ValuationsMarks, multiples & secondaries
Anthropic sets $70–$78 IPO range as Nvidia board investigates Jensen Huang and Sequoia closes London office
Anthropic set its IPO range at $70–$78 a share. Depending on share count, that values it at about $1.02 trillion to $1.4 trillion. The same week, Nvidia's board opened an inquiry into Jensen Huang, the Nasdaq 100 lost about $2.5 trillion and Sequoia cut back.
From the 20VC podcast episode of November 12, 2026 and cited sources: Anthropic's amended SEC filing sets an IPO range of $70–$78 for 825 million shares. [2] [9] [10]
SOURCES[2] CNBC: Anthropic sets IPO price range cnbc.com[9] Fortune: Anthropic's lower-than-expected IPO valuation fortune.com[10] Technology.org: Anthropic IPO range technology.org
AT Pulse research deskPublished · Updated · 5 min read · AI-assisted analysisAI-assisted, not human-edited. Methodology Corrections Who owns this site
- What happened
- Anthropic's amended SEC filing sets an IPO range of $70–$78 for 825 million shares. [2] [9] [10]
- Original source
- 20VC podcast episode, independent perspective
- Brief by
- AT Pulse research desk AI-assisted; publisher and contact on the desk page
- When
- November 12, 2026 podcast episode published
- Covered
- Nov 12 edition
- Evidence
- 11 sources across 9 sites; no transcript
- 120VC: Jensen Huang Investigation: What Happens Now |…thetwentyminutevc.libsyn.com
- 2CNBC: Anthropic sets IPO price rangecnbc.com
- 3TechCrunch: Sequoia hits rewindtechcrunch.com
- 4Rolling Out: Nasdaq loses $2.5T in a dayrollingout.com
- 5NVIDIA Board statementinvestor.nvidia.com
- 6CNBC: Nvidia investigates Huangcnbc.com
Reach: not measured yet
Anthropic's amended SEC filing sets an IPO range of $70–$78 for 825 million shares. That would raise up to $64.35 billion on Nasdaq under the ticker ANT. At the top of the range, the company would be worth about $1.02 trillion on outstanding shares, or about $1.4 trillion fully diluted. That is below the roughly $2 trillion discussed earlier in the year. Revenue for the nine months to September 30 was $33.24 billion, with a $25.1 billion operating loss. Quarter-over-quarter growth slowed from 144% to 47%. [2] [9] [10]
Nvidia's board formed a committee of independent directors, working with outside counsel, to review reports that Huang was targeted by a foreign intelligence effort. Those reports come from unnamed US intelligence officials. The board says it has no reason to think national security or company secrets were compromised. Huang told staff he had an affair. A later report said the board would meet to decide his future, but no decision has been announced. [5] [6] [7] [8]
Sequoia is closing its London office, its Arc accelerator and its Scouts program. It has also merged its early-stage and growth teams and reports raising about $10 billion. Alfred Lin and Pat Grady replaced Roelof Botha as co-leaders, and the firm is now run by seven general partners. [3] [11]
On November 5, the Nasdaq 100 fell 6.4% and lost about $2.5 trillion in market value. Democratic midterm wins raised fears of tighter rules on AI data centers, and forced selling by heavily borrowed investors deepened the drop. [4]
The filing terms, financials and board statement are documented; the implications are inference. A lower Anthropic price, leadership uncertainty at Nvidia and a sharp AI-stock selloff together test public-market appetite for frontier AI.
Read the full assessment
Sequoia's retreat leaves European founders with fewer early-stage funding options.
Sources are checked; now writing the dossier.
Executive brief
Anthropic has filed to go public at $70–$78 a share. At the top of that range it would be worth about $1.02 trillion on shares outstanding, or about $1.4 trillion counting all options and future stock grants. Both figures are below the roughly $2 trillion talked about earlier this year. The terms come from Anthropic's amended SEC filing (CNBC). The same week, Nvidia's board opened an investigation into CEO Jensen Huang. Separately, the Nasdaq 100 lost about $2.5 trillion in one day, and Sequoia Capital scaled back. This 20VC episode (published Nov 12) covers all four. Its transcript is unavailable, so the dossier relies on news reports and company documents.
What changed and event timeline
Sequoia pulls back
Sequoia is closing its London office (opened 2020), its Arc accelerator and its Scouts program (about 2009). It also merged its early-stage and growth teams and said it raised about $10B ().
Worst Nasdaq day in 19 months
The Nasdaq 100 fell 6.4%, losing about $2.5T in market value, after Democratic midterm wins raised fears of tighter rules on AI data centers. Forced selling by heavily borrowed investors deepened the drop ().
Nvidia board opens investigation
A committee of independent directors, working with outside counsel, will review reports that Huang was targeted by a foreign intelligence effort (). Huang told staff he had an affair ().
Anthropic sets IPO terms
It will sell 825M shares at $70–$78, raising up to $64.35B, on Nasdaq under the ticker "ANT." Unnamed sources say pricing is Nov 18 and trading starts Nov 19 ().
Board weighs removing Huang
The Wall Street Journal reported the board would meet to decide Huang's future. No decision had been announced (;).
Capabilities and access
None of these events involves a new model or product.
Read the full section
None of these events involves a new model or product. What changes is who can own the companies:
- Anthropic: public shares, ticker ANT. Unnamed sources say about 20% of the offering is aimed at retail investors, well above the norm (CNBC).
- Sequoia: fewer ways in for very early founders, with Scouts and Arc gone and no European office (TechCrunch).
Technical analysis for researchers and developers
The filing's numbers say more about the cost of frontier AI than about any model design. According to Anthropic's filing (CNBC): Fortune reports nearly $1T in committed compute spending (Fortune). For developers building on Claude, the takeaway is that the provider's cost of compute stays very high.
Read the full section
The filing's numbers say more about the cost of frontier AI than about any model design. According to Anthropic's filing (CNBC):
- Revenue: $33.24B in the nine months to Sept 30, up about 1,200% year over year.
- Losses: an operating loss of $25.1B. The net loss of $104B includes non-cash accounting changes.
- Run-rate revenue: about $81B at the end of October.
Fortune reports nearly $1T in committed compute spending (Fortune). For developers building on Claude, the takeaway is that the provider's cost of compute stays very high.
Claims and evidence
- Valuation: $70–$78 a share comes from the SEC filing.
- Prior valuation: $965B in May 2026, per CNBC.
- $26B private placement: commitments from AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, per CNBC.
Read the full section
- Valuation: $70–$78 a share comes from the SEC filing. That works out to about $1.02T on outstanding shares (Technology.org) or about $1.405T fully diluted (CNBC). The episode's agenda says "$1T" and its title says "$1.4TRN"; both are correct, on different share counts.
- Prior valuation: $965B in May 2026, per CNBC.
- $26B private placement: commitments from AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, per CNBC.
- Run-rate revenue and growth: reported by the company itself and not independently checked.
- Sequoia ending its evergreen fund: the episode title says so, but TechCrunch and Silicon Republic do not report it. No source reviewed confirms it.
Context and prior work
- SpaceX: its June 2026 IPO was valued at $1.77T, above Anthropic's range (Fortune).
- Sequoia: Alfred Lin and Pat Grady replaced Roelof Botha as co-leaders (Silicon Republic). Seven general partners now run the firm. Europe partner Luciana Lixandru declined to move to San Francisco (TechCrunch).
Limitations, safety and contested findings
- Nvidia: the board says it has no reason to think national security or company secrets were compromised (NVIDIA). Nvidia reports quarterly earnings Nov 17.
- Anthropic's growth: quarter-over-quarter revenue growth slowed from 144% to 47% in Q3 (Fortune).
- Nasdaq: the $2.5T is lost market value in the Nasdaq 100 only, not cash leaving the market (Rolling Out).
Read the full section
- Nvidia: the board says it has no reason to think national security or company secrets were compromised (NVIDIA). The spying claims come from unnamed US intelligence officials. The woman named, Alice Huang, is linked to Nvidia customer Megaspeed, which allegedly helped restricted Chinese buyers get Nvidia chips (CNBC). House Republicans requested a closed-door briefing for Nov 18. Nvidia reports quarterly earnings Nov 17.
- Anthropic's growth: quarter-over-quarter revenue growth slowed from 144% to 47% in Q3 (Fortune).
- Nasdaq: the $2.5T is lost market value in the Nasdaq 100 only, not cash leaving the market (Rolling Out).
Business and practitioner implications
- Pricing: VCs quoted by Fortune call the lower price smart, since it leaves room for gains after listing.
- Data centers: policy changes after the midterms put build-outs in Texas, Georgia and Ohio at risk, which matters for anyone planning around compute supply.
- Nvidia leadership: whether Huang stays is a key risk for GPU buyers and for the chip suppliers backing Anthropic's private placement.
Read the full section
- Pricing: VCs quoted by Fortune call the lower price smart, since it leaves room for gains after listing. They include Lior Prosor (Deep33), Darian Shirazi (Gradient), Aman Verjee (Practical VC) and Bastiaan Janmaat (Lithos) (Fortune). Fortune does not say whether any of them hold Anthropic stock.
- Data centers: policy changes after the midterms put build-outs in Texas, Georgia and Ohio at risk, which matters for anyone planning around compute supply.
- Nvidia leadership: whether Huang stays is a key risk for GPU buyers and for the chip suppliers backing Anthropic's private placement.
- European founders: losing Sequoia's local office and seed programs means fewer early sources of funding.
The source trail.
Sources (11)
20VC: Jensen Huang Investigation: What Happens Now | Sequoia Leave London, Close Scout Program and End Evergreen Fund | NASDAQ Loses $2.5TRN in 24 hours | Anthropic targets $1.4TRN IPO valuation
Metadata only. Transcript unavailable: Audio transcription returned HTTP 429.
thetwentyminutevc.libsyn.com