Anthropic, the U.S. artificial intelligence firm, plans to seek a valuation of as much as $1 trillion for its initial public offering, according to a prospectus filed Tuesday with the Securities and Exchange Commission.
The offering will price shares between $70 and $78, and the stock will debut on Nasdaq under the ticker symbol ANT.
The company intends to sell up to 801.4 million new shares, with existing shareholders offering an additional 23.6 million shares.
Chief Executive Dario Amodei expects gross proceeds of up to $64.4 billion, modestly below the record $75 billion raised by Elon Musk’s SpaceX IPO (or $86.2 billion including the overallotment option).
Analysts had previously projected a $2 trillion market cap for Anthropic; the reduced target signals a cooling of investor enthusiasm for AI stocks.
The IPO, expected this month, is accompanied by a $26 billion agreement with major industry partners, some of whom are competitors, in which several technology companies have committed to buying additional shares directly from Anthropic.
The purchases are non‑voting shares. Participating investors include Nvidia, Microsoft, Google, AMD, Broadcom, Micron Technology and TSMC.
Since launching commercially in Q1 2023, Anthropic’s quarterly revenue has grown from zero to $17 billion in Q3 2026.
Beyond its Claude language model, growth is being driven by assistant tools such as Claude Code and Claude Cowork, which can autonomously perform software development and office tasks.
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