Anthropic files for IPO at valuation up to $1.4 trillion

Anthropic, the developer of Claude, has released a 430-page updated IPO prospectus, planning to sell 825 million shares at a price range of $70 to $78. Pricing is set for November 18, with trading starting under the ticker ANT on the Nasdaq. The company aims to raise up to $100 billion, including a greenshoe option, with a separate private placement involving seven major tech firms—Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC—purchasing $26 billion in shares. This valuation of approximately $1.4 trillion at the top end is lower than previous estimates of $2 trillion, though the Financial Times reports partners may raise the price to a $1.5 trillion top end due to strong demand.

The prospectus reveals $901 billion in committed obligations, primarily for compute, against an annualized revenue of $81 billion. Revenue grew from $41 million in 2023 to $33 billion in the first nine months of 2026. The company reported a net loss of $104 billion over nine months, largely due to non-cash mark-to-market adjustments on convertible notes. Morningstar estimates a fair value of $1.7 trillion, with a range of $500 billion to $3 trillion. The seven founders retain 50.1% voting control via special shares.

Investors are divided on the valuation. John Ma of Artemis argues the valuation is overpriced but notes a contrarian case based on the $81 billion run-rate revenue. Sonali Basik of iCapital notes the valuation represents 40x trailing 12-month revenue, comparable to CrowdStrike and Cloudflare rather than Palantir. Prediction markets on Polymarket assign a 95% probability that the IPO will occur in November. The timing coincides with the release of new models Fable 5.2 and Mythos 5.2, which achieved high benchmark scores, a move analysts view as strategic to secure valuation during the bookbuilding phase.