Anthropic plans to offer 825 million shares in an upcoming Nasdaq debut, according to an updated filing on Tuesday. The company set a price range of $70 to $78 per share, which would net up to $64.35 billion in proceeds at the high end of the range. The filing indicates the five-year-old artificial intelligence lab could reach a valuation of up to $1.405 trillion on a fully diluted basis, an increase from the $965 billion valuation announced during a May funding round.
The company has entered into agreements with Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing Company to purchase $26 billion of Class N common stock. This private placement will occur at a price per share equal to the IPO price. These shares will not be registered in the offering and will not be subject to lock-up agreements with underwriters.
Financial results for the nine months ended Sept. 30 show Anthropic generated $33.24 billion in revenue, representing an increase of roughly 1,200% from the same period last year. The company reported a $104 billion net loss during that period, though the filing noted most of that loss was due to changes in the fair value of convertible notes and derivative liabilities. The company lost $25.1 billion over the same stretch in 2025.
Investors have expressed varying expectations regarding the company's market value. While Anthropic had previously targeted a $2 trillion valuation, some shareholders told CNBC that even a $1.5 trillion valuation is now in doubt, with one investor describing that figure as a "stretch."
Co-founder Dario Amodei established the lab in 2021 following a departure from OpenAI. The company, which develops the Claude family of AI models, recently released two new frontier models, Claude Fable 5.2 and Claude Mythos 5.2, after conducting safety and alignment testing. In its prospectus, the company's co-founders stated: "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."
