Anthropic, the company behind Claude AI, is seeking a valuation of up to $1.4 trillion when it debuts on Wall Street.
The artificial intelligence giant has set a price range of $70 to $78 for its initial public offering, known as an IPO, according to a filing with the Securities and Exchange Commission.
Anthropic will list on the Nasdaq under the ticker symbol “ANT.”
Anthropic plans to raise up to $64.4 billion through the sale of 825 million shares. The AI company also aims to secure an additional $26 billion through a separate private placement involving major technology firms, including Advanced Micro Devices (AMD), Alphabet, Broadcom, Micron, Microsoft, and Nvidia.
Put together, Anthropic’s fundraising target could total about $90 billion.
At the high end of the range, Anthropic could be worth $1.4 trillion on a fully diluted basis. At the lower end, it could still have a trillion-dollar value.
A trading date has yet to be officially announced.
The Anthropic IPO hinges on two key questions, says Willy Lee, principal at Neostellar: whether its AI growth story is durable and whether it can gain market share in the broader AI market.
“Those are the two questions that every investor is asking within their investment committee every single day before the IPO,” Lee told The Epoch Times.
“I think that’s what’s really important to the story today: what is the next leg of the AI growth.”
Lower Valuation Expected
The proposed valuation falls far short of earlier forecasts, with some investors estimating earlier this year that Anthropic could be worth as much as $2 trillion.
Anthropic’s debut in public markets could also fall short of SpaceX’s blockbuster Wall Street entrance, which reached close to $1.78 trillion in June.
Like SpaceX, Anthropic will introduce a lock-up schedule designed to limit insider selling and reduce the risk of a post-IPO stock slump.
The filing, however, allows certain non-founder insiders to sell up to 10 percent of their shares on Day One and lays out more than 20 dates over the following year for non-founder employees to gradually offload their holdings.
The reset in expectations comes as markets increasingly question whether AI companies can earn enough revenue and profits to support their massive investments in chips, computing power, and data-center capacity.
Its last fundraising round this past spring valued Anthropic at $965 billion.
In its amended Form S-1 filing with the Securities and Exchange Commission earlier this month, Anthropic reported $33.2 billion in revenue in the nine months ending on Sept. 30, far higher than the $2.5 billion logged in the same period last year.
But Anthropic also recorded a $104 billion net loss in the first nine months of 2026, largely driven by non-cash accounting charges.
The company said it has more than $895 billion in aggregate spending commitments under purchase agreements and leases, “substantially all of which is related to compute and infrastructure.” The company expects to incur about $448 billion by the end of 2030, and another $448 billion between 2031 and 2045.
Based on its pre-IPO prospectus, Anthropic does not anticipate this year’s explosive revenue growth to be sustainable.
“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,” the company said.
The company, founded in 2021, noted that competitors could develop more advanced models faster, adding that rapid advances in the space could prevent the company from implementing adequate safety controls and security measures.
On Nov. 9, Anthropic released its Claude Fable 5.2 and Claude Mythos 5.2 AI models, its first frontier-model release since CEO Dario Amodei’s September message calling for a slowdown in the AI development race. In a news release, the company said the newest models underwent prerelease safety and alignment testing, supported by updated evaluation and monitoring systems.
