IPO price kept quiet, but Anthropic footnote shows $71.43 stock mark

Anthropic submitted its IPO prospectus on Monday without naming a share price, yet a footnote shows the board considered the stock worth about $71.43 less than a month earlier.

The official figure was kept under wraps as of the close of the third quarter, but the number is not hard to derive.

In the third quarter, Anthropic recorded a $2 billion expense for matching shares that employees donated to charity in August. That obligation was settled in October with approximately 28 million non-voting Class N shares.

$2 billion divided by 28 million shares works out to $71.43 per share. Since both inputs are rounded, the range is technically $69.52 to $73.35, with the midpoint more likely.

A Delaware public benefit corporation, Anthropic also places an emphasis on philanthropy. Under its donation matching plan, the company may add a matching corporate gift of non-voting stock when an employee donates vested shares to charity.

For staff with offer letters dated on or after May 17, 2024, the plan says, “the company will donate one non-voting share for each donated share equivalent that the participant donates.”

That ratio provides the first input for calculating Anthropic's share price as of September 30.

The dollar expense, in turn, is whatever the board decided those shares were worth.

Here, the board said 28 million Class N shares carried a $2 billion value. 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.”

How Anthropic's share price has moved

In March 2025, backers in the Series E round paid the equivalent of $5.61 per common share. By September 2025, Series F investors were paying $14.10 per share, a price that put the company at a $183 billion valuation.

February 2026 brought the close of the Series G round, which carried a $380 billion valuation, or $25.91 per share.

Anthropic set up a tender offer in April with a price of $25.91 per share. Among the sellers were CEO Dario Amodei, his sister Daniela Amodei and her husband Holden Karnofsky.

May's Series H placed a $965 billion value on the company, or $58.90 per common share equivalent.

Following June 30, the board approved “grants of approximately 91 million RSUs with an aggregate grant date fair value of $5.8 billion,” which points to a stock price of about $64.

September's donation-match valuation of $71.43 followed, roughly 21% above the Series H price.

Nasdaq Private Market, on October 9, put the stock at $85.10, about 19% higher than Anthropic's September 30 price.

Anthropic's market debut may open above $90

Latest live estimates put Anthropic's stock at close to $90.80, after adjusting for the split.

Notice, the private data provider behind the live $90.80 quote, has not adjusted for Anthropic's 10-for-1 split on September 17, 2026. Its feed shows a $908 estimate, equal to $90.80 on a split-adjusted basis, the figure used in most press reports about the likely trading price of ANT, Anthropic's upcoming Nasdaq listing.

Stock splits often happen around big corporate milestones like an IPO, and the exact split-adjusted price for the open of retail trading later this year remains unknown.

Notice's $908 and Nasdaq Private Market's $85.10 both point to an Anthropic valuation of near $1.5 trillion.

Anthropic had 16.9 billion shares outstanding, so the September 30 price of $71.43 implied a valuation of about $1.2 trillion. That was a bit below the roughly $1.5 trillion estimated in late October.

That valuation works out to about $88.56 per share.

Should Anthropic achieve a $2 trillion valuation at IPO, the stock could trade at $118. More valuation growth or split-related changes could lift the final price further.

The $71.43 board valuation as of September 30, reasonably enough, contains what the S-1 calls a “discount for lack of marketability,” because the shares still had no public market.

The implication is that Anthropic's public trading debut will probably come at a price well above $71.43.

The company plans to trade under the ticker symbol ANT once it goes public.