Key facts
- Anthropic said in the November 10 filing it would raise $57 billion to $64 billion in the IPO.
- Broadcom, Google and Nvidia agreed to buy $26 billion of shares at the IPO price, per the filing.
- Anthropic said it reported a $42 billion net loss in 2025 against $4.6 billion of revenue.
- Anthropic said its third-quarter revenue was nearly $17 billion, with a $567 million operating loss.
- The filing disclosed that board members and affiliates "indicated an interest" in buying up to $303 million of shares.
- Anthropic disclosed $895 billion in committed compute and infrastructure spending, nearly half expected by the end of 2030.
Anthropic set an IPO price range of $70 to $78 a share in a regulatory filing dated November 10, 2026, saying it would raise between $57 billion and $64 billion. The Claude developer plans to sell 825 million shares on Nasdaq and is targeting its IPO for mid-November, according to the report, a date the filing does not fix.
The filing said Anthropic has entered into an agreement with investors including Broadcom, Google and Nvidia to purchase $26 billion in shares at the IPO price, taking the total amount the company expects to raise to around $90 billion. At the high end, that would make Anthropic's public offering the largest of all time, outstripping the $75 billion initially raised by SpaceX's IPO in June; Elon Musk's rocket company ultimately sold more than $85 billion worth of shares.
A raise at that scale could give Anthropic a valuation of up to about $1 trillion. On a fully diluted basis, which includes shares that could be issued through employee awards, convertible notes and other commitments, Anthropic's valuation could reach about $1.4 trillion at the top end of the range. The filing also disclosed that some members of the company's board of directors and others affiliated with them have "indicated an interest" in buying up to $303 million worth of shares in the offering.
In its S-1 filing, released in October 2026, Anthropic disclosed a total net loss of about $42 billion in 2025 against revenue of $4.6 billion. In an amended filing submitted earlier in November 2026, Anthropic said it generated nearly $17 billion in revenue in the third quarter, and a $567 million operating loss. The AI firm also disclosed $895 billion in committed spending on compute and infrastructure, nearly half of which is expected by the end of 2030.
Anthropic was valued at $965 billion following its $65 billion Series H funding round announced in May, and Business Insider reported in July that Anthropic had reached a $1.2 trillion valuation on secondary markets. Previous reports had suggested Anthropic could seek a valuation as high as $2 trillion, while later reporting said some investors had lowered their expectations to about $1.5 trillion.
The IPO price range comes amid uncertainty over the wider AI economy, the report said: major US indexes and tech stocks fell in the aftermath of sweeping Democratic Party victories in the midterms, before recovering, as investors worried that the blue wave might slow data center construction. Anthropic, the AI startup behind Claude, was founded in 2021 by CEO Dario Amodei and other former OpenAI members.