Anthropic Offers Up to $3.5 Billion in Shares in Japan as Part of US Offering
Key Facts
Anthropic plans to sell shares to investors in Japan worth up to 552.9 billion yen, or about $3.5 billion, as part of its public offering in the United States, according to a Reuters report. The amount sets a ceiling for the Japanese portion of the offering and does not represent a separate private funding round, as stated in an earlier draft. Bloomberg reported that Mizuho Securities will manage the Japanese leg of the share sale and that Mizuho Financial Group is among the deal's underwriters. The registration filing with the U.S. Securities and Exchange Commission names Mizuho Securities USA LLC among the underwriters. The financial group's role is therefore tied to arranging and distributing the offering, while the available evidence does not show that it will invest on its own account.
Proceeds from the new shares allocated to Japanese investors are expected to go toward working capital and the funding of operating and capital expenditures, according to Reuters. This use represents direct funding for the company's needs, rather than proceeds solely from the sale of existing shares. The registration filing shows that Anthropic generated $16.286 billion in revenue in the six months ended June 30, 2026. Revenue was $1.163 billion in the corresponding period of 2025, according to figures in the filing. The change provides a year-on-year comparison of revenue in the two periods, while the allocation of proceeds to operating and capital needs sits alongside the company's reported growth figures.
The distribution described in the registration filing is not limited to Japan; the public offering also includes investors in Australia, Canada and some member states of the European Economic Area, as well as Switzerland and the United Kingdom. The list shows that the sale includes public offerings in multiple markets outside the United States. In Japan, Mizuho Securities is managing the local portion, according to Bloomberg, while Mizuho Financial Group is listed among the deal's underwriters. The filing also names its U.S. unit, Mizuho Securities USA LLC, among the underwriters. This arrangement gives the group an execution role in the Japanese side of the offering, without establishing that it will buy shares.
Japanese investors previously secured a large allocation in another major initial public offering in 2026: in SpaceX's June IPO, they bought $2.2 billion worth of shares out of a total $75 billion raised, according to Reuters. Those figures provide a comparison with Japanese participation in a previous deal, but they do not establish demand for Anthropic's IPO or the number of shares investors will actually receive. Reuters reported that other companies in AI infrastructure and data centers have delayed their listings amid rising interest rates and broader questions about the sustainability of spending on AI. A strategist told the news agency that the outcome of Anthropic's IPO will be an indicator of investors' willingness to continue supporting capital expenditures for AI development. The deal thus puts market appetite for funding that spending to the test, according to the strategist's assessment.
The filing did not specify the total size of the public offering or the company's valuation, according to Reuters. The news agency said some investors had discussed a valuation of about $1.5 trillion as of November 2, 2026; that figure has circulated among investors and is not a valuation disclosed in the filing. Anthropic filed to list Class A shares on the Nasdaq Global Select Market under the symbol ANT, according to the registration statement. The company is moving, according to Reuters, toward beginning to market its shares to potential investors during the week of November 9, 2026, though the timetable remains subject to change. The preliminary SEC prospectus says it is incomplete and may change, and that the sale of securities will not begin before the registration statement becomes effective. The value of shares allocated to Japan therefore remains a stated ceiling for the Japanese portion, while details of the overall offering and valuation remain subject to subsequent disclosures.