NEW YORK, November 10, 2026 — Artificial intelligence company Anthropic has begun marketing a major initial public offering, setting a proposed share-price range of $70 to $78 and seeking to raise as much as $64.4 billion in a transaction that could become one of the largest stock-market debuts on record.
The company behind the Claude chatbot plans to offer 825 million shares. At the top of the range, Anthropic would be valued at approximately $1.4 trillion on a fully diluted basis, which includes instruments such as stock options and restricted shares. Its valuation excluding those securities would be closer to $1 trillion, according to the prospectus details reported by Reuters.
Anthropic is also pursuing a separate private placement of up to $26 billion involving major technology investors, including Google, Nvidia and AMD. Combined with the public share sale and other commitments, the financing package could bring the total raised to as much as $90.4 billion.
The filing describes rapid revenue growth, with run-rate revenue reaching about $81 billion as of October 31. It also highlights the enormous cost of computing infrastructure: Anthropic has nearly $900 billion in computing commitments with partners, including Amazon and Google.
The proposed valuation is below some earlier investor expectations, reflecting questions about the sustainability of AI spending, competition and the ability of leading developers to turn heavy infrastructure investment into lasting profits. The listing is therefore expected to test public-market appetite for the AI sector at a time when investors are scrutinising high borrowing costs and large technology valuations.
Anthropic’s shares are expected to trade on Nasdaq under the symbol ANT, subject to the completion of the offering and final listing arrangements. The final offer price and the number of shares sold may differ from the preliminary terms.