Anthropic IPO Offers 825 Million Shares at Potential Valuation of Up to $1.4 Trillion
Key Facts
Anthropic launched its roadshow on November 10 for an initial public offering that could value the company at up to $1.4 trillion, testing investor appetite for artificial intelligence companies. The company aims to raise up to $64.4 billion, according to Reuters. Its filing with the U.S. Securities and Exchange Commission lists an offering of 825 million Class A shares at an indicative price range of $70 to $78 a share. The company has applied to list the shares on the Nasdaq Global Select Market under the symbol ANT. The valuation and price remain indicative ranges until the final offering terms are set.
Anthropic is selling 801,351,354 shares of the total offering, while existing shareholders are offering 23,648,646 shares. The company will receive no proceeds from shares sold by those shareholders, according to the offering filing. The move follows rapid revenue growth: revenue reached $33.242 billion in the nine months ended September 30, 2026, compared with $2.545 billion in the same period a year earlier. That represents annual growth of 1,206%. The company attributed the increase to successive model and product releases that it said boosted usage, expansion and adoption of its offerings.
It added that consumption-based revenue rose $24.2 billion, while subscription-based revenue increased $6.5 billion in the nine months compared with the same period. Its base of large customers also expanded: the number of customers generating more than $100,000 each on a trailing 12-month basis rose from more than 950 at September 30, 2025, to more than 11,900 at September 30, 2026. Revenue from this group reached $24.5 billion in the first nine months of 2026. The figures show growth across consumption, subscriptions and high-revenue customers. The company said successive model and product launches supported this expansion.
But the expansion was accompanied by a sharp increase in the infrastructure costs needed to run its services. Computing and infrastructure expenses reached $18.808 billion in the nine months ended September 30, 2026, up 329% year over year. The company attributed the increase to the delivery of committed computing capacity under its arrangements with cloud service providers. It posted an operating loss of $1.3 billion during the period, compared with a loss of $5.2 billion in the corresponding nine months of 2025. By contrast, adjusted operating income was $4.1 billion, following an adjusted operating loss of $3.1 billion in the comparable period.
In the quarter ended September 30, 2026, the operating loss was $567 million. Anthropic said the loss was mainly affected by five billion dollars of computing under short-term commitments and $2 billion in non-cash charges related to a donation-matching program. These expenses put computing costs and operating spending at the center of investors' assessment of the growth figures. Reuters described the offering as a test of investor confidence in the AI boom. An analyst quoted by the news agency said a disappointing offering could "add to waning momentum in the AI market."
The potential valuation follows a sharp rise in estimates of the company's private value. According to Reuters, that value was $183 billion in September 2025, then $380 billion in February 2026, and reached $965 billion in May 2026, when the company announced a $65 billion funding round. Some investors had discussed a valuation of two trillion dollars before October, then about $1.5 trillion in October, according to Reuters reports. That puts the current upper end of $1.4 trillion below those earlier expectations. The Associated Press expected the company to appear on Wall Street in November, while Reuters said pricing was expected in the week after the roadshow began.