Anthropic filed updated IPO paperwork Tuesday to offer 825 million shares priced between $70 and $78 each. At the high end of the range, the offering would raise $64.35 billion and value the Claude developer at up to $1.405 trillion on a fully diluted basis. The company plans to price shares on Nov. 18 and begin trading the following day. When combined with a separate $26 billion private placement from investors including Alphabet and Nvidia, the total haul could exceed SpaceX's June IPO raise.
The company reported $33.2 billion in revenue during the first nine months of 2026, representing a 1,206% increase from the previous year. Much of this growth was driven by enterprise customers and the adoption of Claude Code, an AI coding agent. Anthropic reported an annualized revenue run rate of $81 billion at the end of October, which could reach $100 billion by year-end if current momentum continues.
Customer metrics showed significant expansion as the company grew from roughly 1,500 customers spending over $100,000 annually at the end of 2025 to more than 11,900 customers at the end of September. The company reported a net revenue retention rate of approximately 900% at the end of September, meaning existing customers are spending roughly nine times as much as they did a year earlier.
While revenue is accelerating, quarter-over-quarter growth slowed to 47% in the third quarter from 144% in the second quarter. CNBC's Jim Cramer noted that while the company may be slightly past its peak growth rate, the performance remains extraordinary. "Anthropic's tantalizing growth rate is the key reason why this should be the largest IPO in history," Cramer said.
