Anthropic Targets Up to $64.35 Billion in IPO at $1.4 Trillion Valuation

Anthropic could raise up to $64.35 billion in its initial public offering, according to an updated SEC filing published Tuesday. The deal values the maker of Claude at an estimated $1 trillion to $1.4 trillion — far below the $2 trillion figure that circulated in rumors for months.

The filing, lodged with the Securities and Exchange Commission, lays out the mechanics of one of the largest stock listings ever attempted. Anthropic plans to offer 825 million shares of Class A common stock at an estimated $70 to $78 per share. The company itself is selling more than 801 million of those shares. Selling stockholders are offering another 23.6 million.

Anthropic has applied to list on Nasdaq under the ticker "ANT." The exact IPO date remains open, but the listing is likely to arrive in mid-November.

Who is buying in the private placement?

The filing also discloses a private placement of Class N common stock sold to seven of the biggest names in computing: Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft, and TSMC Partners.

Google and Nvidia will each purchase 135,135,135 shares — the largest allocations — worth about $10 million. Anthropic estimates the full private placement will bring in roughly $26 billion. That structure lets the company's chip suppliers and cloud partners take equity stakes alongside public investors.

Why is the valuation lower than the rumors?

The answer sits in Anthropic's growth rate. In October, the company reported 45% revenue growth for the third quarter. That marks a slowdown from the 60% growth it recorded between the first and second quarters of this year.

The deceleration moved investor expectations well before Tuesday's filing. After the Q3 numbers landed, analysts and investors had already started leaning toward a valuation near $1.5 trillion instead of the $2 trillion once whispered in market chatter. The final $1 trillion to $1.4 trillion range, drawn from a range of analyses, sits below even that adjusted figure.

The broader climate adds pressure. Investors continue to fear an AI bubble, and the midterm election results have injected fresh uncertainty into the future of data center buildouts — the physical infrastructure underpinning AI demand.

How big is this IPO historically?

A valuation above $1 trillion would still make Anthropic's debut one of the biggest IPOs of all time. It would nonetheless fall short of the record set by SpaceX, which listed at a $1.77 trillion valuation earlier this year.

For context on scale: Anthropic's estimated raise of $64.35 billion combines proceeds from the 825 million public shares and the roughly $26 billion private placement to its strategic partners.

What happens next?

The mid-November window now becomes the market's test. If Anthropic prices at the top of its $70-to-$78 range and holds a valuation above $1 trillion, it will confirm that public investors still will fund AI leaders at historic scale despite bubble fears. A pricing toward the bottom, or a delayed listing, would signal that slowing growth and data center uncertainty have started to bite — not just for Anthropic, but for the private AI valuations queued up behind it.