Anthropic said on Tuesday it plans to offer 825 million shares of Class A common stock at a price range of $70 to $78 apiece, in what could value the artificial intelligence company at as much as $1.02 trillion, and help it raise up to $62.5 billion.
The $1 trillion valuation would be higher than the $965 billion valuation the company announced as part of a funding round in May, but lower than the $1.5 trillion that was being discussed previously.
The difference may stem from the distinction between market capitalisation, which is based on currently outstanding shares, and fully diluted valuation, which accounts for all shares that could potentially be issued.
At the upper end of the range, the IPO could raise approximately $64.35 billion in proceeds and value the company at $1.4 trillion on a fully diluted basis.
Anthropic said it had launched the roadshow for its proposed IPO, marking another step towards its Nasdaq listing.
“The proposed offering consists of 825,000,000 shares of Class A common stock. Of these, 801,351,354 shares are being offered by Anthropic and 23,648,646 shares are being offered by certain existing stockholders,” it said.
The company will not receive any proceeds from shares sold by existing stockholders.
It also expects to grant underwriters a 30-day option to purchase an additional 123.75 million shares.
Cornerstone investments could take fundraising to $90 billion
The public offering is only part of Anthropic’s broader fundraising plans.
Reuters reported on Monday, citing the draft prospectus, that the company also expects to raise $26 billion through a separate private placement involving cornerstone investors, including Alphabet’s Google, Nvidia and Advanced Micro Devices.
Other investors include Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company.
Combined with the public offering, the private placement could bring total fundraising to as much as $90.4 billion, making the proposed transaction particularly significant for the AI industry.
AI market volatility put IPO valuation under scrutiny
Anthropic’s listing plans come after a sharp sell-off in technology stocks last week triggered by the Democrats’ seizing of Congress and fears that the party will slow the pace of data centre construction and tighten regulatory oversight around AI.
The market downturn had fuelled speculation that the IPO could be delayed, while some investors reportedly questioned whether a valuation approaching $1.5 trillion was justified.
The Wall Street Journal reported that major investors were becoming increasingly sceptical about whether Anthropic’s blockbuster listing could proceed at the expected valuation following the unwinding of AI-related investments.
The broader market has since recovered some ground since then.
The Nasdaq Composite gained approximately 2.8% on Monday, although it remained down about 7% over the preceding month.
Anthropic’s proposed listing also comes as other companies in the AI infrastructure and data centre sectors have postponed or withdrawn planned offerings amid higher interest rates and deteriorating investor sentiment.
Switch, a data center operator, and Nscale, an AI infrastructure provider, have reportedly pushed their IPO plans back to later this year.
Anthropic launches Claude Fable 5.2 and Claude Mythos 5.2
Ahead of its IPO, Anthropic has also been expanding its product portfolio and updating investors on its financial performance.
On Monday, the company introduced Claude Fable 5.2 and Claude Mythos 5.2, upgrades to its previous 5.1 models.
Anthropic said the new models are designed to handle complex technical challenges and ambitious, open-ended tasks.
Both models are reportedly 30% faster than their predecessors and cheaper to operate.
They are priced at $8 per million input tokens and $40 per million output tokens in normal mode, with a faster mode available at twice the standard price.
Anthropic reported $17 billion in Q3, up over 1,100% YoY
The company’s financial disclosures have also highlighted the extraordinary pace of its growth, alongside substantial losses.
In an amended Form S-1 filing earlier this month, Anthropic reported revenue of $33.24 billion for the nine months ended September 30, an increase of approximately 1,200% from the same period last year.
However, it also recorded a net loss of $104 billion during the period, largely reflecting changes in the fair value of convertible notes and derivative liabilities.
That compared with a loss of $25.1 billion over the same period in 2025.
Third-quarter revenue reached approximately $17 billion, up about 1,127% year over year.
But sequential growth slowed to roughly 47%, compared with 144% in the second quarter and 132% in the first quarter.
Anthropic reported a net loss of $23.29 billion in the third quarter, underscoring the gap between its rapid revenue expansion and profitability.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
The post Anthropic IPO: AI startup targets $1T valuation; sets price range of $70-$78 appeared first on Invezz
