Anthropic is looking to raise as much as $88.5 billion through its planned initial public offering and a private placement running alongside it, a total the company says would rank as the largest fundraise ever connected to a public market debut. The San Francisco AI developer disclosed the figures Tuesday in an updated S-1 filing with securities regulators, which also laid out a proposed share price range and the size of the offering. At the top end, the listing would value Anthropic at up to $1.4 trillion on a fully diluted basis.
That valuation lands below what many investors had reportedly been expecting, with forecasts circulating closer to $2 trillion. Even so, a $1.4 trillion valuation would make Anthropic the second-most valuable company ever to go public, behind only SpaceX and its June debut. The proceeds are expected to give Anthropic substantial capital for its costly expansion and infrastructure buildout.
The IPO itself covers just over 800 million shares priced between $70 and $78 apiece. At the upper end of that range, the share sale would generate roughly $62.5 billion, which would stand as the largest IPO fundraise on record after SpaceX's $75 billion offering. Anthropic anticipates an additional $26 billion from the private placement, which is set to close right after the IPO. The placement's investors include AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC.
Combined, the two pieces amount to a record-setting capital raise for a company entering the public markets. Anthropic is expected to list later this month on Nasdaq under the ticker symbol ANT.
The filing also brought updated financial figures through September of this year. Anthropic recorded $33.2 billion in revenue over the first nine months, compared with $2.5 billion in the same stretch a year earlier. The company says it has seen the fastest enterprise adoption of any technology in history, with revenue climbing from zero at its commercial launch in the first quarter of 2023 to $17 billion in the three months ended Sept. 30, 2026.
Anthropic remains unprofitable despite that growth. Its operating loss for the first nine months was $1.3 billion, narrower than the $5.2 billion loss posted a year earlier. The net loss, however, widened to $104 billion from $25.1 billion a year ago.
The overall offering covers 825 million shares, and 23.6 million of those will come from selling shareholders.
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