Anthropic Plans to Raise up to $62.5 Billion in Its IPO. Seven Tech Giants Are Investing Another $26 Billion.

Anthropic is seeking to raise as much as $62.5 billion in one of the largest initial public offerings in history, with the Claude AI developer targeting a valuation of more than $1 trillion as it prepares to list on Nasdaq.

The company plans to sell approximately 801.4 million new shares at $70 to $78 each, according to an amended registration statement filed with the Securities and Exchange Commission Tuesday.

Existing shareholders will sell another 23.6 million shares, bringing the total public offering to 825 million. Anthropic will not receive proceeds from those secondary sales.

At the top of the proposed price range, the company's equity valuation would exceed $1 trillion, while its fully diluted valuation, which accounts for shares that may be issued through options and other securities, would be approximately $1.4 trillion. That is below earlier market expectations of a valuation approaching $2 trillion.

Seven major technology companies have also committed to purchasing $26 billion worth of Anthropic's nonvoting Class N shares in a separate private placement tied to the IPO.

The investors include Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners. Their shares will be priced at the final IPO price, subject to the terms outlined in the filing.

At the $74 midpoint of the proposed range, Anthropic expects combined net proceeds of approximately $84.6 billion from the public offering and private placement, after underwriting discounts and expenses. The amount would increase to roughly $93.7 billion if underwriters purchase an additional 123.75 million shares in full.

Goldman Sachs and Morgan Stanley are leading the offering. Anthropic launched its IPO roadshow Tuesday and has applied to list on the Nasdaq Global Select Market under the ticker ANT. The final offering price and trading date have not been announced.

Founded in 2021 by former OpenAI executives Dario and Daniela Amodei and other researchers, Anthropic develops the Claude family of AI models and sells access through subscription products and application programming interfaces used by businesses and developers.

The company's latest financial disclosures show revenue reached $33.2 billion during the nine months ended Sept. 30, 2026, compared with approximately $2.5 billion during the same period last year.

For the full year 2025, Anthropic generated $4.6 billion in revenue, up from $386 million in 2024. Its business customer base has also expanded considerably. The number of customers generating at least $100,000 in annualized revenue increased from more than 950 in September 2025 to over 11,900 a year later. Those customers accounted for approximately 74% of revenue during the first nine months of 2026.

Operating expenses have climbed alongside sales. Compute and infrastructure costs totaled $18.8 billion during the nine-month period, up from $4.4 billion a year earlier.

Anthropic reported an operating loss of $1.26 billion, narrowing from $5.22 billion during the comparable period in 2025. It recorded a $974 million operating profit in the second quarter before posting a $567 million loss in the third.

The company attributed much of the third-quarter decline to $5 billion in short-term computing commitments, which carried higher costs than capacity secured under longer-term agreements, along with noncash expenses related to its donation-matching program.

Its reported net loss for the first nine months reached approximately $104 billion, largely because of noncash accounting adjustments associated with the increased fair value of convertible financial instruments. The figure is distinct from the company's operating loss and does not represent an equivalent cash outflow.

Anthropic relies on multiple chip platforms to develop and run its models, including Amazon Web Services Trainium processors, Google's tensor processing units, Nvidia graphics processors and AMD hardware.

The IPO prospectus also details the company's corporate governance structure, which differs from that of many publicly traded technology businesses.

Anthropic is incorporated as a public benefit corporation, requiring it to consider shareholder financial interests alongside its stated commitment to the responsible development of advanced AI.

Under the proposed arrangement, a special class of founder-controlled stock will carry 50.1% of the voting power on matters submitted to shareholders generally, while Anthropic's Long-Term Benefit Trust will have authority to appoint a majority of the board's authorized directors through a separate share class.

Public investors will purchase Class A shares carrying one vote each, while strategic partners participating in the private placement will receive nonvoting Class N shares.

The filing also sets restrictions on sales by existing investors and employees following the listing, with certain shareholders, including the founders, subject to lock-up periods of up to 365 days.

Anthropic first filed for its IPO on Oct. 26. Its latest amended registration statement remains preliminary and is subject to completion before shares can be sold to public investors.