- Anthropic plans to raise up to $64.4B in its IPO, plus a $26B private placement.
- At $70 to $78 a share, it would be valued at up to $1.4T fully diluted.
- Run-rate revenue hit $81B on October 31, up $10B from September 30, per its filing.
Anthropic is seeking a valuation of up to $1.4 trillion in an IPO that could raise as much as $90.4 billion alongside a separate private placement. The listing is a test of Wall Street’s appetite for AI, as investors weigh surging demand against the cost of building and running AI infrastructure.
The company, best known for its Claude chatbot, is offering 825 million shares at $70 to $78 apiece: 801.4 million from the company and 23.6 million from selling stockholders. At the top of the range, the sale would raise up to $64.4 billion. Anthropic will also raise $26 billion from cornerstone investors, including Google, Nvidia and AMD. Shares are expected to trade on Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley underwriting.
The $1.4 trillion figure is Bloomberg News’ fully diluted estimate, which counts securities such as stock options and restricted stock. Reuters calculated about $1.02 trillion at the top of the range without them.
Earlier reports suggested $1.5 trillion to $2 trillion, with some investors modelling above $2 trillion, as we reported. The latest range comes in below those expectations, and Reuters reported that $1.5 trillion is now seen as the top of the range. Preliminary terms were briefly sent to investment banks and pulled late on November 9, according to emails Reuters saw.
From $380B to $1.4T in less than a year
Anthropic’s valuation has climbed fast. In February, it raised $30 billion in a Series G round at a $380 billion valuation, as covered in Tech Funding News’ funding report.
Three months later, it raised $65 billion at a $965 billion valuation in its Series H round, overtaking OpenAI as the most valuable private AI company. TFN reported on the round. Four days after that, it confidentially filed for an IPO, as TFN covered in its report on the filing.
In August, investors reportedly modelled a valuation of $2 trillion or more, according to the Financial Times, a figure TFN examined in its report on the IPO speculation.
Claude demand drives revenue, but computing comes at a cost
Anthropic was founded in 2021 by former OpenAI executives and researchers led by Dario Amodei and Daniela Amodei, alongside co-founders including Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah. Its growth has been fuelled by demand for Claude, even as the company faces questions about how quickly it can turn that demand into sustainable returns.
Run-rate revenue reached roughly $81 billion as of October 31, up $10 billion from September 30, according to the IPO filing. The S-1 Anthropic filed in October showed revenue of $16.3 billion for the six months to June 30 and an $80.7 billion net loss, mostly from non-cash valuation markdowns and stock-purchase arrangements, TFN reported.
Anthropic has nearly $900 billion in computing commitments with partners including Amazon and Google, and some of that capacity relies on financing outside its control. The prospectus also warns that rivals could build models faster and that AI progress could outpace its safety and security measures.
The IPO puts AI spending under scrutiny
The listing comes as investors question whether returns will justify the spending and rising debt costs behind the AI build-out. Reuters noted that other AI infrastructure and data centre companies have delayed or withdrawn listings as interest rates have risen, and that CoreWeave has seen a sharp selloff in its shares and bonds.
The offering is also being watched for what it means for OpenAI, which is reportedly seeking about $30 billion at a valuation above $1.4 trillion ahead of a planned 2027 listing. TFN has also covered OpenAI’s latest funding push.
Alongside the Google, Nvidia and AMD placements, cornerstone investors include Broadcom, Micron Technology, Microsoft and TSMC. Board members and affiliates have indicated interest in buying up to $303 million of Class A shares at the offering price. The S-1 also shows that Anthropic’s seven co-founders hold 50.1% of voting power on general governance matters through a single Class F share.
The IPO follows SpaceX’s record $75 billion raise in June. Anthropic was last valued at $965 billion in a private funding round.
The IPO could set a benchmark for AI companies seeking public-market funding. With investors focused on infrastructure costs, debt and the path to returns, the question is whether Anthropic’s growth can justify a valuation near $1.4 trillion, or whether Wall Street’s enthusiasm for AI is meeting its limits.
