Anthropic has taken a significant step toward its public market debut, announcing plans to offer 825 million shares of Class A common stock at a price range of $70 to $78 per share. This pricing could value the artificial intelligence company at as much as $1.02 trillion, positioning it among the most valuable tech listings in recent history.
The proposed valuation marks a notable shift from earlier discussions. While it exceeds the $965 billion figure from a May funding round, it falls short of the $1.5 trillion that had been floated in prior reports. The discrepancy likely stems from the difference between market capitalization, based on currently outstanding shares, and fully diluted valuation, which includes all potential shares. At the upper end of the range, the IPO could generate approximately $64.35 billion in proceeds and value the company at $1.4 trillion on a fully diluted basis.
Anthropic has launched its roadshow, moving closer to a Nasdaq listing. The offering consists of 825 million shares, with 801.35 million sold by the company and 23.65 million by existing stockholders. The company will not receive proceeds from shares sold by those stockholders. Underwriters have been granted a 30-day option to purchase an additional 123.75 million shares.
Private placement could push total fundraising to $90.4 billion
The public offering is just one component of Anthropic's broader capital-raising strategy. According to a draft prospectus cited by Reuters, the company also expects to raise $26 billion through a separate private placement with cornerstone investors, including Alphabet's Google, Nvidia, and Advanced Micro Devices. Other participants include Broadcom, Micron Technology, Microsoft, and Taiwan Semiconductor Manufacturing Company. Combined with the public offering, total fundraising could reach as much as $90.4 billion, making the transaction particularly significant for the AI sector.
Market volatility and valuation scrutiny
Anthropic's listing plans come amid a turbulent period for technology stocks. A sharp sell-off last week, triggered by political shifts and concerns over regulatory oversight and data center construction, had raised speculation that the IPO might be delayed. Some investors reportedly questioned whether a valuation approaching $1.5 trillion was justified. The Wall Street Journal noted growing skepticism among major investors about the blockbuster listing proceeding at the expected valuation following the unwinding of AI-related investments.
The broader market has since recovered some ground. The Nasdaq Composite gained approximately 2.8% on Monday, though it remained down about 7% over the preceding month. Other AI infrastructure and data center companies have postponed or withdrawn their offerings amid higher interest rates and deteriorating investor sentiment. Switch, a data center operator, and Nscale, an AI infrastructure provider, have reportedly pushed their IPO plans back to later this year.
New model launches and financial performance
Ahead of its IPO, Anthropic has expanded its product lineup. On Monday, the company introduced Claude Fable 5.2 and Claude Mythos 5.2, upgrades to its previous 5.1 models. The new models are designed to handle complex technical challenges and ambitious, open-ended tasks. They are reportedly 30% faster than their predecessors and cheaper to operate, priced at $8 per million input tokens and $40 per million output tokens in normal mode, with a faster mode available at twice the standard price.
Anthropic's financial disclosures highlight extraordinary growth alongside substantial losses. In an amended Form S-1 filing, the company reported revenue of $33.24 billion for the nine months ended September 30, an increase of approximately 1,200% from the same period last year. However, it also recorded a net loss of $104 billion during the period, largely reflecting changes in the fair value of convertible notes and derivative liabilities. That compared with a loss of $25.1 billion over the same period in 2025.
Third-quarter revenue reached approximately $17 billion, up about 1,127% year over year. But sequential growth slowed to roughly 47%, compared with 144% in the second quarter and 132% in the first quarter. Anthropic reported a net loss of $23.29 billion in the third quarter, underscoring the gap between its rapid revenue expansion and profitability.
This article is for informational purposes only and does not constitute financial advice.
