Anthropic has filed to offer 825 million shares at between $70 and $78 each in an initial public offering (IPO) that could raise up to $64.35 billion and value the five-year-old artificial intelligence company at approximately $1.405 trillion.
The company’s updated filing with the US Securities and Exchange Commission on Tuesday brings it closer to a planned Nasdaq listing under the ticker symbol ANT. According to people familiar with the arrangements, Anthropic intends to price the offering on 18 November and begin trading the following day. The sources said the company was targeting a retail allocation of about 20%, substantially above the 5% to 10% typically reserved for individual investors in IPOs.
At the upper end of the proposed price range, the offering would represent a substantial increase from Anthropic’s $965 billion valuation announced in a funding round in May. However, expectations among some existing investors have moderated. Anthropic had previously been considering a valuation of as much as $2 trillion, but shareholders recently expressed doubts about whether even $1.5 trillion could be achieved. One investor described that figure as a “stretch”, according to CNBC.
Anthropic has also secured commitments from seven major technology companies to purchase $26 billion of its Class N common stock through a private placement at the same price per share as the IPO. The investors are Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Company. The privately placed shares will not be registered as part of the public offering and will not be subject to lock-up agreements with the underwriters, the filing said.
Despite uncertainty over valuation, institutional demand appears strong. People familiar with the offering said the order book was already covered within the proposed $70–$78 price range on an allocable basis, with demand reportedly stronger than that for SpaceX at a comparable stage of its IPO preparations.
If completed as scheduled, Anthropic’s listing would take place approximately five months after SpaceX’s record-breaking stock market debut, which raised $85.7 billion. Elon Musk’s reusable rocket and artificial intelligence company currently has a market capitalisation of just under $2 trillion, close to its valuation at the time of listing.
Anthropic’s investor presentation comes amid growing political and financial uncertainty surrounding the artificial intelligence industry. Recent US midterm elections resulted in a Democratic sweep in Congress, while several statewide ballot measures aimed at restricting or slowing data centre development were approved. Investors are also becoming more cautious about the sector, particularly over concerns that higher interest rates could increase borrowing costs for companies undertaking expensive infrastructure investments.
Founded in 2021 by chief executive Dario Amodei and a group of researchers who left OpenAI, Anthropic is best known for its Claude family of artificial intelligence models. Its business is primarily focused on selling products and services to other companies. On Monday, it introduced two new models, Claude Fable 5.2 and Claude Mythos 5.2, following rigorous safety and alignment testing, according to the company.
Financial figures disclosed in the amended filing show rapid revenue growth alongside substantial reported losses. Anthropic generated $33.24 billion in revenue during the nine months ending 30 September, an increase of approximately 1,200% from the corresponding period last year. It reported a net loss of $104 billion, largely attributed to changes in the fair value of convertible notes and derivative liabilities. The comparable loss for the same period in 2025 was $25.1 billion.
The company also reported that its run-rate revenue had reached approximately $81 billion by the end of October, an increase of $10 billion from the previous month.
In their prospectus, Anthropic’s co-founders described the company’s ambitions as helping humanity navigate technological change safely. “Everyone who owns our stock, whether an institution or an individual, becomes part of that effort,” they wrote.
