Anthropic Targets Valuation of About $1.3 Trillion in Upcoming IPO
Key Facts
Anthropic is targeting a valuation of about $1.3 trillion in its initial public offering, according to an estimate published by the Associated Press on November 10, 2026. The company filed a preliminary prospectus proposing 825 million Class A shares at an expected price of between $70 and $78 a share. Anthropic has requested a listing on the Nasdaq Global Select Market under the ticker ANT. The proposed price range and listing details remain part of the announced offering, while the listing request does not mean trading has already begun. The target valuation puts the offering at the forefront of upcoming tests of investor appetite for artificial intelligence companies.
According to the company's prospectus, the offering comprises 801,351,354 new shares sold by Anthropic and 23,648,646 shares sold by existing shareholders. The company will not receive proceeds from shares sold by existing shareholders, while proceeds from the new shares will go to Anthropic. Anthropic also expects to grant underwriters a 30-day option to purchase up to 123,750,000 additional shares to cover over-allotments. This breakdown shows the difference between the number of shares offered and the company's direct proceeds from the offering. These figures remain tied to the proposed offering set out in the announcement launching the roadshow.
The deal includes a concurrent private investment totaling $26 billion from Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC Partners, according to Anthropic's preliminary prospectus. The investors have committed to buying Class N shares after the offering closes, individually and not jointly. The private investment adds concurrent financing alongside the sale of Class A shares to the public. This amount is not the proceeds of the public offering, as the prospectus describes it as a separate purchase commitment from the shares offered to IPO investors. The deal thus links a broad public offering with participation by a group of technology companies in a private investment in the company.
The company's financial data show sharp revenue growth: revenue reached $33.2 billion in the 9 months ended September 30, 2026, compared with $2.5 billion in the corresponding period of 2025. Annual revenue growth was 1,206% over the same 9 months, according to the preliminary prospectus. Anthropic also said its annualized revenue reached about $81 billion in October 2026, and that revenue growth exceeded 12 times year over year through the third quarter. In May, the company announced it had raised $65 billion in its Series H round at a post-money valuation of $965 billion, and said annualized revenue had exceeded $47 billion that month. Investors are comparing these successive indicators with the proposed IPO price at a valuation of about $1.3 trillion.
By contrast, operating loss fell to $1.3 billion in the first 9 months of 2026, from $5.2 billion in the corresponding period a year earlier. The company says its five largest customers accounted for about 25% of revenue in the 9 months ended September 30, while no single customer accounted for more than 10%. These figures point to improving operating losses, alongside a material reliance on a limited group of customers. The revenue concentration disclosure gives investors additional detail as they assess the company's growth and the size of the offering. The company's prospectus also states that the founders' Class F shares retain 50.1% of total voting power after the offering, under the capital structure it describes.
The offering comes as investors monitor stock-market volatility and the implications of developments in the artificial intelligence sector for upcoming IPOs. The Associated Press linked Anthropic's expected offering to turmoil in the sector after Jensen Huang stepped down from leading Nvidia, noting that investors will watch how this affects upcoming public offerings by artificial intelligence companies. In an earlier report on the IPO window, Investing.com said the Nasdaq 100 fell 14% during the period when investors discussed a lower valuation, and that market volatility was a factor in determining the IPO's timing. This backdrop lends added significance to the initial price range proposed by the company, while the listing request remains separate from the start of actual trading. According to Reuters coverage published on November 13, Anthropic is scheduled to begin trading on Thursday, November 19, 2026, two days after Nvidia's earnings report on Tuesday.