Anthropic, the artificial intelligence company behind the Claude chatbot, has launched its initial public offering roadshow, targeting a valuation of approximately $1.4 trillion in what could become one of the largest stock market debuts in history.
According to an updated regulatory filing submitted to the US Securities and Exchange Commission on November 10, the San Francisco-based company plans to offer 825 million shares at an indicative price range of $70 to $78 each.
The offering could raise as much as $64.35 billion, including shares sold by existing shareholders.
However, bankers are reportedly considering increasing the offering price above the initial range, potentially lifting Anthropic’s valuation to $1.5 trillion or more, according to the Financial Times.
Nvidia and Google Commit Billions
Alongside the public offering, Anthropic has arranged a separate $26 billion private placement involving major technology companies.
Nvidia and Google’s parent company, Alphabet, are each expected to invest approximately $10 billion. Other participating investors include AMD, Broadcom, Microsoft, Micron and TSMC.
The additional financing would provide Anthropic with substantial resources to support its expanding artificial intelligence infrastructure.
The company has disclosed approximately $900 billion in computing and infrastructure commitments, highlighting the capital-intensive nature of developing advanced AI systems.
Revenue Growth and Investor Expectations
Anthropic reported approximately $17 billion in revenue for the third quarter of 2026, while its annualized revenue run rate reached $81 billion by the end of October.
The annualized figure represents the pace of revenue at that point rather than revenue already generated over a full year.
The IPO comes amid growing investor scrutiny of artificial intelligence valuations, infrastructure spending and the long-term profitability of leading AI developers.
Anthropic’s proposed valuation is below the $2 trillion figure reportedly discussed earlier this year, reflecting a more cautious environment for technology investments.
Nasdaq Listing Expected in November
Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT.
The company is reportedly targeting November 18 for final pricing, with trading potentially beginning November 19.
The final offering price, valuation and proceeds remain subject to investor demand and market conditions.
