At the $74 midpoint of its filed price range, Anthropic would be worth $968.4 billion, which would make it the 14th most valuable company listed in the US on Friday’s closing prices, ahead of JPMorgan Chase and behind Walmart, by our arithmetic.
At the top of the $70 to $78 range it would rank 13th, $4.6 billion above Walmart; at the bottom it would rank 15th, $3.4 billion below JPMorgan. The ranking uses the 13,086,672,593 shares Anthropic’s amended prospectus says will be outstanding and Nasdaq market values at the 13 November close.
Business Pill · IPO float
An evergreen Business Engineer explainer on IPO float: the share of a company that trades after a listing. It teaches the general idea only and does not discuss Anthropic’s listing.
The key insight: As we read the filing against Friday’s closes, the IPO would put a company with $35,282 million of trailing revenue next to Walmart and JPMorgan in market value: at the $74 midpoint it would be worth $968.4 billion, about 27 times that revenue, by our arithmetic.
Anthropic’s Amendment No. 2 to its S-1 says “the initial public offering price per share will be between $70.00 and $78.00” and that it has applied to list on the Nasdaq Global Select Market under the symbol “ANT”. Pricing is expected on 18 November and trading on 19 November, as our day-by-day guide sets out.
The filing gives 13,086,672,593 shares of all classes outstanding after the offering and the concurrent private placement. At $70, $74 and $78 that is $916.1 billion, $968.4 billion and $1,020.8 billion, by our arithmetic, counting every class but excluding options and RSUs. Our range piece covers how the filing reaches those totals.
Walmart closed on 13 November at a market value of $1,016.2 billion and JPMorgan at $919.5 billion, Nasdaq data show. Both figures match the share counts on the companies’ latest SEC filings multiplied by Friday’s closes. Micron, the next company down, was at $880.6 billion.
Market value of the largest US-listed companies at the 13 November 2026 close (Nasdaq), with Anthropic at the $74 midpoint of its filed range on the 13,086,672,593 shares in its S-1/A. Anthropic values are our arithmetic.
The Twelve Companies Above It
Twelve US-listed companies were worth more than $1.3 trillion at Friday’s close, Nasdaq data show: Apple at $5,177.4 billion, Nvidia at $3,924.7 billion, Microsoft at $3,890.4 billion, Alphabet at $3,636.2 billion and Amazon at $2,883.4 billion lead the list.
TSMC’s US-listed shares put it at $2,068.7 billion, followed by SpaceX at $1,889.3 billion, Broadcom at $1,656.5 billion, Meta at $1,640.3 billion, Tesla at $1,542.4 billion, Eli Lilly at $1,359.0 billion and Berkshire Hathaway at $1,308.6 billion. Counting only US companies, without TSMC, Anthropic would rank 12th to 14th across the range, by our arithmetic.
At the midpoint Anthropic would be worth 24.7% of Nvidia and 51.3% of SpaceX, by our arithmetic. Reaching Berkshire Hathaway in 12th place would take a share price of about $100.00, 28% above the top of the range.
What the Value Rests On
The filing reports revenue of $4,585 million for 2025 and $33,242 million for the nine months to 30 September 2026. Over the four quarters to September that is $35,282 million, by our arithmetic, so the midpoint value is about 27 times trailing revenue.
The filing also says “Run-Rate Revenue was approximately $81 billion as of October 31, 2026”. The banks’ 2028 revenue estimates that underpin the valuation, as Reuters reported them, are in our banks’ model piece, and the cash Anthropic would hold after the listing is in our cash-pile piece.
The Structural Read
As we read the ranking, the range spans three places on its own: $916.1 billion at the bottom sits just below JPMorgan and $1,020.8 billion at the top just above Walmart, so where Anthropic prices on 18 November decides its rank among the 15 largest US-listed companies, by our arithmetic.
As we read the gap to the next tier, reaching Berkshire Hathaway in 12th place would take a share price of about $100.00, 28% above the top of the filed range, by our arithmetic; the filing gives no indication of pricing outside the range.
Anthropic, PBC, Amendment No. 2 to Form S-1
“It is currently estimated that the initial public offering price per share will be between $70.00 and $78.00.”
Three Implications
FOR IPO BUYERS At the midpoint the market value would be $968.4 billion on the 13,086,672,593 shares the filing says will be outstanding, about 27 times trailing revenue, by our arithmetic; pricing is expected on 18 November and trading on 19 November.
FOR INDEX WATCHERS The ranking compares Anthropic’s value across all share classes with the market values Nasdaq reports for other companies at the 13 November close; it moves with every price on the first trading day.
FOR READING THE COMPARISON Twelve US-listed companies, from Apple at $5,177.4 billion to Berkshire Hathaway at $1,308.6 billion, were worth more than the top of the range at Friday’s close, Nasdaq data show.
The framework states: “Inference is a revenue engine”.
As we read it, the IPO prices that engine next to the largest US companies: the midpoint value is about 12 times the $81 billion run-rate the filing gives for 31 October, by our arithmetic; the framework was published before the IPO and does not discuss this listing.
What Is Not Established
The final price is not set; Anthropic can price outside the filed range, and the ranking would move with it and with other companies’ share prices on the day trading starts. The market value here counts every class of Anthropic stock, including shares that will not trade, while Nasdaq’s figures for other companies use their reported share counts.
TechCrunch and others have put the value at up to $1.404 trillion at the top of the range “on a fully diluted basis”, which adds options and RSUs. On that basis Anthropic would rank as high as 11th, above Eli Lilly, by our arithmetic; this piece uses the shares the filing says will be outstanding, the same basis as the Nasdaq figures for other companies.
This piece compares values only; it is not a forecast of where the shares will trade. Anthropic was not contacted for this piece.
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At the filed range Anthropic would be worth $916.1 billion to $1,020.8 billion, ranking 13th to 15th among US-listed companies at Friday’s closes, between Berkshire Hathaway at $1,308.6 billion and Micron at $880.6 billion, by our arithmetic.
A note on sourcing. Closing prices and market values for other companies are Nasdaq data for 13 November 2026, cross-checked against share counts on the companies’ latest SEC filings. Anthropic’s price range, share count and revenue come from its Amendment No. 2 to Form S-1 on SEC EDGAR. Anthropic’s market values, the ranking and the ratios are our arithmetic. Anthropic was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
