Artificial intelligence developer Anthropic outlined terms for its planned initial public offering on Tuesday, setting a target price range that could raise roughly $90 billion and make the offering the biggest in market history.
According to an updated regulatory filing submitted Tuesday morning, the San Francisco-based company plans to issue 825 million shares priced between $70 and $78 each. That range would generate up to $64.35 billion from the direct stock sale, CNBC reported. Alongside the public float, Anthropic secured a $26 billion private placement agreement to sell non-registered Class N common stock at the final offering price to major tech partners, including Nvidia, Microsoft, Google, Advanced Micro Devices, Broadcom, Micron and Taiwan Semiconductor Manufacturing Company.
If underwriters price the shares at the top of that band, the overall funds raised would surpass the record set in June by Elon Musk’s SpaceX, which raised an initial $75 billion before eventually selling more than $85 billion in stock, Business Insider reported.
Valuation reaches for the trillion-dollar club
The proposed pricing structure implies a total fully diluted valuation of as much as $1.405 trillion, according to calculations reported by CNBC, though Business Insider noted an implied baseline valuation of up to about $1 trillion. The firm was last valued at $965 billion following a private financing round in May.
Anthropic, founded in 2021 by Chief Executive Dario Amodei and former researchers who departed rival OpenAI, has rapidly expanded behind its Claude family of AI systems. The company plans to list on the Nasdaq under the ticker symbol “ANT,” with a market debut targeted for mid-November.
Yet the road to the public exchange comes amid growing caution on Wall Street. While some investors previously hoped for a $2 trillion valuation, shareholders told CNBC that reaching even $1.5 trillion is considered a stretch. Investors have grown wary of escalating borrowing costs tied to elevated interest rates, as well as political crosswinds following last week’s midterm elections, in which congressional results and several state ballot measures raised questions about future AI infrastructure construction.
Surging revenue alongside massive infrastructure costs
Filings show Anthropic’s business is expanding at an extraordinary pace, even as it burns vast sums on data centers and high-performance computing hardware.
- Revenue reached $33.24 billion across the first nine months of the year, a jump of roughly 1,200 percent over the same stretch in 2025, CNBC reported.
- The company disclosed an annualized run-rate revenue of roughly $81 billion through the end of October.
- Third-quarter revenue reached nearly $17 billion alongside an operating loss of $567 million, Business Insider reported.
- Committed spending on computing infrastructure totaled $895 billion, with nearly half that figure scheduled by the close of 2030.
Anthropic recorded a net loss of $104 billion during the nine-month period ending Sept. 30, driven largely by accounting adjustments linked to the fair market value of derivative liabilities and convertible notes, according to the CNBC report. That followed a full-year net loss of about $42 billion in 2025 against $4.6 billion in sales, Business Insider reported.
On Monday, Anthropic introduced two flagship AI models, Claude Fable 5.2 and Claude Mythos 5.2, marking its first frontier releases since Amodei publicly urged the industry to moderate the speed of AI deployment in September. Anthropic said it will confirm the official trading date as soon as practicable as roadshow meetings with prospective shareholders get underway.
