The Claude developer plans to list on Nasdaq on November 19, with a separate $26 billion private placement potentially taking the combined fundraising to $90.4 billion.
Artificial intelligence company Anthropic is targeting a valuation of up to $1.4 trillion through its proposed initial public offering (IPO), as the Claude developer prepares to enter the US stock market. The company is seeking to raise as much as $64.4 billion through the offering, with shares expected to begin trading on Nasdaq on November 19, 2026.
According to its latest filing, Anthropic and some existing shareholders plan to sell 825 million shares at a proposed price range of $70 to $78 per share. At the upper end of the range, the offering could raise approximately $64.4 billion, making it one of the largest stock market debuts on record.
The company is expected to trade under the ticker symbol ANT.
Alongside the public offering, Anthropic is planning a separate $26 billion private placement involving major technology investors, including Google, Nvidia and AMD. If completed as proposed, the two transactions could generate combined proceeds of up to $90.4 billion.
At the highest proposed share price, Anthropic's fully diluted valuation would reach approximately $1.4 trillion, while its non-diluted market capitalisation would stand at around $1 trillion. The company was previously valued at $965 billion in a private funding round.
The planned listing comes as investors assess the financial requirements of developing and operating advanced AI models, particularly the infrastructure expenditure associated with computing capacity and model training.
Anthropic's latest filing indicates that its annualised revenue run rate reached approximately $81 billion as of October 31, an increase of $10 billion from the end of September.
However, the company also faces substantial infrastructure commitments. Its agreements with technology partners, including Amazon and Google, involve nearly $900 billion in computing commitments, reflecting the resources required to support its AI operations.
The scale of these commitments has placed greater attention on the relationship between revenue growth, infrastructure investment and long-term profitability across the artificial intelligence sector.
The updated IPO terms are lower than preliminary figures circulated to investment banks earlier this week, which suggested that Anthropic could raise as much as $69.3 billion. Those earlier estimates were subsequently withdrawn before the company submitted a revised prospectus to the US Securities and Exchange Commission.
Goldman Sachs and Morgan Stanley are leading the offering.
Anthropic's proposed market debut follows growing commercial demand for generative AI systems, including enterprise applications involving automation, software development and AI-assisted business processes.
The listing will provide public-market investors with an opportunity to assess Anthropic's revenue performance, capital requirements and future growth expectations.
The final valuation and proceeds will depend on investor demand, the eventual offer price and the completion of the planned transactions.
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