Anthropic launches offering of 825 million shares, targeting $1.3 trillion valuation
Key Facts
Anthropic launched its roadshow for an initial public offering on November 10, 2026, proposing to sell 825 million Class A shares in a deal that seeks to value the company at about $1.3 trillion, according to the Associated Press. The company set an initial price range of $70 to $78 a share and filed to list on the Nasdaq Global Select Market under the symbol ANT. The size of the offering and its anticipated valuation put the deal to a direct test of investors’ willingness to fund AI companies at elevated levels. The company’s filing with the U.S. Securities and Exchange Commission does not specify a target valuation, while the news agency reported the figure as an approximate goal. The company is expected to make its Wall Street debut in November.
The proposed shares comprise 801,351,354 shares sold by Anthropic and 23,648,646 shares sold by certain existing shareholders, according to the company’s announcement. The company will not receive proceeds from shares sold by existing shareholders, meaning proceeds from that portion will go to the sellers rather than the company’s treasury. The base offering totals 825 million shares before any potential increase from the overallotment option. Anthropic expects to grant underwriters a 30-day option to buy up to 123,750,000 additional Class A shares. That makes the final size of the deal dependent on whether the option is exercised after the offering.
Alongside the IPO, the registration statement filed with the U.S. agency describes a private placement valued at $26 billion, calculated using an assumed price of $74 a share, the midpoint of the proposed range. The filing lists Google, AMD, Broadcom, Micron, Microsoft and TSMC Partners among the buyers, a group that includes companies operating in computing, chips and infrastructure. The combination of the IPO and private placement shows technology companies themselves participating as investors in Anthropic’s deal, alongside their role in supplying components or services tied to the sector’s expansion. The private placement value cited in the filing remains tied to the assumed price used in its calculations. The proposed price range gives investors a benchmark for estimating the value of the shares offered when trading begins.
Financial statements filed with the agency show rapid revenue growth: Anthropic recorded revenue of $33.242 billion in the nine months ended September 30, 2026, compared with $2.545 billion in the same period of 2025, a year-over-year increase of 1,206%. The number of customers generating more than $100,000 in revenue for the company on a trailing 12-month basis rose to more than 11,900 as of September 30, 2026, from more than 950 a year earlier. Revenue attributed to this customer group also increased from $1.9 billion in the first nine months of 2025 to $24.5 billion in the corresponding period of 2026. The figures show that revenue expansion was accompanied by a substantial increase in the customer base with high spending. The Associated Press had reported that first-half revenue exceeded $16 billion, 14 times its level in the same period a year earlier.
But sales growth does not mean the company has become profitable: Anthropic recorded a net loss of $104.039 billion in the nine months ended September 30, 2026, compared with a loss of $25.107 billion in the same period of 2025. The Associated Press said the company had not turned profitable. The filing, meanwhile, showed it had $146.6 billion in liquidity as of September 30, including $95.6 billion in cash and cash equivalents and $36.3 billion in short-term investments. Total committed spending was about $895.4 billion, of which $69.8 billion was due in the 12 months following that date. According to the filing, the commitments are mostly related to computing and infrastructure, making the financing of growth and investment in computing capacity central to the context of the offering.
Market observers also link the offering to confidence in the AI investment wave, at a time when stocks tied to building AI data centers saw sharp selling on Wall Street late the previous week, according to the Associated Press, amid concern about borrowing costs and continued infrastructure spending. Reuters quoted Art Hogan, chief market strategist at B. Riley Wealth, as saying valuation expectations had fallen from an initial range of $1.5 trillion to $2 trillion to $1–1.5 trillion, and then to just above $1 trillion. Hogan said that having Anthropic as a publicly listed company would provide more regular information about its performance and how much revenue growth was translating into profit growth. The $1.3 trillion valuation reported by the Associated Press remains an estimate for the offering, while the final price will depend on the offering terms. The news agency compared the expected proceeds with SpaceX’s record, which raised $86 billion in its IPO in June 2026, noting that Anthropic’s offering appeared likely to remain below that figure.