Anthropic targets $1 trillion valuation in blockbuster Nasdaq listing

Anthropic is targeting a valuation of up to $1 trillion in its planned IPO, seeking to raise as much as $64.4 billion through a share sale priced between $70 and $78, according to a Tuesday regulatory filing. The AI company is also pursuing a separate $26 billion private placement with strategic investors, potentially bringing the combined fundraising to $90.4 billion.

The private placement includes commitments from Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC. The deal is expected to provide a major capital injection as Anthropic prepares to list on the Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate, while the company has begun its IPO roadshow.

The offering arrives amid increasing investor concerns about the economics of the AI boom. Massive infrastructure spending, high financing costs, potential overcapacity in data centers and questions about future returns have prompted investors to reassess valuations across the sector. Recent Democratic gains in the US midterm elections have also raised concerns about greater scrutiny of data center development and possible regulatory hurdles for AI infrastructure.

Anthropic’s financial performance has continued to benefit from demand for its Claude models. Revenue rose 47% quarter-over-quarter to $16.96 billion in the third quarter, while its net loss narrowed. However, growth slowed considerably from the 144% increase recorded in the second quarter. The company has expanded into specialized AI products for healthcare, financial services and legal services, helping sustain demand even as investors question the industry’s longer-term economics.

The prospectus outlined several risks, including faster-moving competitors, potential failures in AI safety and security, and the possibility that technological advances could outpace the company’s safeguards. Anthropic also has nearly $900 billion in computing commitments with infrastructure partners such as Amazon and Google, creating substantial future capacity requirements and dependence on external financing arrangements.