Anthropic targets $64.4B in IPO, at a valuation of up to $1.4T
Anthropic (ANT) plans to raise up to $64.4B in its IPO, Reuters reports, from the latest draft of its prospectus. Shares are expected to be priced from $70–$78.
The proposed price range values Anthropic at up to approximately $1.4T.* The company was valued at $965B in its Series H round in May, when it raised $65B.
The latest IPO figures are lower than those Anthropic sent out by mistake.
Anthropic circulated preliminary IPO terms to its banking partners on Monday, but withdrew them after identifying an error in the pricing information. The company subsequently issued an amended prospectus with a revised price range.
| Retracted draft | Latest draft | |
|---|---|---|
| Price range per share | $70 to $80 | $70 to $78 |
| Most it could raise | $69.3B | $64.4B |
In the retracted version, almost all the shares were new ones sold by Anthropic, so most of the money would go to the company. Existing holders were selling under 3% of the shares.
That version also showed $26B of investments lined up alongside the IPO. Alphabet (GOOGL), Nvidia (NVDA), Microsoft (MSFT), and four other large tech companies agreed to buy a separate class of shares at the IPO price. The updated filing confirms that the $26B private placement remains in place.
Anthropic is expected to start marketing the shares to investors on Tuesday, Reuters reports, with confirmed pricing the following week. Up to 316M previously locked-up shares may also become eligible for trading on the first day, separate from the 825M shares offered in the IPO.
*The valuation depends on which shares are counted. At the top of the $70–$78 range, the 13.07B shares Anthropic will have outstanding after the IPO and the private placement are worth about $1.02T, according to its latest S-1/A. Adding the 2.85B shares tied to employee stock options and RSUs brings it to about $1.24T. The $1.4T figure also counts the 2.05B shares set aside for Anthropic’s new equity plan and employee stock purchase plan.
Sources & Further Reading
- "Anthropic eyes $1.4 trillion IPO valuation in test of Wall Street's AI fervor." Reuters. November 10, 2026.
- "Anthropic raises $65B in Series H funding at $965B post-money valuation." Anthropic. May 28, 2026.
- "Anthropic's nearly $70 billion IPO plan briefly circulated to banks, then retracted." Reuters. November 10, 2026.
- "Anthropic S-1." Securities and Exchange Commission. November 10, 2026.
This article was drafted with the help of AI. Reid Robertson fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
