Anthropic targets $1.3 trillion valuation in IPO

# Anthropic Targets $1.3 Trillion Valuation in Landmark IPO, Plans to Raise More Than $60 Billion

San Francisco-based artificial intelligence company Anthropic is preparing for a major stock market debut, seeking an estimated valuation of approximately $1.3 trillion through its proposed initial public offering (IPO). The company, known for developing the Claude family of AI models, is aiming to secure more than $60 billion from public investors, potentially making the listing one of the largest IPOs ever undertaken. Details of the proposed offering were disclosed in a regulatory filing dated November 10, outlining the company’s plans to enter the public markets as competition in the artificial intelligence industry continues to intensify.

Anthropic intends to offer approximately 825 million shares of Class A common stock at a proposed price range of $70 to $78 per share. At the midpoint of that range, the public offering could generate approximately $61 billion before additional shares available through the underwriters’ option are considered. The company has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol ANT. The proposed listing is expected to attract considerable attention from institutional investors seeking exposure to the rapidly expanding artificial intelligence sector.

Alongside the IPO, Anthropic has arranged a separate $26 billion private placement involving seven major technology companies. According to its regulatory disclosures, Google and Nvidia are each expected to invest $10 billion, while Advanced Micro Devices (AMD) has committed $2.5 billion. Broadcom, Micron Technology and Microsoft are each expected to contribute $1 billion, while TSMC Partners is listed for a $500 million investment. These investments will be made through Class N shares, which do not provide voting rights, and are expected to take place after the IPO is completed, subject to specified conditions.

The combined public offering and private placement could generate approximately $84.6 billion in net proceeds based on the assumed midpoint share price. That amount could increase to approximately $93.7 billion if the underwriters exercise their option to purchase additional shares in full. The proposed financing arrangement would provide Anthropic with significant resources to expand its computing capacity, develop more advanced AI systems and strengthen its position in the enterprise technology market.

Founded in 2021 by former OpenAI executives, Anthropic has developed into one of the leading competitors in the generative AI industry. Its Claude models have gained attention among businesses and developers for their capabilities in writing, coding, research and other complex tasks. The company's financial disclosures highlight the speed at which its business has expanded. Anthropic reported revenue of $33.2 billion for the nine months ended September 30, 2026, compared with $2.5 billion during the same period in 2025, representing year-over-year growth of approximately 1,206%.

However, the company's rapid expansion has also brought substantial financial costs. Anthropic reported a net loss of approximately $104 billion for the first nine months of 2026, while its operating loss for the same period stood at approximately $1.3 billion, compared with $5.2 billion a year earlier. The difference between these figures reflects the impact of significant non-operating and non-cash accounting adjustments, including changes in the fair value of convertible financial instruments. The company also reported adjusted operating income of approximately $4.1 billion, reversing an adjusted operating loss of $3.1 billion during the corresponding period in 2025.

One of the biggest challenges facing Anthropic is the enormous investment required to develop and operate advanced artificial intelligence systems. Its computing and infrastructure expenses reached approximately $18.8 billion during the first nine months of 2026, compared with $4.38 billion in the same period a year earlier. The company also disclosed approximately $900.9 billion in aggregate committed spending under computing, infrastructure and lease agreements, including commitments made after September 30. Anthropic stated that substantially all of these obligations are connected to computing and infrastructure, highlighting the scale of resources needed to support its future operations.

The proposed IPO comes at a time when investors are increasingly examining whether major artificial intelligence companies can convert rapid technological development into sustainable long-term profits. While Anthropic's revenue growth and adjusted operating performance demonstrate strong commercial momentum, its infrastructure requirements and reported financial losses could raise questions about future profitability. Investors will also assess whether demand for Claude and other AI services can continue expanding quickly enough to justify the company's proposed valuation.

Anthropic's planned public listing will offer investors an opportunity to evaluate one of the world's largest AI developers through publicly traded shares rather than relying primarily on private funding valuations. The company was last valued at approximately $965 billion in a private funding round, according to Reuters, while the proposed IPO valuation remains below the $2 trillion figure previously discussed by investors. Its market debut is also expected to bring renewed attention to the financial outlook of the wider artificial intelligence industry.

The listing could further intensify competition between Anthropic and its rival OpenAI, which is also expected to consider a potential public offering. Both companies are competing to develop increasingly powerful AI models, attract enterprise customers and secure access to the computing infrastructure needed for future growth. If completed under the proposed terms, Anthropic's IPO would represent a major milestone for the company and the broader technology sector, while providing substantial capital to support its next phase of expansion. At the same time, the offering will place its growth strategy, infrastructure commitments and path to profitability under closer public-market scrutiny.