Anthropic filed its IPO prospectus on Monday with the share price left blank but a footnote reveals that its board of directors thought the stock was worth approximately $71.43 barely a month earlier.
Even though Anthropic wanted to keep its formal share price quiet as of the end of the third quarter, it’s not difficult to work out.
Anthropic recognized a $2 billion expense in the third quarter to match shares that employees donated to charity in August. In October, it then settled that obligation with approximately 28 million non-voting Class N shares.
Dividing $2 billion by 28 million shares produces $71.43 per share. Both inputs are rounded, so the range is technically $69.52 and $73.35, with a higher likelihood toward the midpoint.
Anthropic is a Delaware public benefit corporation and encourages philanthropy. Under its donation matching plan, when an employee donates vested shares to charity, the company may add a matching, corporate gift of non-voting stock.
For staff whose offer letters came on or after May 17, 2024, that plan states, “the company will donate one non-voting share for each donated share equivalent that the participant donates.”
The donation matching plan ratio provides the first figure to calculate Anthropic’s share price as of September 30.
Next, the dollar expense is whatever the company’s board determined for the value of those shares.
In this case, the board said 28 million Class N shares were worth $2 billion. Anthropic’s donation matching plan defines that as “the per share fair market value of a share, as determined by the administrator in good faith.”
Read more: Amazon’s $190B Anthropic stake has links to SBF
A brief history of Anthropic’s stock price
In March 2025, Series E investors paid the equivalent of $5.61 per common share. By September 2025, Series F investors paid $14.10 per share at a $183 billion valuation.
Its Series G round closed in February 2026 at a $380 billion valuation, or $25.91 per share.
In April, Anthropic facilitated a tender offer at $25.91 per share. Sellers included CEO Dario Amodei, his sister Daniela Amodei, and her husband Holden Karnofsky.
The Series H valued the company at $965 billion in May, or $58.90 per common share equivalent.
After June 30, the board approved “grants of approximately 91 million RSUs with an aggregate grant date fair value of $5.8 billion,” implying a stock price of roughly $64.
Then came September’s $71.43 donation-match mark, about 21% above the Series H round.
On October 9, Nasdaq Private Market indicated a stock price of $85.10, about 19% above Anthropic’s September 30 stock price.
Anthropic could open for trading above $90
Finally, live estimates of Anthropic’s current stock price are near $90.80 on a split-adjusted basis.
Notice, the private data provider for this $90.80 live quote, hasn’t adjusted for Anthropic’s 10-for-1 split on September 17, 2026. Notice displays a $908 stock price estimate, which is equivalent to $90.80, the split-adjusted figure used in most press articles about the likely trading price of ANT, Anthropic’s upcoming Nasdaq listing.
Splits are common near major corporate events, such as an IPO, and the exact split-adjusted price for the open of retail trading later this year is unknown.
Both Notice’s “$908” and Nasdaq Private Market’s “$85.10” impute a similar valuation for Anthropic near $1.5 trillion.
At $71.43 per share as of September 30, Anthropic’s 16.9 billion share count implied a valuation of roughly $1.2 trillion — slightly lower than current estimates near $1.5 trillion as of late October.
The $1.5 trillion valuation calculates to approximately $88.56 per share.
If the company can achieve a $2 trillion valuation at IPO, its stock price could reach $118. Further valuation increases, or split adjustments, could take the ultimate share price even higher.
The board’s $71.43 stock price mark as of September 30 understandably includes what the S-1 calls a “discount for lack of marketability,” because the shares weren’t yet publicly traded.
In other words, Anthropic will likely start trading on public exchanges much higher than $71.43.
Anthropic is requesting the ticker symbol ANT when it commences public trading.
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