Anthropic IPO prices shares at $78 ahead of November 19 debut: Can ANT stock become the next big AI investment amid Nvidia stock crash and Jensen Huang fallout?

Anthropic IPO: Can ANT stock claim the AI throne as Nvidia reels from its biggest crisis? Anthropic is preparing to sell 825 million shares at $70 to $78 apiece, with its Nasdaq debut expected on November 19 under the ticker ANT.

The Claude maker could command a valuation of nearly $1.4 trillion. Its IPO comes at a difficult time for Nvidia, whose shares have been hit by a leadership crisis and a sharp sell-off. Could ANT become Wall Street's next big AI stock while Nvidia struggles to regain investor confidence?

Anthropic IPO: $64.4 billion share sale puts ANT in focus

Anthropic's updated filing sets the proposed IPO price between $70 and $78. At the upper end, the public offering could generate about $64.35 billion. At $70, the figure would be roughly $57.75 billion.


There is an important detail behind those numbers. Anthropic is issuing 801.35 million new shares, while existing shareholders are selling another 23.65 million. Money from the second group will go to those shareholders, not the company.

The deal also includes a separate $26 billion private placement. Nvidia, Google, AMD, Broadcom, Micron, Microsoft and TSMC have agreed to buy non-voting Class N shares at the IPO price. These investors will have an economic stake but no voting rights attached to those shares.

The combined public offering and private placement could reach approximately $90.4 billion at the top of the range. Goldman Sachs and Morgan Stanley are among the banks handling the offering.

Anthropic is also targeting a retail allocation of about 20%, well above the usual 5% to 10% offered in many IPOs. Reports indicate the order book has already been covered several times over. Pricing is expected on November 18, followed by the Nasdaq debut on November 19. Both remain subject to the final offering process.

Nvidia stock: Jensen Huang's exit shakes the AI market

Nvidia's recent troubles have created an unusual backdrop for Anthropic's listing.

The chipmaker's shares came under heavy pressure after longtime CEO Jensen Huang's departure. CFO Colette Kress has taken over as interim chief while Nvidia looks for a permanent successor.

On November 12, Nvidia shares fell 5.4%, recovering from an intraday decline of as much as 14.3%. Its market value was on track to fall below $4 trillion. The company was worth about $5.8 trillion in early October.

More than $1 trillion in market value had disappeared over the past month, according to Reuters. The leadership uncertainty has also affected other AI-linked companies.

CoreWeave shares fell 8.1%, while Nebius plunged 18% after cutting its 2026 revenue forecast. AMD and Broadcom moved in the opposite direction, gaining more than 4% as investors considered whether Nvidia's problems could create an opportunity for competitors.

Nvidia's next earnings report, expected on November 17, will be another major test. Analysts expect revenue of $109 billion, with earnings growth of around 90%. Investors will be looking for evidence that the company's business can keep growing under interim leadership.

Anthropic financial results

Anthropic is entering the public market with substantial revenue growth. Its IPO filing reported $33.24 billion in revenue for the nine months ended September 30, 2026.

The company also reported adjusted operating income of $4.08 billion and adjusted net income of $5.59 billion for the same period. These are non-GAAP figures. The distinction matters. Anthropic recorded a GAAP net loss of $104.04 billion, largely reflecting changes in the fair value of convertible notes, derivatives and other financial instruments.

Its computing bill is another concern. Compute and infrastructure expenses reached $9.9 billion in the September quarter, equal to 58% of revenue.

Investors will need to judge whether Claude's growing commercial use can support these costs. Revenue growth alone will not justify a $1.4 trillion valuation.

ANT stock vs Nvidia stock: Two different bets on artificial intelligence

Anthropic and Nvidia operate in different parts of the AI market. Nvidia supplies the chips and computing platforms that power AI systems. Anthropic builds and sells AI models and services through Claude.

A successful ANT listing would give investors another major way to invest in the AI boom. It would not replace Nvidia's position in the semiconductor industry.

The $26 billion private placement also tells a bigger story. Nvidia, Google, Microsoft and other technology companies are backing Anthropic while competing across the wider AI market. The companies building AI models still need the infrastructure supplied by their investors and partners.

ANT has a chance to become one of Wall Street's most closely watched AI stocks. The timing gives it an additional advantage; investors are looking for alternatives as Nvidia faces questions about leadership, spending and the future of its AI ecosystem.

The final IPO price on November 18 will show how much investors are prepared to pay. The first trading session on November 19 will offer a clearer picture of demand.