
The Anthropic IPO price range is $70 to $78 a share, for 825 million shares on the Nasdaq under the ticker ANT. At the top of the range it raises up to $64.4 billion and values Anthropic at up to $1.4 trillion.
Does Nvidia own part of Anthropic?
Yes. Nvidia committed in November 2025 to invest up to $10 billion in Anthropic, and in the IPO it has agreed to buy about $10 billion of a $26 billion private placement of non-voting shares, according to Anthropic's filings as reported by Fortune.
Why did Jensen Huang resign from Nvidia?
Jensen Huang resigned as Nvidia's CEO on 12 November 2026, after admitting to an affair and after reports linked him to a Megaspeed executive U.S. officials suspect is a Chinese intelligence asset. A second relationship, with a senior Nvidia executive, was reported but not confirmed by Nvidia.
Will Nvidia's scandal affect the Anthropic IPO?
Analysts quoted by Fortune don't expect Nvidia's scandal to stop the Anthropic IPO, but expect closer scrutiny of Anthropic's ties to Nvidia. Nvidia reports quarterly results on 17 November, the day before Anthropic is expected to price, so its numbers will shape the mood.
Does the Anthropic IPO change Claude?
No change to Claude has been announced with the Anthropic IPO. A listing changes who owns Anthropic and makes it report results every quarter; Claude's plans, prices and models weren't part of the filings or the week's reporting.
