Anthropic expects to price its initial public offering between $70 and $78 a share, with the Nasdaq debut set to land before the U.S. Thanksgiving holiday, according to Bloomberg. The AI company launched its roadshow on Tuesday and is preparing an unusual marketing move: a live-streamed conversation featuring CEO Dario Amodei and JPMorgan chief Jamie Dimon, expected around lunchtime Friday in New York.

The format echoes, but stays smaller than, the June event with Elon Musk that accompanied SpaceX's $86.2 billion listing. Representatives for Anthropic and JPMorgan declined to comment on the plans.

What does the offering look like?

The deal consists of 825 million shares of Class A common stock. Anthropic itself is selling 801,351,354 of them; existing stockholders are selling the remaining 23,648,646. Anthropic will receive no proceeds from the stockholders' portion.

The company has applied to list on the Nasdaq Global Select Market under the ticker "ANT." A registration statement sits with the U.S. Securities and Exchange Commission but has not yet become effective, meaning no securities can be sold until it does, the company said.

At the midpoint of the range, the math works out to roughly $61 billion in gross proceeds across the full offering — the largest such deal since SpaceX's June listing set the current benchmark for headline-sized flotations.

Who gets the shares?

JPMorgan leads retail marketing inside the U.S. and will handle distribution to those buyers. It is one of 22 banks working on the offering. Anthropic has weighed setting aside roughly 15% to 20% of the shares on offer for retail investors.

Citigroup is running the retail offering outside the United States, covering the U.K., Canada, Japan, Australia and parts of Europe.

For practitioners, the retail allocation matters. A 15–20% set-aside would rank among the more aggressive retail tranches in a deal of this size, and JPMorgan's grip on the domestic channel signals how much weight the syndicate places on Main Street demand as a pricing floor.

What is the $26 billion strategic placement?

In an amended registration statement filed Tuesday, Anthropic disclosed that AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC agreed to purchase $26.0 billion of its Class N common stock.

The placement prices at the IPO price and depends on the IPO closing, plus other conditions. For the chipmakers and cloud providers involved, the purchase locks supply-chain alignment into an equity stake — the same strategic logic that turned earlier AI-captable investments into a competitive necessity.

What valuation does the deal imply?

Anthropic's most recent funding round valued the company at $965 billion. The IPO range gives public-market investors their first chance to test that private mark against daily trading.

The pricing dynamics will hinge on how the dual structure absorbs demand: a $26 billion cornerstone placement reduces float pressure, while a large retail tranche adds a volatility-prone buyer base. Where the price lands within the $70–$78 band will signal how underwriters read that balance.

What happens next?

The Friday livestream, if it proceeds as planned, gives Amodei and Dimon a direct channel to both institutional and retail audiences ahead of pricing. Expect the roadshow's final days to focus on whether demand supports the top of the range.

Pricing and the first Nasdaq trade should arrive before Thanksgiving. Until the SEC declares the registration effective, however, nothing in the offering can legally close — a formality that timing now squeezes into a narrow window.