Anthropic wants to sell 825 million shares at between $70 and $78 each and debut on Nasdaq under the symbol ANT. At the maximum price, the deal would give the company behind Claude an implied valuation of $1.404 trillion, based on fully diluted share capital calculations cited by TechCrunch.
The offering, which is still planned and has not been completed, could raise between $57.75 billion and $64.35 billion from the sale of shares, according to TechCrunch. The company expects to begin trading during the week of November 16; CNBC, as cited by TechCrunch, puts the start of trading around November 19. Yahoo Finance reports that this date is being discussed as a possibility, not as a definitive confirmation.
The offering will be the first IPO by one of the leading developers of artificial intelligence models, according to Yahoo Finance. Its size makes it a test for investors: what is at stake is how much capital they are willing to put into AI companies and how long the spending boom that, according to the outlet, underpins the U.S. economy can be sustained.
An offering of up to $64.35 billion
The $70 to $78 range appears in an update to the filing submitted to the U.S. Securities and Exchange Commission (SEC). TechCrunch estimates that, at the upper end, Anthropic would reach a valuation of $1.404 trillion. That figure exceeds the $965 billion it reportedly reached in a May funding round, but is below the $2 trillion the company is said to have considered months ago.
Yahoo Finance also reports recent estimates of up to $2 trillion, now reduced amid a decline in AI-related stocks. ABC News puts the valuation proposed in the new filing at up to $1.4 trillion. These figures refer to estimates and pricing scenarios, not a definitive valuation set in a negotiation that has already begun.
Anthropic's expected net proceeds are between $84.6 billion and $93.7 billion, according to TechCrunch. The high end depends on the underwriters exercising their option to buy additional shares. Goldman Sachs and Morgan Stanley are among the underwriters; they will be able to purchase up to 123.75 million additional shares at the IPO price.
The company plans to reserve up to 20% of the offering for retail investors, TechCrunch reports. The main sale consists of Class A shares. In a parallel transaction, Anthropic agreed to sell $26 billion in non-voting Class N shares at the same IPO price.
Seven tech companies put up $26 billion
The buyers in that private placement are Google, Nvidia, AMD, Broadcom, Microsoft, Micron, and TSMC. Reuters breaks down the expected contributions: Google and Nvidia would each invest $10 billion; AMD, $2.5 billion; and Broadcom, Microsoft, and Micron, $1 billion each. TSMC would contribute $500 million. Together, they would represent 2.55% of the company at $78 per share, according to data published by Reuters.
Some of these commitments are tied to previous agreements between Anthropic and its suppliers. Google's investment counts toward its 2026 financing agreement, according to Reuters. AMD's investment is counted toward a $5 billion commitment to purchase shares, with up to another $2.5 billion linked to chip deliveries. Broadcom can lend up to $42 billion to finance data center leases.
Microsoft, meanwhile, has a major commercial connection: Anthropic has committed to spending at least $47.2 billion on Microsoft's computing capacity through 2033, Reuters reports. Reuters does not mention any other declared ties for Nvidia, Micron, or TSMC.
The placement illustrates a two-way relationship: several of the companies investing in Anthropic are also suppliers of the computing capacity it needs to develop its models. Reuters estimates that Amazon's and Google's stakes could be worth a combined $411 billion if the IPO is priced at the top of the $78 range. This is an estimate based on the filing, not money those companies have already received.
According to Reuters' calculation, Amazon invested $18 billion through loans from 2023 to 2025 and share purchases in April and May 2026. Google contributed $33.3 billion through loans from 2023 to 2025, share purchases in March and May 2026, and the private placement announced for the IPO. Reuters estimates that Amazon's stake would be worth $271.8 billion at the maximum price and Google's, $139 billion.
Accelerating revenue and substantial losses
The filing describes rapid revenue growth alongside large-scale spending commitments and losses. Anthropic recorded $17 billion in revenue in the third quarter, compared with $1.4 billion in the same period of the previous year, according to the document cited by Yahoo Finance. TechCrunch also reports $17 billion for the quarter and puts revenue for the first nine months at $33.2 billion.
As of October 31, the annualized revenue run rate was around $81 billion, $10 billion more than at the end of September, according to Yahoo Finance and TechCrunch. This annualized rate projects a year based on recent revenue; it is not equivalent to revenue already earned over twelve months.
The loss figures reported by the outlets cover different periods. TechCrunch reports a net loss of $104 billion in the first nine months and computing and infrastructure commitments of $900.9 billion. It also notes that Anthropic has nearly $132 billion in cash and short-term investments.
ABC News, by contrast, reports figures for the first half of the year: $16.3 billion in revenue, almost fourteen times more than in the same period the previous year, and a net loss of $80.7 billion. These are six-month figures, while TechCrunch's cover nine months; they should not be read as results for the same period.
The scale of computing-capacity commitments is central to the financial risks described by the company. Yahoo Finance notes that Anthropic has committed to investing hundreds of billions of dollars in computing and warns that it will have to meet many payments even if demand is lower than expected. The filing also includes risks that the models could pose if they are not developed and used responsibly.
Founders retain majority voting power
The governance structure will limit the influence of those who buy ordinary shares. TechCrunch reports that, as a public benefit corporation, the founders will retain Class F shares with 50.1% of the voting power. In addition, the Long-Term Benefit Trust will elect a majority of the board. Yahoo Finance summarizes that the seven co-founders will retain just over half of the voting rights after the IPO.
The updated filing also identifies seven founders who plan to sell nearly 3.4 million shares each: CEO Dario Amodei; President Daniela Amodei; Tom Brown, head of computing; Jack Clark, director of the Anthropic Institute; Jared Kaplan, chief scientist; Sam McCandlish, chief architect; and Christopher Olah, head of interpretability research. At the average price of $74, TechCrunch estimates that each sale would bring in around $250 million.
The prospectus warns that advanced models could pose catastrophic or existential risks if they are not developed and used responsibly. ABC News notes that, of the roughly 300 pages in the preliminary document, around 90 are devoted to scenarios that could harm the company's reputation, business, financial condition, or results.
Anthropic also acknowledges that its safeguards may become outdated, be circumvented, or fail to work as expected, according to ABC News. The company says it has deployed measures to detect and block misuse and unwanted behavior, but acknowledges the limitations of those protections.
The prospectus also mentions that Anthropic's public positions on AI regulation and safety could trigger negative political reactions or disproportionate regulatory measures. Yahoo Finance links this warning to the conflict with Donald Trump's White House: the Pentagon designated Anthropic a national security risk after the company refused to remove restrictions on the military use of its technology.
The political climate and the market test
The deal comes as markets are less favorable to companies linked to AI, according to TechCrunch. Yahoo Finance places the IPO amid Wall Street's reaction to the U.S. midterm elections: Democrats, described by the outlet as more cautious about AI, took control of both chambers of Congress and promised to curb Trump's agenda. Volatility has also drawn attention to Nvidia; Yahoo Finance notes that its CEO, Jensen Huang, became embroiled in an espionage scandal.
Art Hogan, chief market strategist at B. Riley Wealth Management, told AFP that the IPO is “just another chapter” in concerns about the cost of expanding AI and how to finance it. He also said investors have wanted to participate in three major companies over the past three years: SpaceX, Anthropic, and perhaps OpenAI next year.
“La quotazione di Anthropic è ‘solo un altro capitolo’ delle preoccupazioni degli investitori sui costi dell'espansione dell'IA e sul modo in cui verrà finanziata.”
— Art Hogan, chief market strategist at B. Riley Wealth Management
Yahoo Finance's immediate comparison is SpaceX, which raised $86 billion in its June IPO and reached a valuation of $1.77 trillion. Even if Anthropic reaches the top of its range, the offering would fall short of that record. OpenAI, its biggest rival according to TechCrunch, was reportedly valued at $1.25 trillion the previous week after raising $11 billion, nearly half of the $20 billion it initially sought to raise.
The outcome of the offering will provide a measure of appetite for shares in a company whose revenue is growing rapidly but which combines large losses, substantial infrastructure commitments, and a voting structure that leaves Class A shareholders with limited influence. Anthropic aims to begin trading during the week of November 16; November 19 is the date being discussed for the first day of trading.
Sources: Yahoo Finance, Reuters / Euronext, TechCrunch, ABC News
