Anthropic Targets Up to $90 Billion IPO, a Record, at Near $1 Trillion Value

Anthropic plans to raise as much as $90 billion in its initial public offering — a figure that would make it the largest IPO in history, topping SpaceX's record $75 billion debut in June.

In a regulatory filing on Tuesday, the AI startup set a price range of $70 to $78 per share. That range implies base proceeds of $57 billion to $64 billion. The filing also discloses a separate agreement under which investors including Broadcom, Google, and Nvidia would buy $26 billion of shares at the IPO price, lifting the potential total raise to roughly $90 billion.

For context, SpaceX — Elon Musk's rocket company — initially raised $75 billion in its June IPO and ultimately sold more than $85 billion worth of shares. Anthropic would need the deal to price at the top of its range, plus the full investor backstop, to set a new record. The gap between the two outcomes is roughly $15 billion, which is wide enough to warrant caution about the record claim.

A raise at that scale could give Anthropic an implied valuation of up to about $1 trillion, according to the filing's terms. The company is reportedly targeting a mid-November listing. Anthropic said it would reveal the date of the proposed share offering "as soon as practicable." No final pricing, share count, or listing venue has been confirmed — those details remain open.

How fast has Anthropic's valuation climbed?

Steeply, and mostly within a single year. The Claude maker was valued at $965 billion after a $65 billion funding round announced in May. By July, Business Insider reported that Anthropic had reached a $1.2 trillion valuation on the secondary market amid surging demand for its shares.

The company itself is younger than most of its capital. CEO Dario Amodei founded Anthropic in 2021 with other former members of OpenAI. A climb from founding to a near-$1 trillion implied IPO valuation in roughly four years has few precedents in public markets.

What do the financials underneath the valuation show?

The S-1 filing, released last month, discloses a total net loss of about $42 billion in 2025 against revenue of $4.6 billion. That works out to a net loss of roughly $9 for every dollar of revenue for the year.

An amended filing submitted earlier this month shows the trajectory improving. Anthropic generated nearly $17 billion in revenue in the third quarter while posting a $567 million operating loss — a margin gap that has narrowed dramatically, though the filing does not break out cash flow or capital expenditure for the quarter.

The company also disclosed $895 billion in committed spending on compute and infrastructure, nearly half of it expected by the end of 2030. Spread over the period, that commitment averages tens of billions of dollars per year — a fixed cost base that the $17 billion quarterly revenue run rate must keep outrunning.

What happens next?

Anthropic has committed to announcing the offering date "as soon as practicable," with a reported mid-November target. Investors will weigh a record-setting raise against a $42 billion annual loss and nearly $900 billion in future spending obligations; the pricing, when it lands, will test whether public markets value growth this fast at a trillion-dollar multiple.