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Anthropic targets up to $64.4 billion in landmark IPO draft

Anthropic is preparing an initial public offering of 825 million shares priced between $70 and $78 each, raising up to $64.4 billion alongside a planned $26 billion cornerstone private placement.

Anthropic CEO Dario Amodei speaking while gesturing with his hands, wearing glasses and a navy cardigan.
Image: @wallstengine

Artificial intelligence company Anthropic plans to offer 825 million shares of Class A common stock at an indicative price of $70 to $78 per share, aiming to raise between $57.75 billion and $64.35 billion, according to SEC filings and draft prospectus details reported by Reuters.[2][6][7]

At up to $64.4 billion, the offering would rank as the second-largest initial public offering ever, trailing only SpaceX, according to Reuters. Wall St Engine reported that the updated terms trim the proposed offering size from $69.3 billion in a previously retracted version of the draft, while implying a valuation band of $1.07 trillion to $1.5 trillion. A Reuters report noted the filing targets a valuation of up to $1.02 trillion.[1][4][8]

Alongside the public offering, Anthropic plans to raise $26 billion through a private placement with cornerstone investors. Those participants include AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC partners.[3][4][6][8]

Anthropic was expected to begin its IPO roadshow on Tuesday, though a leaked email has raised fresh questions about the firm's valuation, according to Reuters. Meanwhile, Tradr ETFs has filed registration statements with the SEC for two 2x leveraged post-IPO funds, ANTT (2x long) and ANTZ (2x short), which are not yet effective or trading.[1][5]

Key facts

  • Anthropic's draft prospectus outlines an offering of 825 million Class A common shares priced at $70 to $78 each, raising between $57.75 billion and $64.4 billion.
  • At that size, the offering would be the second-largest IPO in history behind SpaceX, according to Reuters.
  • Wall St Engine reported the proposed size was lowered from $69.3 billion in a retracted version and implies a valuation range of $1.07 trillion to $1.5 trillion, while Reuters reported a target valuation of up to $1.02 trillion.
  • A separate $26 billion cornerstone private placement involves AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC partners.
  • Anthropic was slated to start its IPO roadshow on Nov. 10, 2026, amid fresh valuation questions prompted by a leaked email reported by Reuters.
  • Tradr ETFs has lined up ANTT (2x long) and ANTZ (2x short) leveraged funds for post-IPO trading, though their SEC filings are not yet effective.

Sources · 6 sources

  1. WS

    Wall St Engine@wallstenginePost on X ·

    Anthropic is expected to start its IPO roadshow today: Aiming to raise up to $64.4B at $70-$78 a share, per Reuters. It would be the 2nd-largest IPO ever, after SpaceX. Tradr already has two 2x ETFs lined up for after the IPO: $ANTT: 2x long Anthropic $ANTZ: 2x short Anthropic Disclosure: These ETFs are not yet effective or trading. They target 2x daily returns, reset daily, and carry significant risks. Not investment advice.

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  2. *B

    *Walter Bloomberg@DeItaonePost on X ·

    $ANT - ANTHROPIC: SEES IPO OF 825 MLN CLASS A COMMON STOCK ANTHROPIC: ESTIMATED THAT IPO PRICE PER SHARE WILL BE BETWEEN $70 AND $78 - SEC FILING

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  3. TE

    Techmeme@TechmemePost on X ·

    Draft prospectus: Anthropic's IPO is set to raise up to $64.4B, pricing shares at $70 to $78 each; Anthropic will also raise $26B via cornerstone investors (@deer_echo_ / Reuters) (Visit Techmeme dot com for the link and full context!)

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  4. TE

    TechmemeArticle ·

    IPO prospectus: Anthropic's IPO is set to raise up to $64.4B, and the company will also raise $26B via cornerstone investors like Google, AMD, and Nvidia (Echo Wang/Reuters) Echo Wang / Reuters : IPO prospectus: Anthropic's IPO is set to raise up to $64.4B, and the company will also raise $26B via cornerstone investors like Google, AMD, and Nvidia — Anthropic is targeting a valuation of up to $1.02 trillion in its landmark U.S. IPO, its filing showed on Tuesday …

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  5. RE

    Reuters@ReutersPost on X ·

    🔊 Anthropic's blockbuster IPO roadshow is expected to begin today. But a leaked email has raised fresh questions about the AI firm's valuation. The Reuters Morning Bid podcast has more https://t.co/KRunKZrSQF https://t.co/ryR0INWJoE

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  6. *B

    *Walter Bloomberg@DeItaonePost on X ·

    ANTHROPIC IPO TARGETS UP TO $64.35 BILLION IN SHARE SALES Anthropic plans to offer 825 million shares at $70–$78 each, according to its latest draft prospectus seen by Reuters. 🔸 Public offering: $57.75B–$64.35B 🔸 Indicative share price: $70–$78 🔸 Cornerstone private placement: $26B 🔸 Cornerstone investors: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC partners

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  7. BU

    businessline@businesslinePost on X ·

    Anthropic is gearing up for a blockbuster IPO that could raise up to $64.4 billion. The AI company and some investors plan to sell shares at an indicative price of $70-$78 each. https://t.co/usQfkGNkHM

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  8. WS

    Wall St Engine@wallstenginePost on X ·

    ANTHROPIC LOWERS ITS PROPOSED IPO SIZE: The latest draft shows 825M shares at $70-$78, or up to $64.4B, down from $69.3B in the retracted version Separately, Google, Nvidia, Microsoft, AMD, Broadcom, Micron & TSMC plan a $26B private placement Valuation band: $1.07T to $1.5T https://t.co/sP0Ojh64Km

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