Anthropic targets $1.4 trillion valuation, up to $64.4 billion raise in IPO

Anthropic is targeting a valuation of up to $1.4 trillion in its upcoming initial public offering, as the AI company prepares what could become one of the largest stock-market debuts on record.

The Claude developer and some existing shareholders plan to sell 825 million shares priced between $70 and $78 each, potentially raising as much as $64.4 billion through the IPO. Shares are expected to begin trading on Nasdaq on November 19 under the ticker ANT.

Read On: Anthropic files for IPO

Anthropic also plans to raise another $26 billion through a private placement involving cornerstone investors including Google, Nvidia and AMD. Including that placement, the total capital raised could reach $90.4 billion.

At the top of the price range, Anthropic would be valued at around $1.4 trillion on a fully diluted basis, while its non-diluted market value would be about $1 trillion. The company was last valued at $965 billion in a private funding round.

The offering comes as investors grow more cautious about the economics of frontier AI, particularly the enormous infrastructure and financing requirements needed to sustain rapid model development.

Anthropic’s latest filing shows run-rate revenue of roughly $81 billion as of October 31, up $10 billion from the end of September. At the same time, the company has nearly $900 billion in computing commitments with partners including Amazon and Google, underscoring the scale of capital required to support that growth.

Read On: Anthropic Q3 revenue jumps 47% to $16.96 billion as net loss narrows ahead of IPO

The revised terms are somewhat lower than preliminary figures circulated to investment banks earlier this week, which had suggested that the IPO could raise as much as $69.3 billion. Those details were subsequently retracted before Anthropic filed an updated prospectus with the US Securities and Exchange Commission.

Goldman Sachs and Morgan Stanley are leading the offering.

For the wider AI industry, Anthropic’s listing will provide one of the clearest tests yet of how public markets value extraordinary AI growth against equally extraordinary capital requirements. The company’s revenue trajectory is accelerating rapidly, but its nearly $900 billion in future compute commitments means investors are effectively being asked to price not just growth, but the cost of sustaining it.