Artificial intelligence powerhouse Anthropic is on track for a historic market debut, with its planned $90 billion initial public offering (IPO) already oversubscribed multiple times over. Demand for shares has rapidly filled order books, defying a recent broader pullback in AI equities and pushing the company towards a potential valuation exceeding $1.5 trillion.
Record-Breaking Public Offering
The San Francisco-based creator of the Claude AI model launched its IPO roadshow on November 10, offering 825 million Class A shares priced between $70 and $78 each. Approximately 801 million shares are being issued by the company, with existing shareholders offloading the remaining 24 million. Pricing at the ceiling of this range could generate $64.35 billion in gross proceeds and peg Anthropic’s fully diluted market value near $1.4 trillion.
Adding to the public offering, a simultaneous $26 billion private placement of Class N common stock at the IPO price is underway. Industry heavyweights, including Nvidia, Google, Microsoft, Advanced Micro Devices (AMD), Broadcom, Micron, and Taiwan Semiconductor Manufacturing Company (TSMC), are expected to participate in this private placement. Together, these dual transactions are poised to raise over $90 billion, surpassing the $86 billion record set by SpaceX in June.
Explosive Revenue Growth Fuels Investor Confidence
Investor enthusiasm is closely tied to Anthropic’s dramatic commercial scaling. Financial disclosures reveal the company generated $33.2 billion in revenue across the first nine months of 2026, a significant jump from $2.5 billion over the same period last year. This performance has pushed its annualized revenue run rate to $81 billion by October's close.
Despite this impressive growth, heavy spending on compute infrastructure and advanced model training resulted in a $567 million operating loss for the firm in the third quarter.
IPO Management and Timeline
A syndicate of 22 banks, led by Goldman Sachs and Morgan Stanley, is managing the sale. To maintain momentum throughout the roadshow, Anthropic CEO Dario Amodei is scheduled to appear alongside JPMorgan Chase CEO Jamie Dimon for a live-streamed conversation on Friday.
Final pricing for the IPO will be disclosed on November 18, with shares slated to begin trading on the Nasdaq Global Select Market on November 19 under the ticker symbol ANT.