San Francisco-based artificial intelligence company Anthropic is seeking a valuation of approximately $1.3 trillion through its planned initial public offering (IPO), positioning the maker of Claude among the world’s most valuable technology companies as it prepares for a Wall Street debut.
The proposed offering, announced in a November 10 regulatory filing, could raise more than $60 billion from public investors, making it one of the largest stock market listings in history.
Anthropic plans to offer 825 million shares of Class A common stock at an estimated price of $70 to $78 per share. At the midpoint of the proposed range, the offering would raise approximately $61 billion, before accounting for additional shares available through the underwriters’ option.
READ: Anthropic asks job applicants what they’d do if ‘stock fell to zero’ ahead of trillion-dollar IPO (November 2, 2026)
The company has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol ANT.
Big Tech companies commit $26 billion
Alongside the public offering, Anthropic has secured commitments for a separate $26 billion private placement involving seven major technology companies.
According to the company’s SEC filing, the proposed investments include:
- Google: $10 billion
- Nvidia: $10 billion
- Advanced Micro Devices (AMD): $2.5 billion
- Broadcom: $1 billion
- Micron Technology: $1 billion
- Microsoft: $1 billion
- TSMC Partners: $500 million
The investments will be made through Class N shares, which do not carry voting rights. The placement is expected to take place immediately after completion of the IPO, subject to specified conditions.
Anthropic estimates that the IPO and private placement together could generate approximately $84.6 billion in net proceeds, based on the assumed midpoint share price. That figure could rise to $93.7 billion if underwriters exercise their option to purchase additional shares in full.
Claude’s growth drives Anthropic’s valuation
Founded in 2021 by former OpenAI executives, Anthropic has emerged as a major competitor in the generative AI industry through its Claude family of artificial intelligence models.
The company’s financial disclosures show the scale of its recent expansion. Anthropic reported revenue of $33.2 billion for the nine months ended September 30, 2026, compared with $2.5 billion during the corresponding period in 2025, representing year-over-year growth of 1,206%.
However, rapid revenue growth has come alongside substantial operating expenses and infrastructure commitments.
Anthropic reported a net loss of approximately $104 billion for the first nine months of 2026. Its operating loss for the same period was approximately $1.3 billion, compared with $5.2 billion a year earlier.
The company also disclosed approximately $900.9 billion in aggregate committed spending under computing, infrastructure and lease agreements, including commitments made after September 30. It said substantially all of these commitments relate to computing and infrastructure.
Infrastructure spending and profitability concerns
Anthropic’s proposed listing comes amid growing investor scrutiny of the costs associated with developing and operating advanced AI systems.
The company’s SEC filing showed that computing and infrastructure expenses reached $18.8 billion during the first nine months of 2026, compared with $4.38 billion during the same period in 2025.
Despite the reported net loss, Anthropic said its adjusted operating income reached $4.1 billion during the first nine months of 2026, compared with an adjusted operating loss of $3.1 billion in the year-earlier period.
The distinction is significant because the company’s reported net loss includes substantial non-cash accounting adjustments, including changes in the fair value of convertible financial instruments.
Anthropic IPO puts AI industry under market scrutiny
The IPO will provide investors with an opportunity to assess the value of a major AI developer through the public stock market rather than private funding valuations. Anthropic was last valued at approximately $965 billion in a private funding round, according to Reuters. Its proposed IPO valuation is below the $2 trillion figure that investors had previously discussed.
READ: Anthropic files for IPO, discloses $80 billion loss (October 26, 2026)
The company’s proposed valuation also comes amid volatility in technology stocks and questions about whether the enormous investments in AI infrastructure will generate sustainable returns.
Anthropic’s listing is also expected to precede a potential public offering by rival OpenAI, setting up another major development in the competition between the two AI companies.
If completed at the proposed terms, Anthropic’s IPO would rank among the largest stock market offerings ever attempted, while giving the company substantial additional capital to expand its AI models, computing infrastructure and enterprise business.