Anthropic has filed for an initial public offering aiming to raise up to $64.4 billion, targeting a valuation of around $1.4 trillion. A parallel private placement of $26 billion would bring the total fundraising to nearly $90.4 billion. For investors, this is the first public market test to assess the value of a pioneering AI company, as markets grow increasingly wary of massive spending on AI and data centers.
According to the filing with the SEC, the U.S. financial markets regulator, Anthropic and some of its existing investors are selling shares at a price between $70 and $78 each. The company is offering 801.4 million shares, and its investors are selling an additional 23.6 million, for a total of 825 million. The shares would be listed on the Nasdaq under the symbol ‘ANT’. Goldman Sachs and Morgan Stanley will lead the banks handling the operation.
The plan has already evolved. An earlier document indicated the company planned to raise up to $69.3 billion in the public offering, a target later reduced to $64.4 billion. The company communicated the deal terms to investment banks before withdrawing them late on November 9. Alphabet, Google’s parent company, Nvidia and Advanced Micro Devices (AMD) are among the backers, alongside Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company (TSMC).
Doubts Over the Valuation
Market sentiment, however, appears to be shifting. An independent financial research firm from outside Wall Street, New Constructs, called Anthropic’s upcoming IPO ‘the most ridiculous IPO of 2026’. While the company is targeting a $2 trillion valuation on its market debut, this firm values it at only $150 billion, 92% less than the target. ‘We do not believe Anthropic has a viable business model,’ New Constructs wrote in its note. According to the firm, Anthropic would need to post annual profits twice those of Nvidia.
The stock market context is also weighing on the timing. On November 5, the Nasdaq recorded its biggest one-day drop in 19 months, following concerns about a possible tightening of data center regulations, as Democrats pledged to slow their expansion during the U.S. midterm elections.
Revenues and Costs
Anthropic’s revenue grew 47% in the third quarter, reaching $16.96 billion, a more moderate increase than the 144% recorded in the previous quarter. Annual revenue had reached $81 billion in October. The company, which develops Claude, says more people are using its tools, particularly in healthcare, finance, and legal services.
Anthropic also faces significant commitments. Computing contracts worth around $900 billion have been signed with Amazon, Google and other partners, and part of this spending depends on external funding. In its prospectus, the company says it hopes to ‘usher in an era of miracles,’ while warning that AI could pose serious risks to humanity. According to a mid-October report, Anthropic recorded a net loss of $80.7 billion in the first half of 2026, mainly due to accounting charges. The company believes resistance to data centers has ‘become more organized and better coordinated from one jurisdiction to another.’ It faces over $600 billion in future costs related to cloud computing and chip leasing.
