Anthropic targets valuation of up to US$1.4 trillion in blockbuster IPO

Anthropic PBC plans to raise up to US$64 billion in its upcoming initial public offering (IPO), the artificial intelligence (AI) giant said in a filing yesterday, putting the company’s total valuation at up to US$1.4 trillion.

The maker of AI agent Claude said in a filing with the US Securities and Exchange Commission that it aims to sell 825 million shares of Class A common stock at a Wall Street debut price estimate of “between US$70.00 and US$78.00” per share, amounting to US$64.3 billion.

The figure also includes a private placement set to raise US$26 billion in aggregate, to Advanced Micro Devices Inc, Broadcom Inc, Alphabet Inc’s Google, Micron Technology Inc, Microsoft Corp, Nvidia Corp and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the filing showed.

An Anthropic logo is displayed at Moscone Center during the Dreamforce technology summit in San Francisco, California, on Sept. 17.

Photo: Reuters

Anthropic had been expected to raise up to US$100 billion in its IPO, which would have made it the largest IPO on record.

The stock market debut is being seen as a gauge of how long the AI spending boom lifting the US economy can last.

It also comes as Wall Street is busy digesting the impact of the US midterm elections, in which Democrats won majority control of both chambers of Congress and are vowing to put the brakes on US President Donald Trump’s agenda.

Anthropic has been aiming to hold its IPO the week of Nov. 16. On Monday, the company announced it would release updated versions of two of its most powerful AI models, Fable 5.2 and Mythos 5.2, which it said can perform 30 percent faster than previous versions.

Growth has been staggering at the company. Anthropic’s revenue reached US$17 billion in the third quarter, up from just US$1.4 billion a year earlier, a securities filing showed earlier this month.

The company yesterday said its annualized projection known as the run-rate revenue “was approximately US$81 billion as of October 31, 2026, up US$10 billion from September 30.”

Estimates in recent months had forecast Anthropic’s valuation at up to a staggering US$2 trillion, but the estimates have slipped along with a slide in AI stock prices on Wall Street.

Several US media outlets including The Wall Street Journal and The New York Times estimated the valuation of the company at between US$1.3 trillion and US$1.4 trillion.

Goldman Sachs Group Inc and Morgan Stanley are leading Anthropic’s IPO, with participation from 20 other banks, the filing showed. The stock is expected to trade on the Nasdaq Global Select Market under the symbol ANT.