EL7.AI
StocksMediumUpdated×2•Originally published 10 November 2026•Updated 10 November 2026•
4 min read

Anthropic Targets $69.3 Billion in IPO That Could Rank Among the Largest on Record

Key Facts

1Anthropic is targeting up to $69.3 billion in its initial public offering.
2The company recorded revenue of $16.96 billion in the third quarter of 2026, up 47% quarter over quarter.
3Spending commitments tied to infrastructure totaled $895.4 billion as of September 30, 2026.
4The number of customers each generating at least $100,000 in revenue rose to more than 11,900 through September 30, 2026, from more than 1,500 at the end of 2025.

Anthropic is targeting up to $69.3 billion in an initial public offering that could rank among the largest ever, according to a Reuters report published by StreetInsider on November 9, 2026. The figure is the maximum targeted proceeds from the share sale and does not represent the company’s market valuation. In its filing with the U.S. Securities and Exchange Commission, Anthropic requested a listing of its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The company filed an amendment to its S-1 prospectus on November 2. The filing does not specify the share price or the offering’s final proceeds.

If the targeted offering reaches that size, it would fall short of the record set by SpaceX in June 2026, when it raised $75 billion. It was preceded by Aramco’s December 2019 IPO, which raised $25.6 billion, according to Reuters’ report on the proceeds from both offerings. The comparison places Anthropic’s target among the largest public offerings on record, while below SpaceX’s record proceeds. Offering proceeds are distinct from the company’s valuation, as the figure cited in the Reuters report concerns the money it aims to raise from investors. The value of the company that investors may consider is a different figure.

Company data show rapid revenue growth, but the pace of quarterly gains slowed in the third quarter. Revenue reached $16.96 billion, up 47% from the previous quarter, after rising 144% in the second quarter. For the nine months ended September 30, 2026, revenue was $33.242 billion, compared with $2.545 billion in the corresponding period of 2025, an increase of 1,206%. These figures show the company’s expansion ahead of the proposed offering. The quarterly comparison also shows that growth remained strong, though the rate of increase fell from the previous quarter.

Revenue growth came alongside a smaller net loss in the third quarter, though it remained substantial. The net loss was $23.29 billion, compared with $66.3 billion in the second quarter. At the operating level, Anthropic recorded a loss of $567 million in the third quarter, after operating income of $974 million in the second quarter. On a separate adjusted measure, operating income rose to $2.5 billion from $2.2 billion between the quarters. But the adjusted operating income margin fell to 15% from 19%, according to the company’s disclosure.

Anthropic said it incurred $5 billion in additional computing costs during the third quarter. Those costs weighed on efficiency gains and reduced revenue per dollar of computing compared with the previous quarter, according to Reuters’ report on the disclosure. At the same time, the company said it had more than 11,900 customers each generating at least $100,000 in revenue on a trailing 12-month basis through September 30, 2026. The number exceeded 1,500 at the end of 2025. This metric measures the size of the customer segment whose spending exceeds the specified threshold; it does not represent that segment’s total revenue.

Spending commitments tied to building AI infrastructure totaled $895.4 billion as of September 30, 2026, according to Reuters, citing the company’s disclosure. Anthropic expects to incur nearly half of those commitments before December 31, 2030. About $69.8 billion is due during the 12 months following September 30, 2026. These are disclosed spending commitments, not expenses the company has already paid. Their scale and timing put execution of the infrastructure plans at the center of what investors will review.

Anthropic warned that some computing providers and infrastructure partners rely on financing or credit support from third parties. It said the failure or increased cost of that financing could delay, reprice or reduce contracted capacity, and could prevent it from being delivered. A Reuters report published on November 2 said the company was preparing to begin formally marketing its shares to potential investors the following week. In the same report, the agency said some current and potential investors were considering a valuation of about $1.5 trillion, down from about $2 trillion. That valuation under discussion remains separate from the $69.3 billion fundraising target and the offering proceeds, which the registration filing has not specified.