Anthropic Targets $1.4 Trillion Valuation in $90 Billion IPO Push

Anthropic, the company behind the Claude chatbot, has set the price range for one of the largest technology stock market debuts, aiming for a valuation of up to $1.4 trillion. The artificial intelligence developer plans to sell 825 million shares at $70 to $78 each, raising up to $64.4 billion. A separate $26 billion private placement would take total fundraising to $90.4 billion, in a defining test of investor appetite for artificial intelligence.

FAKTA

• Company: Anthropic, maker of the Claude AI chatbot
• Shares on offer: 825 million at $70 to $78 each
• IPO proceeds: up to $64.4 billion
• Private placement: $26 billion from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC
• Total fundraising: up to $90.4 billion
• Valuation: about $1 trillion, up to $1.4 trillion fully diluted
• Revenue run-rate: $81 billion as of 31 October, up $10 billion in a month
• Listing: Nasdaq under the ticker ANT; pricing on 18 November, trading from 19 November

The biggest AI listing yet

The offering would be the year’s second mega-sized artificial intelligence listing, after Elon Musk’s SpaceX raised $75 billion in June at a valuation of nearly $1.7 trillion. Anthropic launched its investor roadshow on Tuesday after filing an updated prospectus, with Goldman Sachs and Morgan Stanley leading a group of 22 underwriters.

The range is below the figures discussed earlier in the year, when some bankers talked of a valuation as high as $2 trillion. At the top of the range, the fully diluted value of about $1.4 trillion would still be roughly 45 percent above the $965 billion valuation from a private funding round in May. Excluding stock options and restricted shares, the company would be worth about $1 trillion.

Anthropic IPO backed by surging revenue

The valuation rests on rapid growth. Anthropic said its annualised revenue reached about $81 billion at the end of October, up $10 billion in a month, while revenue for the first nine months of 2026 was $33.24 billion. Demand for Claude has driven the rise.

The private placement underlines how closely the chip industry is tied to the deal. Google and Nvidia are each reported to be contributing $10 billion as cornerstone investors, alongside AMD, Broadcom, Micron, Microsoft and TSMC. The shares will be sold at the IPO price, and about a fifth of the offering is expected to go to retail investors.

Investors weigh the cost of the AI race

Despite the growth, investors remain cautious. Companies across the sector are spending vast sums on computing power, data centres and advanced technology, pushing up costs and debt. The question hanging over the listing is whether Anthropic’s revenue growth can turn into lasting profits.

Chief executive Dario Amodei is due to discuss the offering in a livestreamed conversation with JPMorgan chief Jamie Dimon on Friday. The listing will be watched far beyond Anthropic: a strong debut would encourage other AI companies to follow, while a weak one could cool the market’s enthusiasm. More technology coverage is available in Watan News technology section.