Anthropic targets up to $1.4 trillion valuation with $70 to $78 IPO price

Anthropic announced IPO terms Tuesday that could give the artificial intelligence company a valuation of roughly $1.4 trillion at the top end, a figure one analyst saw as a reassessment amid tougher AI market conditions.

In a Securities and Exchange Commission filing, the company said it plans to offer 825 million shares for $70 to $78 apiece. The $1.4 trillion valuation represents the top price on a fully diluted basis, which includes stock options and restricted stock.

“What we are seeing is essentially a reassessment of Anthropic's value in a more challenging AI environment,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank in Geneva. Ozkardeskaya said the move from a $2 trillion valuation “reflects a change in focus from revenue growth alone to the significant financial commitments and spending required to sustain it.”

Investors once discussed valuing Anthropic as high as $2 trillion, but infrastructure commitments and AI stock volatility lowered expectations, with $1.5 trillion becoming the upper end, Reuters reported. The company has nearly $900 billion in computing commitments with partners including Amazon and Alphabet's Google.

At the upper share price, Anthropic would have a market value of about $1 trillion if stock options and restricted stock were excluded. The Associated Press estimated the valuation at roughly $1.3 trillion.

Anthropic's last private valuation was $965 billion in May.

Offering and private investment

Anthropic and some investors would collect up to $64.4 billion from the base offering. Existing backers account for 23.6 million shares in the sale.

A private placement worth $26 billion, separate from the offering, will involve cornerstone investors including Google, Nvidia and Advanced Micro Devices, bringing the potential total for Anthropic and its co-founders to $90.4 billion.

The terms changed before filing. Late Monday, hours before the updated prospectus, investment banks briefly received proposed terms, including a price range, that were then retracted, according to emails seen by Reuters. Those emails showed preliminary plans for about 867 million shares priced as high as $80, potentially raising $69.3 billion.

Revenue and risk

In the first half of 2026, Anthropic brought in $16.3 billion in revenue, nearly 14 times the amount from the same period a year before.

Its net loss for that period was $80.7 billion.

As of Oct. 31, run-rate revenue stood at $81 billion, an increase of $10 billion from Sept. 30.

The company warned in its prospectus that “our models have in the past behaved, and may in the future behave, in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed.” In October, its preliminary prospectus told prospective investors that its models could pose a “catastrophic or existential risk to humanity.”

Anthropic began in 2021, founded by researchers who left OpenAI after disagreements about governance and AI safety. The AP and Bloomberg Law said Anthropic would become the first frontier AI lab to list publicly, ahead of OpenAI.

“For tech and AI, this is the first time a U.S. frontier lab carries a standalone public market price, uncluttered by an ad business or a rocket business,” Dan Ives, partner and senior managing director at Yorkville Ives & Co., wrote in an investor note.

SpaceX holds the offering record. Anthropic appears likely to fall short of the $86 billion SpaceX raised in June, the AP reported. Reuters put the June proceeds at $75 billion, a figure that excluded greenshoe shares underwriters bought.

Anthropic's shares are expected to trade on the Nasdaq Global Select Market under “ANT.” Goldman Sachs and Morgan Stanley lead the underwriting banks as Anthropic begins its roadshow.

The company is expected to debut later this month, although some reports cited by ABC News put the possible start as early as next week.