Artificial intelligence (AI) company Anthropic has set a price range of $70 to $78 per share for its proposed initial public offering (IPO), potentially valuing the five-year-old company at up to $1.405 trillion and positioning it for one of the largest stock market debuts.
According to an updated filing with the US Securities and Exchange Commission (SEC) on Tuesday, Anthropic plans to offer 825 million shares in the IPO. At the upper end of the price band, the company could raise approximately $64.35 billion.
The proposed valuation represents a significant increase from the $965 billion valuation announced by Anthropic during its May funding round. The company is expected to list on the Nasdaq under the ticker symbol ‘ANT’ later this month.
Market uncertainty clouds IPO valuation
Despite the scale of the proposed offering, Anthropic faces an uncertain investment environment as it prepares to market its shares to institutional and retail investors.
The latest US midterm election results, which gave Democrats control of Congress, along with the passage of several state-level ballot measures, have raised questions about the future pace of AI infrastructure development.
Concerns are mounting that regulatory and political opposition could slow the expansion of data centres, which require substantial investments in computing infrastructure and electricity.
Investors are also becoming increasingly cautious about AI-related stocks amid concerns that higher interest rates could increase borrowing costs for companies planning large-scale infrastructure investments.
According to earlier reports, some Anthropic investors have become less confident about the company’s potential valuation. The AI developer had reportedly considered a $2 trillion valuation, but shareholders recently expressed doubts about achieving even $1.5 trillion, with one investor describing that figure as a ‘stretch’.
Anthropic’s IPO follows record SpaceX listing
If completed as scheduled, Anthropic’s Nasdaq debut would come approximately five months after SpaceX completed a record-breaking IPO that raised $85.7 billion.
Elon Musk’s space exploration and artificial intelligence company currently has a market capitalisation of just under $2 trillion, broadly in line with its valuation at the time of the listing.
Anthropic was founded in 2021 by chief executive Dario Amodei and a group of researchers who left OpenAI. The company has since emerged as one of OpenAI’s biggest competitors in the generative AI market.
It is best known for developing the Claude family of AI models and primarily generates revenue by providing AI products and services to businesses.
New Claude models unveiled ahead of stock market debut
On Monday, Anthropic unveiled two new AI models, Claude Fable 5.2 and Claude Mythos 5.2. The launch marked the company’s first release of frontier AI models since Amodei called for a slowdown in the pace of AI development in September.
Anthropic said both models underwent extensive safety and alignment testing. The company also developed additional evaluation frameworks and post-launch monitoring tools before making them available.
Revenue jumps 1,200%, but losses remain substantial
Anthropic reported revenue of $33.24 billion for the nine months ended September 30, representing an increase of approximately 1,200% from the corresponding period last year.
However, the company also disclosed a net loss of $104 billion during the nine-month period, compared with a loss of $25.1 billion in the same period of 2025.
Anthropic attributed most of the latest reported loss to changes in the fair value of convertible notes and derivative liabilities.
The company’s rapid revenue expansion, financial losses and spending requirements are expected to be key areas of investor scrutiny as it moves towards its highly anticipated public listing.
