Anthropic is seeking a valuation of up to $1.02 trillion in its planned initial public offering, according to calculations based on shares listed in a regulatory filing. The company and some existing investors are proposing a price range of $70 to $78 per share.
The share sale could raise as much as $64.4 billion, the filing showed. Anthropic is also planning a separate $26 billion private placement with cornerstone investors. Including those investments, the transactions could bring total proceeds to as much as $90.4 billion.
Investor interest meets questions over AI spending
The offering comes as investors weigh the commercial potential of artificial intelligence against the cost of building and operating the infrastructure the technology requires. Concerns outlined in the available reporting include whether companies can turn heavy investment into revenue, the possibility of excess infrastructure capacity and reliance on complex financing arrangements.
Anthropic has reported rapid demand for its Claude products. Its revenue rose 47% from the previous quarter to $16.96 billion in the third quarter, while its net loss narrowed. The revenue increase was slower than the 144% quarterly growth recorded in the prior quarter.
The company attributed its growth to Claude’s adoption, including specialized offerings for healthcare, financial services and legal services. Its filing also warned that competitors could develop models more quickly and that advances in AI could outpace the company’s ability to establish adequate safety and security measures.
Heavy computing commitments
Anthropic’s expansion depends on access to large amounts of computing capacity. The company has nearly $900 billion in computing commitments with partners including Amazon and Google, according to the filing details described in the report. Those commitments underscore the scale of infrastructure required to support its ambitions.
Anthropic was last valued at $965 billion in a private funding round. The planned listing is expected to trade on Nasdaq under the ticker symbol ANT after the offering closes. Its proposed valuation and fundraising would make the IPO a major test of investor appetite for AI businesses amid debate about the sector’s returns, costs and risks.
