Anthropic, the developer of Claude, is moving ahead with one of the largest technology IPOs in history, despite increasing market volatility and growing investor caution towards artificial intelligence companies.

In an updated filing with the US Securities and Exchange Commission, the company proposed offering 825 million Class A shares at a price of $70 to $78 each. Depending on the final price, the IPO could raise between $57.75 billion and $64.35 billion.

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Valuation Falls Short Of Earlier Expectations

At the upper end of the proposed price range, Anthropic’s fully diluted valuation could reach approximately $1.404 trillion. This would represent a significant increase from the $965 billion valuation recorded in a May fundraising round, although it remains below the $2 trillion valuation the company was reportedly targeting several months ago.

Alongside the public offering, Anthropic has agreed to sell $26 billion worth of non-voting Class N shares at the IPO price to seven major technology companies: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion.

Including this private placement, Anthropic expects net proceeds of between $84.6 billion and $93.7 billion. The higher amount depends on underwriters exercising their option to purchase additional shares. The underwriting group, which includes Goldman Sachs and Morgan Stanley, may acquire up to 123.75 million extra shares at the IPO price.

Public Shareholders Will Have Limited Voting Rights

Despite the scale of the offering, public investors will have limited influence over Anthropic’s corporate decisions.

The company operates as a public benefit corporation and has a special Class F share held by its founders, carrying 50.1% of total voting power. The Long-Term Benefit Trust will also appoint a majority of the board.

According to CNBC, Anthropic expects to begin trading on the Nasdaq around November 19 under the ticker symbol “ANT”. Retail investors are expected to receive up to 20% of the offering.

Revenue Growth Comes With Significant Infrastructure Costs

Anthropic’s filing reports run-rate revenue of $81 billion at the end of October, approximately $10 billion higher than at the end of September. Revenue reached $17 billion in the third quarter, while total revenue for the first nine months of the year amounted to $33.2 billion.

However, the company’s financial commitments remain substantial. Anthropic reported a nine-month net loss of $104 billion and compute and infrastructure commitments totalling $900.9 billion. Its cash and short-term investments stood at nearly $132 billion.

The figures illustrate the scale of resources required to develop and operate advanced AI systems. Investors will be assessing whether Anthropic’s rapid revenue growth can support its infrastructure spending and deliver sustainable returns over time.

Co-Founders Plan To Sell Shares Worth Around $250 Million Each

The updated filing also outlines planned share sales by seven Anthropic co-founders and senior executives: CEO Dario Amodei, president and chair Daniela Amodei, chief compute officer Tom Brown, Anthropic Institute head Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish and interpretability research lead Christopher Olah.

Each plans to sell nearly 3.4 million shares. At the midpoint of the proposed IPO price range, $74 per share, each transaction would be worth approximately $250 million.

The filing also repeatedly uses the terms “super intelligence” and “SI” alongside “artificial intelligence” and “AI”. This reflects terminology introduced in a September executive order by US President Donald Trump, which directed federal agencies to adopt the new terms.

Anthropic Enters A Crowded AI IPO Market

Anthropic’s planned listing comes as competition for capital among leading AI companies intensifies. Its largest rival, OpenAI, was reportedly valued at $1.25 trillion last week after raising $11 billion, nearly half of the $20 billion it had initially sought.

The comparison highlights the extraordinary amounts of capital flowing into the AI sector, while raising questions about company valuations, financing requirements and the ability to generate sustainable returns.

For Anthropic, the IPO will be a major test of whether public-market investors are prepared to support a valuation exceeding $1 trillion amid market uncertainty and the industry’s growing demand for investment.