Anthropic Sets IPO Terms Targeting Valuation of Up to $1.4 Trillion

A Major Listing Takes Shape

Anthropic, the San Francisco-based developer of the Claude chatbot, has laid out terms for an initial public offering that could value the company at as much as $1.4 trillion. In a regulatory filing submitted to the US Securities and Exchange Commission, the firm said it intends to sell 825 million shares at a range of $70 to $78 apiece. At the upper end, the sale could bring in roughly $64 billion, while the midpoint of the range points to about $61 billion.

Trading is expected to begin on the Nasdaq around November 19 under the ticker “ANT.” Earlier reports had suggested the company might raise as much as $100 billion, which would have set an IPO record, so the eventual figure falls below that expectation.

Private Placement and Strategic Backers

Alongside the public offering, seven technology firms have agreed to purchase $26 billion in non-voting shares at the IPO price through a separate private placement. The buyers include Google, Nvidia, AMD and Microsoft. Each is either an existing investor in Anthropic or a major provider of the computing power the company relies on.

Comparisons With Recent Deals

Even at the top of its price band, the offering would trail the $86 billion raised by Elon Musk’s SpaceX in its June listing, which was valued at about $1.77 trillion. Analysts see Anthropic’s debut as a bellwether for how durable investor enthusiasm for artificial intelligence remains, particularly after a recent selloff in technology shares. Market strategist Art Hogan of B. Riley Wealth Management described the listing as one more episode in a long-running debate over how the AI buildout is financed and whether it will pay off.

Financial Picture

According to the filing, Anthropic posted revenue of $17 billion in the third quarter, compared with $1.4 billion a year earlier. Its annualized run-rate revenue stood at about $81 billion as of October 31, a rise of $10 billion from the end of September. The company has not yet reported a profit, and its filing notes it has committed hundreds of billions of dollars to computing capacity, obligations it says it must meet even if demand weakens.

Risks and Political Tensions

The prospectus devotes considerable space to risk. It states that advanced AI systems “could pose catastrophic or existential risks to society if not developed and deployed responsibly,” and warns that its public stance on regulation and safety could draw political backlash. The filing also references a dispute with the Trump administration: the Pentagon has designated Anthropic a national security risk after the company declined to loosen limits on military applications of its models.

Background

The timing coincides with Wall Street’s reaction to the US midterm elections, which handed Democrats control of both houses of Congress. Party lawmakers have expressed more caution about artificial intelligence and have pledged to constrain parts of President Trump’s agenda. Volatility has also hit AI-linked stocks, with chipmaker Nvidia drawing attention after its chief executive became entangled in a spy investigation.

What Comes Next

Final pricing will determine how the shares perform once trading starts. Pricing too high risks a weak debut, while pricing too low leaves money on the table. Investors will also watch the offering for signals about OpenAI, Anthropic’s closest rival, which is reportedly preparing its own public listing.