Anthropic is seeking to secure up to $88.5 billion in its planned IPO and a concurrent private placement, potentially making it the largest-ever fundraise tied to a public market debut.
On Tuesday, the AI giant submitted an updated S-1 filing for its upcoming public offering, unveiling new details including a proposed share price range offering size. The offering could set a fully diluted valuation of up to $1.4 trillion for the San Francisco company.
Anthropic’s expected valuation comes in below earlier projections, with many investors reportedly forecasting something closer to $2 trillion. That said, even at $1.4 trillion, Anthropic would still be going public at the second-highest valuation in history, topped only by SpaceX’s June debut.
An IPO and a private placement
The offering should also provide Anthropic with plentiful capital to pursue its expensive expansion and infrastructure investment plans.
For the IPO portion of its fundraise, Anthropic plans to sell just over 800 million shares 1 at $70 to $78 each. At the high end, that would bring in around $62.5 billion — the largest ever IPO fundraise after SpaceX’s $75 billion offering.
Anthropic also expects to pull in another $26 billion from a private placement slated to close immediately following the IPO. Investors in this include AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC.
Put together, it’s a record-setting capital haul for a company making its market debut, which Anthropic is expected to do later this month on Nasdaq under the ticker symbol ANT.
Revenue and recent updates
Anthropic also recently updated its financial disclosures, showing results through September of this year.
For the first nine months of the year, the company had $33.2 billion in revenue, up from $2.5 billion in the same period a year ago. It’s an astounding growth rate, albeit Anthropic is already known for this.
The company claims it has the fastest enterprise adoption of any technology in history, growing revenue from zero at commercial launch in the first quarter of 2023 to $17 billion for the three months ended Sept. 30, 2026.
As of yet, however, it’s not profitable. Anthropic posted an operating loss of $1.3 billion for the first nine months of the year, down from $5.2 billion a year earlier. Its net loss widened to $104 billion, up from $25.1 billion a year ago.
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Illustration: Dom Guzman
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