In an amended SEC filing on Tuesday, the Claude maker said it plans to offer 825 million shares at between $70 and $78 apiece in its proposed initial public offering. At the top of that range, the shares would have a combined value of approximately $64.35 billion. The offering includes shares sold by existing shareholders, from which Anthropic will receive no proceeds.

Separately, Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC Partners, an affiliate of Taiwan Semiconductor Manufacturing, have agreed to purchase a combined $26 billion of Anthropic’s nonvoting Class N common stock through a private placement immediately following the IPO, according to the filing. That would bring the combined total to as much as $90.4 billion.

Just weeks ago, reports had put the company’s potential valuation at roughly $2 trillion. Now, Anthropic’s bankers are considering pricing shares above the filed range, which could lift the valuation to $1.5 trillion or more, the Financial Times reported.

Anthropic, which plans to list on the Nasdaq under the ticker symbol ANT, launched its roadshow on Tuesday, and the deal is expected to price on Nov. 18.

CFO Krishna Rao, who joined Anthropic in 2024, is not selling any shares in the IPO. According to the filing, he beneficially owned about 9.5 million Class A shares as of Sept. 30, nearly all of it in stock options. At the top of the proposed range, that stake would have a gross value of roughly $740.8 million, before the cost of exercising the options and taxes.

Dan Ives, partner and senior managing director at Yorkville Ives & Co., wrote in a Tuesday note that the deal sets up a debate over “margin against growth,” with the stock likely to trade on whether Anthropic’s second-quarter operating profit or its third-quarter loss reflects its true run rate.

Ives also argued that a more conservative valuation could help Anthropic achieve a successful market debut. The $1.4 trillion figure includes stock options and other equity awards. Counting only shares outstanding, he noted, the top of the range values the company at about $1 trillion.

“Given the volatility and nervousness across the tech trade over the past week, we believe pricing at roughly $1 trillion, with the option to move toward $1.2 trillion if the book allows, is the right move,” Ives wrote. “A deal of this size gets one shot at its debut, and making it digestible for the market matters more than the last turn of valuation.”

Sheryl Estrada
Sheryl.Estrada@fortune.com

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Fortune 500 Power Moves

Andrew Murray was named CFO of Albertsons (No.57), effective Jan. 17. Murray succeeds Cody Perdue, who has served as interim CFO since Sept. 30 and will continue as SVP of treasury, investor relations and risk management. Murray joins Albertsons from Fonterra Co-operative Group, the world's largest dairy exporter, where he has been group CFO since 2024. He also oversees strategy, M&A, transformation and IT there. Before Fonterra, Murray was CFO of Simplot Australia, led global finance transformation at Toll Group, and held senior finance roles at Mondelez International.

The weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

More notable moves

Richard Dziadzio was named CFO of AmeriLife Group, a life and health insurance distribution, wealth management and retirement solutions company. Dziadzio succeeds Jim Quinn, who has been CFO since 2017 and moves into the newly created role of president and chief transformation officer. Most recently, Dziadzio was interim CFO of Sterling Check during its acquisition by First Advantage. Before that, he spent more than seven years as EVP and CFO of Assurant. 

Jacqueline Maxwell was named CFO of Prolink, a Cincinnati-based workforce solutions firm, the company announced. She succeeds Jennifer Prospero, who becomes chief administrative officer. Maxwell has been with Prolink since 2012, most recently as vice president and corporate controller. Before that, she was a controller at Mary L. Shiley, LLC. Prospero joined Prolink as interim CFO in March 2024 and was named CFO in January 2025.

Big Deal

Americans plan to spend an average of $1,011 on holiday gifts this year, on par with 2024 and 2025, according to Gallup. That points to typical holiday sales growth of about 3%. However, inflation is running near 3.5%. Gallup points out that steady gift budgets may not stretch as far, which suggests flat or lower volumes for consumer-facing companies even if sales rise. The survey, conducted before the midterm elections, found 24% of Americans plan to spend less than last year and 18% plan to spend more.

Going deeper

While the debate continues over how fast AI should move, two finance and accounting scholars say the real gap is measurement. In a Knowledge at Wharton op-ed, Burcu Esmer of Wharton and N. Bugra Ozel of the University of Texas at Dallas call for a standardized "harm ledger": common definitions and reporting forms for AI failures, checked by independent auditors.

Under their proposal, large employers, hospitals and lenders using AI would report consequential errors and outcome disparities to their existing regulators. The authors point to the 2008 financial crisis as a warning about measuring risk too late. "The first constraint on AI need not be a limit on innovation," they write. "It should be a limit on opacity."

Overheard

"We knew we wanted to celebrate and honor all 41 million of our veterans and service members, and what better place to do that than on our National Mall."

—USAA’s lead communications director, Christian Bove told Fortune in an interview. This year, to celebrate the country’s 250th anniversary, the insurance and banking company USAA, which serves military members, veterans, and their families, built a National Military Monument, which displays military service members’ names on digital American flags.