Anthropic sets IPO price range targeting $1.4 trillion valuation
· Business Insider
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- Anthropic has unveiled plans to raise as much as $90 billion in its record-breaking IPO.
- The AI startup said in a filing it expects to price its shares between $70 and $78.
- It means Anthropic's IPO could outstrip the $75 billion initially raised by Elon Musk's SpaceX.
Anthropic has set a price for its much-anticipated IPO that could give the AI startup a valuation of up to $1.4 trillion.
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In a regulatory filing on Tuesday, Anthropic said that shares for the upcoming public offering would be priced between $70 and $78, indicating that it intends to raise between $56 billion and $63 billion.
Anthropic did not give a date for the IPO, but some reports have said it could come as soon as mid-November.
The filing also said that 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 up 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 record-breaking IPO in June. Elon Musk's rocket company ultimately sold more than $85 billion worth of shares.
If Anthropic prices its shares at $78, the top end of its planned range, that would value the company at just over $1 trillion. Its market capitalization could exceed $1.4 trillion on a fully diluted basis, which includes shares that could be issued through employee awards, convertible notes, and other commitments.
Previous reports had suggested that 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.
Anthropic's IPO price range comes amid uncertainty over the wider AI economy. Last week, major US indexes and tech stocks plummeted in the aftermath of sweeping Democratic Party victories in the midterms, before recovering, as investors worried that the blue wave might lead to a slowdown in data center construction.
It marks a dizzying rise for the red-hot AI startup behind Claude, founded in 2021 by CEO Dario Amodei and other former OpenAI members.
Anthropic was valued at $965 billion following its $65 billion Series H funding round announced in May. Business Insider reported in July that Anthropic had soared to a $1.2 trillion valuation on secondary markets amid surging demand for shares.
Anthropic's November 10 regulatory 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.
The company's seven founders are set to each hold roughly 240 million shares after the IPO, giving their stakes an implied value of about $17 billion to $18 billion apiece at the midpoint of the range.
In Anthropic's S-1 filing, which was released last month, the company disclosed a total net loss of about $42 billion in 2025 against revenue of $4.6 billion.
In an amended filing submitted earlier this month, 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.
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