Anthropic targets valuation of up to $1.4tn in IPO – report

Anthropic is seeking a fully diluted valuation of up to $1.4tn through its initial public offering (IPO), with Nasdaq trading expected to begin on 19 November, Reuters reported.

The artificial intelligence (AI) lab and certain existing shareholders plan to raise up to $64.4bn through the sale of 825 million shares at between $70 and $78 each.

At the top of that range, the $1.4tn valuation includes securities including stock options and restricted stock.

Excluding those securities, the valuation would be approximately $1tn. The company’s shares are expected to trade under the symbol “ANT”.

Anthropic also plans to raise $26bn in a separate private placement involving cornerstone investors Alphabet’s Google, Nvidia and Advanced Micro Devices.

The IPO and private placement would together raise up to $90.4bn.

According to emails seen by the news agency, details of the IPO were circulated briefly to investment banks before being withdrawn.

Those initial terms indicated proceeds of up to $69.3bn, while the updated filing set out a lower price range and reduced proceeds target.

In its filing, Anthropic said: “We intend to use the net proceeds from this offering and the concurrent private placement for general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel. Additionally, we may use a portion of the net proceeds we receive from this offering and the concurrent private placement to acquire or invest in businesses, products, services, or technologies.”

The company has nearly $900bn in computing commitments with partners including Amazon and Google, and was last valued at $965bn in a private funding round.

For the nine months to 30 September 2026, Anthropic reported revenue of $33.24bn, compared with $2.55bn a year earlier.

Operating loss was $1.26bn, compared with $5.22bn in the prior-year period, while net loss was $104.04bn, compared with $25.11bn a year earlier.

As of 30 September 2026, Anthropic said it had raised aggregate capital of $141.1bn. It held $95.6bn in cash and cash equivalents, alongside $36.3bn in short-term investments.

The IPO is the year’s most closely watched since Elon Musk’s SpaceX raised $75bn at a valuation of nearly $1.75tn in June.

It comes after a recent technology-sector selloff, with investors questioning whether AI returns will justify heavy spending and rising debt costs.