Anthropic Plans IPO at $64.4 Billion with Valuation Up to $1.4 Trillion

AI developer Anthropic has filed an updated prospectus for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). According to the document dated November 10, 2026, the company plans to offer 825 million Class A shares at a price range of $70 to $78 per share. If priced at the upper end of the range, the total offering value will be approximately $64.35 billion.

Of this amount, Anthropic intends to issue 801.35 million new shares, while existing shareholders will sell an additional 23.65 million. Proceeds from the sale of shares by existing owners will not go to the company itself. The shares are planned to be listed on Nasdaq under the ticker ANT, with trading expected to begin on November 19, according to CNBC.

How Much Anthropic Could Be Worth After the IPO

At the announced price range, Anthropic's valuation based on approximately 13.09 billion shares that will be outstanding after the offering and related operations will range from $916 billion to $1.02 trillion. Considering full potential capital dilution, the company's value could reach approximately $1.405 trillion. For comparison, during the May funding round, Anthropic was valued at $965 billion.

Simultaneously with the IPO, seven major tech companies have agreed to purchase non-voting Class N shares of Anthropic totaling $26 billion. Nvidia and Google intend to invest $10 billion each, AMD – $2.5 billion, and Broadcom, Micron, and Microsoft – $1 billion each. Another $500 million is expected from TSMC.

Unlike the main stock offering, this private placement will be conducted directly in favor of Anthropic. According to the company's calculations, at a price of $74 per share, the total net proceeds from the IPO and the sale of shares to strategic investors will amount to approximately $84.6 billion after expenses. The funds are planned to be used for general corporate purposes, including the development of computing infrastructure.

Financial Results and Computing Expenses

In the prospectus, Anthropic disclosed revenue for the first nine months of 2026 amounting to $33.24 billion, compared to $2.54 billion a year earlier. Meanwhile, the net loss reached $104.04 billion, although the operating loss was significantly smaller at $1.26 billion. The majority of the difference is related to non-cash expenses for the revaluation of convertible financial instruments and other items not directly related to operating activities.

The company also reported contractual obligations for computing power and infrastructure totaling approximately $900.9 billion. About $70.7 billion of this amount is due within the next 12 months. The scale of future expenses remains one of the key factors investors will consider when evaluating Anthropic's business.

How the Company's Management Will Be Structured

After the IPO, Anthropic will maintain a special corporate governance system. A single Class F share, owned by the structure of seven co-founders, will provide them with 50.1% of the votes on most issues brought to shareholder vote. Simultaneously, an independent Long-Term Benefit Trust will have the right to select the majority of the board of directors.

As a result, purchasers of Class A shares will have limited influence on key corporate decisions. Anthropic cites this factor among the risks of the offering, as its status as a controlled company implies a special structure of authority.

The IPO plans are published following a decline in the stock prices of several AI-related companies and increased discussion about the cost of investments in computing infrastructure. The final offering price has not yet been set. According to CNBC, its determination is expected on November 18, after which the shares may begin trading on Nasdaq on November 19.