EL7.AI
StocksMedium•10 November 2026•
4 min read

Anthropic targets diluted valuation of $1.4 trillion in IPO

Key Facts

1The valuation at the top of the price range is about $1.4 trillion on a fully diluted basis and about $1 trillion undiluted.
2The offering includes 825,000,000 shares, of which Anthropic is selling 801,351,354 and current shareholders are selling 23,648,646.
3Offering proceeds could reach $64.4 billion, at a price of up to $78 per share.
4Annualized revenue was about $81 billion on October 31, up $10 billion from September 30.

Anthropic launched its roadshow for its Class A share offering on November 10, 2026, targeting a valuation of about $1.4 trillion at the top of the price range on a fully diluted basis, according to a Reuters report. The figure includes the impact of stock options and restricted shares, while the market value on an undiluted basis is nearly $1 trillion. The proposed offering includes 825 million shares, according to the company’s filing. Anthropic is selling 801,351,354 of them, while current shareholders are selling 23,648,646 shares. The company will receive no proceeds from shares sold by those shareholders.

The company and some of its investors are seeking to raise up to $64.4 billion from the share sale at a price of up to $78 per share, according to Reuters. The offering allows the two underwriters to buy up to 123,750,000 additional shares from the company if sales exceed the base offering. The option remains valid for 30 days from the date of the offering prospectus, according to the filing with the U.S. Securities and Exchange Commission. Anthropic estimated net proceeds from the IPO and a concurrent private placement at about $84.6 billion, based on an assumed price of $74 per share. That estimate excludes sales by current shareholders.

The IPO is accompanied by a separate $26 billion private financing round, according to Reuters, with participation from major investors including Google, Nvidia and Advanced Micro Devices. The company said its annualized revenue reached about $81 billion on October 31, up $10 billion from September 30. Revenue in the third quarter was $16.96 billion, up 47% from the previous quarter, following growth of 144% in the second quarter, according to Reuters. The company attributed the acceleration to rapid adoption of Claude, including products aimed at the healthcare, financial services and legal sectors. Revenue exceeded $16 billion in the first half of 2026, 14 times the level in the same period a year earlier, according to the Associated Press.

The company continues to record substantial losses as it expands, with a net loss of $104.039 billion in the nine months ended September 30, 2026, compared with a loss of $41.965 billion in 2025, according to the offering prospectus. An analyst at Swissquote said investors are increasingly focused on the cost of generating growth. A Swissquote analyst added that the shift from a $2 trillion valuation to the current level reflects a move in focus from revenue growth alone to the commitments and spending needed to sustain it. Anthropic’s computing commitments with partners, including Amazon and Google, approach $900 billion, according to Reuters. The Associated Press also reported that computing and infrastructure spending commitments total $895.4 billion, of which $70 billion is due over the next 12 months.

A comparison with previous financing shows that the company’s valuation after its May private round was $965 billion, according to Reuters. Anthropic said in its filing that it had applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. The company said the registration statement was filed with the U.S. Securities and Exchange Commission but has not yet become effective. The securities may not be sold and offers to buy them may not be accepted before the statement becomes effective, according to the filing. The company announced on June 1, 2026, that it had confidentially submitted a draft registration statement, saying at the time that a decision to become a public company would depend on the SEC’s review, market conditions and other factors.

The Associated Press said Anthropic’s Wall Street debut is expected in November 2026. Its offering proceeds may not exceed the record $86 billion raised by SpaceX in its June offering, according to the news agency. This estimate places the potential offering among the largest IPOs the market has seen. A Swissquote analyst said the offering represents a test of investor appetite for artificial intelligence. Investor interest, the analyst said, is tied to the cost of sustaining growth as well as the pace of revenue increases.