Anthropic targets $1.4 trillion IPO valuation as AI enthusiasm cools

Anthropic is heading to the public markets, and it is not starting small. The company behind the Claude family of AI models plans an initial public offering that could value it at up to $1.4 trillion and raise up to $64.4 billion.

The numbers behind the offering

Anthropic filed an updated prospectus on November 10, 2026. It lays out a plan to sell 825 million Class A shares at a price range of $70 to $78 apiece.

At the top of that range, the implied fully diluted valuation reaches $1.404 trillion. Gross proceeds from the public offering could reach as much as $64.35 billion.

The public sale is only part of the plan. Anthropic also intends to run a concurrent $26 billion private placement of non-voting Class N shares.

The cornerstone lineup reads like a who’s who of the AI supply chain. Google and Nvidia are each committing $10 billion, with AMD, Broadcom, Micron, Microsoft, and TSMC also participating.

Trading is expected to begin on Nasdaq around November 19 under the ticker symbol “ANT.”

Big, but not as big as the chatter

During the IPO planning phase, estimates had floated a valuation in the range of $1.5 trillion to $2 trillion. The final target of up to $1.404 trillion comes in below that band.

Anthropic’s previous private valuation was $965 billion as of May 2026, so the IPO target still marks a substantial climb in a matter of months.

Anthropic reported third-quarter 2026 revenue of $17 billion, and total revenue for the first nine months of the year came to $33.2 billion. More than half of that nine-month total arrived in the third quarter alone.

A public benefit corporation goes public

Anthropic is structured as a public benefit corporation. That legal form is designed to let a company weigh its stated mission alongside shareholder returns.

The company aims to keep a governance framework that prioritizes long-term mission alignment over short-term market pressure.

The dual share structure fits that approach. Class A shares go to the public, while the Class N shares in the private placement carry no voting rights, which means the cornerstone investors are writing big checks without getting a say in governance.