ع
A regulatory filing showed Anthropic offering 825 million shares at an indicative price of between $70 and $78 each, according to Reuters, in a transaction that would value the artificial intelligence company at up to $1.02 trillion. The Claude developer and some existing shareholders aim to sell the stock on the Nasdaq under the ticker symbol ANT once the offering closes. Reuters reported that the share sale forms part of a broader transaction that could bring in a total of $90.4 billion when combined with a separate fundraising component. The development comes after a brief circulation and retraction of preliminary pricing details to banks the previous day.
Anthropic has lined up $26 billion in a private placement from a group of major technology firms that will close immediately after the IPO, a Bloomberg report indicated. The participants include Alphabet’s Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company. According to the filing the private placement will occur at the IPO price and underscores the deepening ties between the AI lab and its key suppliers and partners. The arrangement follows Anthropic’s $65 billion Series H funding round in May that set a $965 billion post-money valuation.
Founded in 2021 by former OpenAI researchers including chief executive Dario Amodei after disagreements over governance and safety priorities, Anthropic has positioned itself as a leader in developing AI systems with strong constitutional safeguards, a PitchBook analysis noted. The company counts Amazon and Google among its largest strategic backers, with the former converting outstanding convertible notes into equity as part of the listing process. A Reuters assessment placed the current IPO valuation below earlier expectations that had at times reached $2 trillion, reflecting some cooling in investor enthusiasm for frontier AI plays amid higher borrowing costs and market volatility.
Anthropic’s S-1 prospectus revealed revenue of $16.3 billion in the first half of 2026, a sharp increase from $1.2 billion in the comparable 2025 period, according to a Financial Times review of the document. The filing also disclosed an $81 billion net loss for the same six months, much of it tied to accounting changes in the value of convertible notes as the company’s valuation rose, an InvestmentNews summary showed. Despite the headline loss the business produced positive operating cash flow of $3.9 billion in the first half, leaving it with $131.7 billion in cash and short-term investments by the end of June. These figures illustrate both the explosive growth and capital-intensive nature of frontier AI model development.
The planned debut would follow SpaceX’s record IPO earlier in 2026 that raised $85.7 billion and comes as higher bond yields and geopolitical tensions have weighed on the broader new-issue market, CNBC data indicated. Goldman Sachs and Morgan Stanley are leading an underwriting syndicate of more than 20 banks for the offering, which includes both primary shares sold by the company and a smaller secondary component from existing investors. The IPO had been delayed from earlier expectations of a mid-October start, Reuters previously reported, with the roadshow now under way ahead of a potential pricing next week and trading as soon as November 19 or 20.
In its prospectus Anthropic described a vision to “bring forth an age of miracles” while cautioning about “catastrophic or existential risks to humanity” posed by advanced AI, according to the filing cited by Reuters. The company highlighted potential applications in scientific discovery, medicine and economic productivity even as it outlined substantial infrastructure costs and competitive pressures from rivals such as OpenAI. A research note from New Constructs questioned the lofty valuations discussed for the IPO, estimating a far lower fundamental equity value, though such views have not altered the company’s trajectory toward listing. The offering will test whether public investors share the optimism that has driven private funding rounds for AI developers over the past several years.
