Anthropic is seeking up to $88.5 billion through its planned initial public offering and a private placement that closes right after it. If completed at those levels, it would be the largest fundraise tied to a public market debut.
The San Francisco company filed an updated S-1 on Tuesday with a proposed price range of $70 to $78 per share. The offering covers 825 million shares, of which 23.6 million would come from selling shareholders. At the top of the range, the IPO would raise about $62.5 billion. That would be the second-largest IPO ever, behind SpaceX's $75 billion offering. The filing implies a fully diluted valuation of up to $1.4 trillion.
That is below the roughly $2 trillion some investors had anticipated. It would still be the second-highest valuation at listing, behind only SpaceX's June debut.
The private placement adds $26 billion. Participants include AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC. Anthropic is expected to begin trading on Nasdaq under the ticker ANT later this month.
The filing also includes results through September. Revenue for the first nine months of the year was $33.2 billion, compared with $2.5 billion in the same period a year earlier. Revenue for the three months ended Sept. 30, 2026 was $17 billion. The company says it has seen the fastest enterprise adoption of any technology, growing from zero at its commercial launch in the first quarter of 2023.
Anthropic is not yet profitable. Its operating loss for the nine months was $1.3 billion, down from $5.2 billion a year earlier. The proceeds are expected to fund its expansion and infrastructure spending plans.
