Anthropic IPO Filing Shows Up to $64.4 Billion Raise at $70-$78 a Share
Anthropic's latest draft prospectus points to a raise of up to $64.4 billion, with trading expected as soon as next week. The filing also shows rapid revenue growth, heavy spending commitments, only one profitable quarter and a staggered lock-up schedule for insiders.
Anthropic's latest draft prospectus shows the AI company could raise as much as $64.4 billion in its initial public offering, with trading expected to begin as soon as next week, as of November 10, 2026.
The filing points to 825 million shares at a range of $70 to $78 each. An earlier plan of nearly $70 billion was briefly circulated to banks and then retracted.
A first of its kind
The maker of the Claude AI assistant would be the first dedicated AI model developer to list on public markets. It is also rare for a company to go public as a public benefit corporation, a company structure that weighs a social mission alongside profit.
Other than SpaceX, no company has gone public with a potential target valuation above $1 trillion. Marketing to investors is expected to begin this week.
The prospectus runs to more than 300 pages, including about 90 pages of warnings and caveats. In it, Anthropic says its technology could "bring forth an age of miracles" while also warning it may doom humanity.
Growth and the bills behind it
Revenue is climbing fast. Anthropic reported $17 billion in sales in the most recent quarter, up 1,127% from a year earlier. In the first nine months of this year it booked $33.2 billion, against $4.6 billion in all of 2025.
The company does not promise that pace will last. "We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all," the prospectus says.
Profit is thin. The five-year-old company has posted only one quarter of operating profit. It has also committed to spend nearly $900 billion over the next few years on computing power and data center infrastructure.
Customer concentration and insider sales
Five customers accounted for a quarter of Anthropic's sales this year. The company did not name them, but said some are also competitors.
Paul Marino, chief revenue officer at Themes ETFs, said the small number of big customers "gives me a little bit of concern" because their needs could change quickly. He added that he is "not overly concerned with it" because he believes AI is the future.
Lock-up rules, which normally bar insiders from selling for three to six months, are unusually complex here. Some non-founder insiders may sell 10% of their holdings on day one, and the prospectus lists about 23 dates over the first year when non-founder employees can sell more.
Critics call the schedule a red flag. Roughly $130 billion has already flowed into the company from Wall Street insiders and venture capitalists. "It has maxed out private investors, who now need the company to tap public markets to get them their payday," financial research firm New Constructs wrote in a blog post.
