NEW YORK, November 10, 2026 — Anthropic PBC, the maker of the Claude chatbot, is seeking a valuation of about $1.4 trillion in its initial public offering, a bid to become the first frontier artificial intelligence lab to go public.
The company launched its investor roadshow on Tuesday and, according to its filing with the US Securities and Exchange Commission, plans to offer 825 million shares priced between $70 and $78. Of those, Anthropic is offering 801.4 million shares, while existing backers are selling 23.6 million. The company plans to trade on the Nasdaq under the symbol “ANT.”
Offering terms
At the top of the range, the base offering would raise about $64.4 billion. The valuation is calculated on a fully diluted basis, which includes securities such as stock options and restricted stock. On a shares-outstanding basis, the figure is closer to $1 trillion.
Anthropic will also raise $26 billion through a private placement. Together with investments from cornerstone investors, including Broadcom, Micron Technology, Microsoft and TSMC, the total could reach up to $90.4 billion.
Valuation below earlier expectations
The target is lower than earlier estimates that put Anthropic between $1.5 trillion and $2 trillion, as concerns grow about the company’s enormous infrastructure spending and recent swings in AI stock prices. Reuters reported that the valuation falls slightly short of some investors’ expectations. Anthropic’s previous private valuation was $965 billion as of May 2026.
Revenue and spending
According to the IPO filing, Anthropic’s run-rate revenue was roughly $81 billion as of October 31, up $10 billion from September 30. Run-rate revenue is an annualised projection of current earnings, not reported revenue for a completed period.
The filing also puts the company’s compute purchase commitments at $900.9 billion. Investors are increasingly questioning whether AI companies can earn enough to justify their soaring valuations and sustain the boom.
Anthropic was founded in 2021 by former OpenAI researchers and is led by chief executive Dario Amodei. It competes with OpenAI for business customers adopting generative AI tools.
Anthropic is reported to be planning to go public next week. The final pricing and trading date have not been confirmed.
