Artificial intelligence firm Anthropic has disclosed the details of its initial public offering, with the developer of the Claude chatbot seeking to raise as much as $64.4 billion in what is projected to be the world's second-largest stock market listing behind SpaceX.
According to the draft prospectus, the company and participating existing shareholders intend to offer 825 million shares within an indicative price range of $70 to $78 apiece. Trading on the Nasdaq is slated to begin on November 19 under the ticker symbol ANT.
At the high end of the price range, Anthropic's fully diluted valuation, which factors in stock options and restricted stock, would reach approximately $1.4 trillion. Excluding those securities, the basic valuation would sit around $1 trillion.
The target proceeds represent a slight decrease from preliminary figures previously circulated to investment banks before being withdrawn. The updated filing provides a clearer picture as the market evaluates investor appetite for artificial intelligence ventures amid ongoing questions regarding the massive capital required to build and operate advanced models.
Alongside the public share sale, Anthropic plans to raise an additional $26 billion through a private placement involving key cornerstone investors, including Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft, and Taiwan Semiconductor Manufacturing Company. While the private placement and IPO together could total $90.4 billion, the private funding is separate from the public offering proceeds.
If the company hits its maximum public fundraising goal of $64.4 billion, the listing will surpass Saudi Aramco's $29.4-billion debut in 2019, though it will trail the $75-billion listing achieved by SpaceX in June 2026. Goldman Sachs and Morgan Stanley are serving as the lead underwriters for the offering.
The path to the public markets involved several timeline shifts after Anthropic confidentially filed for a US IPO in June 2026. Initial expectations pointed toward a late-September or October launch before terms were adjusted and the current timeline was established.
The offering underscores the massive financial and infrastructure backing from major tech partners. Amazon has invested at least $13 billion with agreements for up to $20 billion more, while Google has committed up to $40 billion. Both tech giants also supply critical cloud computing services to support Anthropic's models.
Founded in 2021 by former OpenAI researchers including siblings Dario and Daniela Amodei, Anthropic has experienced rapid revenue growth. Revenue climbed to $4.59 billion in 2025 from $386 million in 2024, and reached $16.29 billion for the six months ending in June 2026. Operating losses narrowed during the same period, though the company continues to carry substantial infrastructure and computing commitments with its partners.