Anthropic plans to price its initial public offering on Nov. 18 and begin trading under ANT on Nov. 19, setting a major test for investor appetite for artificial-intelligence companies and a potential benchmark for OpenAI’s anticipated public-market debut early next year. In an amended S-1, Anthropic said it expects to sell 825 million Class A shares at $70 to $78 each, implying a valuation of $1.3 trillion to $1.45 trillion, below earlier projections of as much as $2 trillion after turmoil in AI markets. A crypto-native pre-IPO perpetual contract closed at $103.93, or 33.2% above the filed $78 ceiling, but the synthetic instrument does not represent ownership of Anthropic shares. The contract, listed as xyz:ANT by Trade.xyz on the Hyperliquid blockchain, recorded about $109 million in 24-hour volume and open interest of between $105.6 million and $108 million. Google has agreed to buy about $10 billion of stock at the IPO price, while Nvidia committed the same amount in a $26 billion private placement involving seven buyers. Anthropic reported revenue of $33.2 billion for the first nine months ended Sept. 30, up 1,206%, compared with $16.3 billion in its original filing covering the first six months and $4.6 billion for all of 2025. Its operating loss narrowed to $1.3 billion from $5.2 billion a year earlier, although the company reported a $536 million operating loss in the September quarter after recording operating income of $974 million in the June quarter. Anthropic attributed the quarter’s decline to a $5 billion charge for compute under short-term commitments and $2 billion in non-cash charges tied to its donation matching program. The company also disclosed $895.4 billion in aggregate committed spending, primarily for compute and infrastructure, with $447.5 billion due before Dec. 31, 2030, the remainder scheduled between 2031 and 2045, and $69.8 billion due over the next 12 months. The institutional IPO order book, rather than the leveraged derivative, will determine Anthropic’s final price.