Anthropic Sets Terms for Record-Breaking IPO at Up to $1.4 Trillion Valuation

Anthropic, the AI company behind the Claude chatbot, has filed amended IPO documents and launched its roadshow, setting a price range of $70 to $78 per share for 825 million Class A shares. At the high end, the offering could raise up to $64.4 billion, implying a fully diluted valuation of approximately $1.4 trillion. A concurrent $26 billion private placement with major tech suppliers including Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and TSMC brings the total capital raise to as much as $90.4 billion (or more with the greenshoe). The shares are expected to begin trading on Nasdaq under the ticker ANT around November 19, 2026, with Goldman Sachs and Morgan Stanley leading the syndicate of 22 underwriters. About 20% of the shares are allocated for retail investors. The company reported run-rate revenue of roughly $81 billion as of late October, though it faces massive computing commitments nearing $900 billion and significant projected cash outflows before turning profitable later in the decade. This follows SpaceX's large IPO earlier in 2026 and tests Wall Street's appetite for AI amid cooling sentiment from earlier $2 trillion whispers. Anthropic, a public benefit corporation, maintains founder control via a special voting share. The event underscores deepening financial ties between AI labs and their chip/cloud providers.