EL7.AI
StocksMedium•13 November 2026•
4 min read

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

Key Facts

1Anthropic is targeting a valuation near $1.3 trillion, with potential proceeds exceeding $61 billion at the midpoint.
2The proposed offering includes 825,000,000 shares, of which the company is selling 801,351,354.
3The $26 billion private placement coincides with the public offering, and Nvidia is buying about $10 billion in shares.
4Revenue for the nine months ended September 30, 2026, was about $33.2 billion, compared with $2.5 billion in the corresponding period.
5The company expects to set the final price on November 18, 2026, and begin trading on November 19, subject to regulatory approvals.

Anthropic began marketing its IPO on November 10, 2026, offering 825 million Class A shares at an expected price range of $70 to $78 per share. The company said in its filing that it would sell 801,351,354 shares, while current shareholders would offer 23,648,646 shares. The proposed price would give the company a target valuation of about $1.3 trillion, according to an estimate by The Associated Press. If priced at the midpoint of the range, Anthropic could raise more than $61 billion. The company has applied to list its shares on the Nasdaq Global Select Market under the ticker ANT.

Proceeds from the share sales will go to two different parties: Anthropic will receive proceeds from the shares it sells, but none from shares sold by current shareholders. The company also expects to grant underwriters a 30-day option to buy up to 123,750,000 additional Class A shares. This comes as the company plans to raise money from investors in a private placement concurrent with the public offering. Axios reported that Nvidia agreed to buy about $10 billion in shares as part of the $26 billion private placement. The outlet added that Nvidia is tied with Google as the deal's largest investor.

Investors are focused on revenue growth, which has accelerated sharply in recent years. The company's revenue rose from $41 million in 2023 to $386 million in 2024, then to $4.6 billion in 2025. For the nine months ended September 30, 2026, Anthropic reported revenue of $33.2 billion, compared with $2.5 billion in the same period of 2025. Revenue in the third quarter of 2026 alone was $17.0 billion, more than 12 times its level a year earlier, according to company data published in the offering materials. The expansion has been accompanied by growth in its corporate customer base: the number of customers generating at least $100,000 in revenue over 12 months exceeded 11,900 as of September 30, 2026, up from about 1,500 at the end of 2025 and about 200 at the end of 2024.

But faster sales have not erased the impact of losses and expansion-related costs. Third-quarter data showed a net loss of $23.3 billion, including a non-cash charge of $21.9 billion stemming from a change in the fair value of financial instruments. For the first nine months of 2026, the operating loss narrowed to $1.3 billion from $5.2 billion in the same period of 2025. Adjusted operating results also turned to income of $4.1 billion, compared with an adjusted loss of $3.1 billion a year earlier. In the third quarter alone, the company recorded an operating loss of $567 million after operating income of $974 million in the second quarter. The company attributed this mainly to $5 billion in computing under short-term commitments and a non-cash charge of $2 billion for its donation-matching program.

The figures also show substantial financial resources and high spending commitments. Anthropic said its total liquidity was $146.6 billion on September 30, 2026, comprising $95.6 billion in cash and equivalents, $36.3 billion in short-term investments and $14.8 billion available under a credit facility. In contrast, it disclosed contractual spending commitments of about $900.9 billion, including about $451.6 billion expected to be spent before the end of 2030. Axios reported that the company had committed hundreds of billions of dollars to cloud-computing deals using Nvidia units. Nvidia's investment in the company thus coincides with Anthropic's commitments to buy computing capacity based on its units.

Axios reported that the offering was oversubscribed, but said the price at which demand was measured was unknown. Anthropic's IPO could rank among the largest in history, though an Associated Press estimate suggests it would remain below SpaceX's offering, which raised $86 billion in June 2026. Anthropic cautioned in its prospectus against viewing its recent revenue growth as a reliable indicator of future performance. The company said it does not expect revenue to continue growing at similar rates. It is scheduled to set the final IPO price on November 18, 2026, with public trading expected to begin on November 19, subject to regulatory approvals.