Anthropic Sets IPO Range That Would Value It at Up to $1.4 Trillion

Anthropic, the fast-growing developer behind the Claude chatbot, is pressing ahead with a blockbuster initial public offering even as markets wobble and enthusiasm for artificial-intelligence stocks cools. In an updated filing Tuesday, Anthropic said it plans to offer 825 million Class A shares at $70 to $78 each, a deal that could raise $57.75 billion to $64.35 billion and imply a valuation of up to $1.404 trillion on a fully diluted basis if priced at the top of the range.

A mega-deal, plus a private round at the IPO price

Alongside the public offering, the company disclosed an agreement to privately sell $26 billion of non-voting Class N stock at the IPO price to a roster of strategic investors spanning chips and cloud computing. Participants include AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, with Google and Nvidia each committing $10 billion. In total, Anthropic estimated net proceeds of $84.6 billion to $93.7 billion, depending on whether underwriters exercise an option to purchase up to 123.75 million additional shares.

The proposed valuation would mark a steep rise from the company's $965 billion valuation in a May fundraising, even as it falls short of the $2 trillion figure it was reportedly aiming for earlier this year. Still, the offering would position Anthropic among the most valuable companies to debut in public markets, at a time when rivals such as OpenAI are also commanding eye-popping private-market prices; OpenAI was reported last week to have reached $1.25 trillion after raising $11 billion.

Anthropic's filing underscored both momentum and strain in its financials. The company said its run-rate revenue reached $81 billion by the end of October, up about $10 billion from the end of September; third-quarter revenue was $17 billion, and nine-month revenue totaled $33.2 billion. But it also reported a nine-month net loss of $104 billion, with compute and infrastructure commitments of $900.9 billion, while holding nearly $132 billion in cash and short-term investments.

For prospective shareholders, the filing also laid out governance constraints that will leave new investors with limited influence. As a public benefit corporation, founders retain control through a Class F share carrying 50.1% of voting power, while the Long-Term Benefit Trust will elect a majority of the board. Anthropic said it expects to begin trading on the Nasdaq around Nov. 19 under the ticker "ANT," with up to 20% of the offering earmarked for retail investors.

Key details from the updated filing include:

• Founders and senior leaders, including CEO Dario Amodei and President Daniela Amodei, plan to sell nearly 3.4 million shares each; at the $74 midpoint, that would be about $250 million per person.
• The company began using "super intelligence" and "SI" interchangeably with "AI," citing a September Trump executive order directing agencies to adopt the new terminology.

The updated filing points to an IPO designed to raise capital at unprecedented scale while preserving founder control through a governance structure that limits Class A shareholders' say over corporate decisions.

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