SAN FRANCISCO, United States – Artificial intelligence company Anthropic is seeking a valuation of approximately $1.3 trillion through its proposed initial public offering (IPO), with plans to sell 825 million shares as it prepares to enter the Nasdaq stock market.
In an amended registration statement filed with the US Securities and Exchange Commission (SEC) on November 10, the company set an indicative price range of $70 to $78 per share. The offering could generate between approximately $57.75 billion and $64.35 billion in gross proceeds, depending on the final share price and allocation.
The proposed listing would place Anthropic, the developer of the Claude artificial intelligence platform, among the world’s most highly valued technology companies. However, the $1.3 trillion figure is an estimate reported in market coverage rather than a final valuation established by the company. Different calculations based on outstanding shares and fully diluted share counts have produced estimates ranging from approximately $1 trillion to more than $1.4 trillion.
SEC Filing Sets IPO Terms
Anthropic’s amended registration statement provides for the sale of 825 million Class A shares.
The company will offer approximately 801.35 million new shares, while existing shareholders will sell another 23.65 million shares. Anthropic will not receive proceeds from the shares sold by those existing investors.
The proposed price range of $70 to $78 would value the public offering at approximately $57.75 billion to $64.35 billion in gross proceeds. The company has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol ANT.
The prospectus also provides for underwriters to purchase up to an additional 123.75 million shares, subject to the terms of the offering.
The registration statement remains subject to SEC review and is not a final offer to sell shares. The final IPO price and market valuation will depend on the completion of the regulatory process and investor demand.
Major Technology Companies Commit Additional Investment
Separate from the public share offering, Anthropic has agreements for a $26 billion private placement involving several major technology companies.
The proposed investors include Google, Nvidia, Advanced Micro Devices, Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing Company.
Google and Nvidia have each agreed to invest approximately $10 billion, while AMD is set to contribute $2.5 billion. Broadcom, Micron and Microsoft are each expected to invest $1 billion, with TSMC Partners contributing approximately $500 million.
The private placement involves non-voting Class N shares and is scheduled to close immediately after the IPO, subject to the offering’s completion and other conditions.
Anthropic estimates that proceeds from its public offering and the separate private placement could reach approximately $84.6 billion after estimated underwriting discounts and offering expenses. That amount could increase to approximately $93.7 billion if the underwriters exercise their additional-share option in full.
Revenue Expands as AI Demand Grows
Anthropic’s regulatory filing reports revenue of $33.2 billion for the nine months ending September 30, 2026, compared with $2.5 billion during the same period a year earlier.
The company reported an operating loss of $1.3 billion for the nine-month period, down from $5.2 billion in the corresponding period of 2025. The figures reflect rapid commercial expansion alongside substantial investment in developing and operating advanced AI systems.
Anthropic’s business includes the Claude family of AI models and services for individual users, software developers and enterprise customers.
The company faces competition from OpenAI, Google and other AI developers as demand grows for systems used in software development, business automation, research and other professional applications.
Valuation Faces Market and Financial Scrutiny
The proposed valuation comes amid increased investor scrutiny of the cost of developing advanced AI systems and the infrastructure required to operate them.
Anthropic’s valuation expectations have shifted during the IPO preparation process. Earlier market discussions placed the company as high as $2 trillion, but subsequent estimates moved lower as technology shares experienced volatility and investors reassessed the financial commitments required to sustain AI expansion.
The valuation figures also differ according to the share-count methodology used. A calculation based on the outstanding shares disclosed in the registration statement produces a lower estimate than calculations incorporating additional shares and securities that could become outstanding through employee awards and convertible instruments.
This distinction matters because the proposed IPO price does not establish a single definitive company valuation before trading begins.
Anthropic’s Governance Structure Gives Founders Voting Control
The registration statement also details a corporate structure designed to preserve the company’s public-benefit commitments while allowing it to raise capital from public investors.
Anthropic operates as a Delaware public benefit corporation, with a stated purpose of developing advanced AI responsibly for the long-term benefit of humanity.
The prospectus provides for a special Class F share held by an entity associated with the company’s founders. That share will carry 50.1% of the total voting power on matters submitted to shareholders generally, giving the founders substantial control despite the public listing.
A separate Long-Term Benefit Trust will have authority to elect and remove Class T directors, who are expected to form a majority of the company’s board.
The structure means public investors will acquire an economic interest in Anthropic without receiving voting influence proportional to their financial investment.
The proposed IPO represents a major test of public-market demand for advanced AI companies. Its final valuation, share price and trading performance will provide a clearer indication of how investors assess Anthropic’s rapid revenue growth, infrastructure commitments and long-term business prospects.
Primary Sources: Anthropic, PBC — Amendment No. 2 to Form S-1 Registration Statement, filed with the US Securities and Exchange Commission, November 10, 2026. Establishes the proposed IPO terms, indicative share-price range, number of shares, private placement commitments, financial disclosures and corporate governance structure. US Securities and Exchange Commission (SEC) — EDGAR Filing Record for Anthropic, PBC, Registration No. 333-299633, November 10, 2026. Confirms the filing date and registration documents submitted for regulatory review.
