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

Anthropic Offers 825 Million Shares, Targets Valuation Near $1.3 Trillion

Key Facts

1Anthropic is offering 825 million shares at a price range of $70 to $78 per share.
2The company is targeting a valuation near $1.3 trillion in its IPO.
3The offering could raise more than $61 billion if priced at the midpoint of the range.
4Third-quarter revenue was $16.96 billion, up 47% from the previous quarter.
5Anthropic's computing commitments approached $900 billion.

Anthropic is targeting a valuation near $1.3 trillion in its IPO, offering 825 million shares at $70 to $78 apiece, according to a company filing reported by the Associated Press on November 10, 2026. The company could raise more than $61 billion if the offering is priced at the midpoint of the range, the news agency said. The deal would rank among the largest public offerings and put investor appetite for AI companies to the test. The filing also allows investors to assess the targeted valuation against revenue growth and computing commitments, two factors central to pricing the company. Anthropic is expected to appear on Wall Street in November, with no specific date given in the report.

The public offering includes shares sold by the company and others sold by existing shareholders. The filing with the U.S. Securities and Exchange Commission shows Anthropic selling 801,351,354 Class A shares, while existing shareholders are selling an additional 23,648,646 shares of the same class. That brings the total number of shares on offer to 825 million, according to the figures in the filing. The company will not receive proceeds from shares sold by existing shareholders. Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT.

The offering follows earlier investor discussions of a valuation as high as $2 trillion, before expectations fell as infrastructure commitments and volatility in AI stocks were factored in, Reuters reported. Banks also circulated preliminary terms on the evening of November 9 that included about 867 million shares priced as high as $80, with expected maximum proceeds of $69.3 billion; those terms were then withdrawn and replaced with lower ones, the news agency said. The figures reflect a gap between initial expectations and the offering terms disclosed later. In a transaction separate from the IPO, investors with established positions are participating in a private offering valued at $26 billion, Reuters reported. That private transaction remains separate from proceeds from shares offered to the public.

Revenue is still growing rapidly, though at a slower pace in the third quarter. Revenue rose 47% from the previous quarter to $16.96 billion, following a 144% increase in the second quarter, Reuters reported. The company filing also showed that first-half revenue exceeded $16 billion, equivalent to 14 times revenue in the same period a year earlier, according to the Associated Press. The annualized revenue rate was about $81 billion on October 31, up $10 billion from its level on September 30, Reuters reported. But the company has yet to turn a profit, according to the Associated Press, putting rapid growth alongside the question of Anthropic's ability to convert it into profitability.

Investors are focused on the cost of achieving that growth and the resources needed to run AI models. Reuters quoted an analyst saying investors are increasingly focused on “the cost of achieving this growth.” Anthropic's computing commitments with partners, including Amazon and Google, are approaching $900 billion, the news agency reported. AI companies also face concerns that higher borrowing costs could slow the construction of additional data centers, according to the Associated Press. This scrutiny of costs comes alongside a huge targeted valuation, while the company has yet to reach profitability.

The potential size of the IPO puts the deal in the context of a wave of large offerings, but it is unlikely to exceed the record set by SpaceX in June, when it raised $86 billion, according to the Associated Press. An analyst at Yorkville Ives described the offering as “the first time a leading U.S. lab has carried an independent public market value.” Anthropic competes with OpenAI, Google and startups in the United States and China, as well as SpaceX's AI business, the news agency reported. Its shares are expected to trade on Nasdaq under the ticker ANT after the IPO is completed, Reuters reported. The Associated Press report did not give a specific date, saying only that the listing is expected in November.