The proposed valuation represents a substantial increase from the $965 billion figure Anthropic disclosed during its May funding round, although it falls short of the $2 trillion valuation the company had reportedly considered more recently.
Anthropic is also seeking to make a larger portion of its shares available to individual investors. People familiar with the offering said the company is aiming to allocate approximately 20% to retail buyers, compared with the 5% to 10% typically reserved for that group in an IPO.
Investor interest appears strong despite a more cautious market environment. According to people familiar with the process, institutional demand is already sufficient to cover the shares available for allocation within the proposed price range. They also described demand at this stage as stronger than it was during SpaceX's IPO preparations.
Alongside the public offering, Anthropic disclosed a separate $26 billion investment agreement involving several major technology companies. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Co. have agreed to purchase Class N common shares through a private placement at the same price established for the IPO.
Those privately placed shares will not be registered as part of the public offering and will not carry the underwriter lock-up restrictions, according to the filing.
The transaction comes as investors reassess the valuations of AI companies and the substantial spending required to develop and operate advanced models. Higher interest rates have raised concerns about financing expensive infrastructure projects, while recent political developments have introduced additional uncertainty.
Last week's midterm elections resulted in Democrats gaining control of Congress, while voters approved several state-level measures that could restrict the expansion of AI data centers. Both developments have added to the challenges facing Anthropic as its executives prepare to market the offering.
Some existing shareholders had already begun adjusting their expectations. CNBC reported last week that investors were questioning whether Anthropic could achieve a $1.5 trillion valuation, with one shareholder describing that target as a “stretch.”
Anthropic's updated financial disclosures provide another indication of the company's rapid growth, alongside the significant costs associated with its operations.
Revenue reached $33.24 billion during the first nine months of 2026, an increase of approximately 1,200% compared with the corresponding period in 2025. The company also reported a net loss of $104 billion, largely attributable to changes in the assessed value of convertible notes and derivative liabilities. Its loss during the comparable period last year was $25.1 billion.
In Tuesday's amended filing, Anthropic said its annualized revenue run rate had reached approximately $81 billion by the end of October, increasing $10 billion from September.
The company has also continued developing its Claude model lineup ahead of the offering. On Monday, Anthropic introduced Claude Fable 5.2 and Claude Mythos 5.2, its first new frontier models since CEO Dario Amodei called for a slower approach to advanced AI development in September.
Anthropic said both models underwent extensive safety and alignment assessments before release. The company also introduced additional evaluation methods and monitoring systems intended to identify potential problems after deployment.
Founded in 2021 by Amodei and a group of former OpenAI researchers, Anthropic has built its business primarily around providing AI models and related services to enterprise customers. Its Claude products compete with offerings from OpenAI and other developers of advanced AI systems.
If the offering proceeds on schedule, Anthropic would enter the public market approximately five months after SpaceX completed an $85.7 billion IPO. SpaceX, which operates in reusable rockets and artificial intelligence, currently has a market capitalization just below $2 trillion.
Anthropic's prospectus also emphasizes the company's broader mission of developing advanced AI while managing its potential risks.
“Our aim is to help humankind chart a safe course through this technological evolution, open new frontiers of discovery, and bring forth an age of miracles,” the company's co-founders wrote.
With its proposed share price now disclosed, Anthropic is approaching a public listing that would test investor demand for one of the largest AI companies against growing scrutiny of valuations, infrastructure spending and the financial performance of frontier model developers.
This analysis is based on reporting from CNBC.
Image courtesy of Yahoo Finance.
This article was generated with AI assistance and reviewed for accuracy and quality.
