Anthropic IPO Targets $1.4 Trillion Valuation, $64 Billion Raise

Anthropic set the terms for its initial public offering on Monday. The Claude maker plans to sell shares at $70 to $78 apiece, a range that values the company at up to $1.4 trillion on a fully diluted basis, Reuters reported. AP News framed the target at roughly $1.3 trillion, while TechCrunch calculated a fully diluted valuation of $1.404 trillion at the top of the range. The stock will trade on Nasdaq under the ticker ANT, with pricing expected November 18 and first trading November 19.

The offering is enormous by any measure. Anthropic is selling 825 million shares, which at the top of the range would raise about $64.4 billion from public investors, according to Reuters. On top of that, a concurrent private placement will sell $26 billion of non‑voting Class N shares to cornerstone investors including Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC. Combined, the deal could bring in roughly $90 billion.

Amazon and Google, Anthropic's two largest investors, stand to gain the most. Amazon has put about $18 billion into Anthropic across convertible notes and preferred stock, a position worth roughly $238.7 billion on paper as of September 30, according to Yahoo Finance. Google committed up to $40 billion and held roughly 14% of the company as of early 2025, though that stake has since diluted to about 8% according to PitchBook estimates, TechCrunch reported. The two are also Anthropic's biggest cloud providers: 48% of Anthropic's revenue at the end of 2025 flowed through marketplaces run by Amazon, Google, and Microsoft, Fortune noted.

Every one of Anthropic's seven co‑founders is selling the same number of shares — 3,378,378 — which would net each of them about $250 million at the midpoint of the range, TechCrunch reported. The group, which includes CEO Dario Amodei and President Daniela Amodei, will keep about 50.1% of voting control after the offering through super‑voting Class F shares. Public shareholders get exposure to the AI boom but almost no say in how the company is run.

Anthropic's growth is staggering, and so is its spending. Revenue hit $33.2 billion in the first nine months of 2026, up more than 1,200% year over year, with a run‑rate of about $81 billion as of October 31, Reuters reported. The company posted an $80.7 billion net loss in the first half of 2026, a figure driven largely by a $72.4 billion non‑cash accounting charge tied to its convertible notes, CNBC reported. The operating loss was far smaller, and Anthropic generated positive cash from operations for the first time in that same period.

For developers building on Claude, the IPO is a signal about pricing and stability. Anthropic has committed roughly $900 billion to future compute, and its own S‑1 filing warns that “we do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all,” as Yahoo Finance quoted. The stakes go beyond one company: if ANT trades well, capital stays cheap for the entire AI ecosystem. If it stumbles, the ripple effects could tighten funding for every startup building on frontier models.