Anthropic (NASDAQ:ANT) is seeking a valuation exceeding $1 trillion through its planned initial public offering (IPO), according to a regulatory filing released Tuesday, as the artificial intelligence developer prepares to market its shares to public investors.
The company and existing shareholders are seeking to raise up to $64.4 billion through the public offering, with shares expected to be priced between $70 and $78 each, according to documents filed with the US Securities and Exchange Commission (SEC).
Anthropic also plans to secure an additional $26 billion through a private placement involving several major technology companies, potentially bringing the combined proceeds from the two transactions to approximately $90.4 billion.
The proposed listing would represent one of the largest initial public offerings on record and provide investors with an opportunity to acquire shares in a developer of advanced artificial intelligence models.
Anthropic IPO Targets Share Price of $70 to $78
According to the regulatory filing, Anthropic plans to offer 801.4 million newly issued shares, while existing shareholders intend to sell an additional 23.6 million shares.
The combined public offering would therefore involve approximately 825 million shares.
At the upper end of the proposed price range of $78 per share, the transaction would generate approximately $64.4 billion in gross proceeds.
The company would receive proceeds from the shares it issues, while the funds generated by the sale of existing shareholders’ shares would go to those selling investors.
At the lower end of the proposed range, the offering would generate approximately $57.8 billion.
The final offer price and proceeds will depend on investor demand and the completion of the IPO process.
Proposed Valuation Reaches Approximately $1.02 Trillion
At the top of the indicated price range, Anthropic would have an estimated equity valuation of approximately $1.02 trillion, according to calculations reported by Reuters.
A separate estimate from Bloomberg News placed the company’s fully diluted valuation at approximately $1.4 trillion.
The higher figure incorporates additional equity instruments, including restricted shares, stock reserved for charitable donations and employee stock options.
These valuation measures reflect different assumptions regarding the number of shares included in the company’s equity capital.
Earlier reports had suggested that Anthropic could seek a valuation as high as $2 trillion.
However, those expectations have moderated amid investor concerns about valuations and spending across the artificial intelligence industry.
The final valuation will depend on the IPO pricing and the number of shares included in the relevant calculation.
Technology Companies Participate in $26 Billion Private Placement
In addition to the public offering, Anthropic plans to raise approximately $26 billion through a private placement with cornerstone investors.
The participating companies include Alphabet’s Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company (TSMC).
The private placement would provide additional financing alongside the proceeds generated through the public listing.
If the IPO reaches its maximum proposed size and the private placement is completed as planned, the combined transactions could generate approximately $90.4 billion.
The involvement of major technology companies reflects the financial relationships between Anthropic and businesses supplying computing infrastructure, semiconductors and cloud services to the artificial intelligence industry.
The filing also indicated that Anthropic board members and affiliated investors have expressed interest in purchasing up to $303 million of Class A shares at the IPO offering price.
These expressions of interest do not necessarily represent completed purchases.
Anthropic Reports Annualized Revenue Run Rate of $81 Billion
Anthropic disclosed that its annualized revenue run rate reached approximately $81 billion as of October 31, 2026.
The figure represented an increase of $10 billion from the company’s reported annualized run rate at September 30.
The increase indicates that Anthropic’s revenue-generating activity expanded between the two reporting dates.
An annualized revenue run rate estimates revenue over a twelve-month period based on the company’s current level of business activity. It is not equivalent to revenue already recognized during a completed financial year.
The reported figure therefore provides an indication of the company’s revenue scale at the specified date rather than its actual full-year revenue.
The filing details come as Anthropic prepares to present its financial performance and business outlook to prospective public-market investors.
Computing Commitments Approach $900 Billion
Anthropic has approximately $900 billion in computing commitments involving partners that include Amazon and Google.
These arrangements reflect the scale of the company’s planned expenditure and infrastructure requirements associated with developing and operating advanced artificial intelligence models.
The commitments also demonstrate the financial connections between AI model developers and companies providing cloud computing services and related infrastructure.
The scale of these arrangements has attracted attention as investors assess the capital requirements and future financial performance of artificial intelligence businesses.
Analysts have indicated that the reception of Anthropic’s IPO could influence broader investor sentiment towards the AI sector, given the financial relationships between the company and other major technology businesses.
However, the success of the offering and its implications for the wider industry remain uncertain.
IPO Follows SpaceX’s $75 Billion Public Offering
Anthropic’s proposed listing follows the June 2026 initial public offering of SpaceX, which raised approximately $75 billion.
That transaction valued Elon Musk’s aerospace company at nearly $1.75 trillion, excluding additional shares that underwriters could purchase through an over-allotment option, commonly known as a greenshoe.
The SpaceX offering provides a recent comparison for the scale of Anthropic’s proposed fundraising.
While Anthropic’s planned public share sale is smaller than the reported SpaceX IPO, the addition of the $26 billion private placement would bring its potential combined fundraising above $90 billion.
The transactions involve companies operating in different industries, and their valuations reflect separate business models, financial characteristics and investor expectations.
Outlook
Anthropic’s proposed IPO would value the artificial intelligence company at approximately $1.02 trillion at the upper end of its indicated share price range, with a fully diluted valuation estimated at around $1.4 trillion.
The company is seeking up to $64.4 billion through the public offering and an additional $26 billion through a private placement involving major technology companies.
Its reported annualized revenue run rate of $81 billion and computing commitments approaching $900 billion are likely to be important considerations as prospective investors evaluate its financial position and future capital requirements.
The final IPO price, valuation and amount raised will depend on market conditions, investor demand and completion of the offering.