Abstract:
Anthropic has officially launched its investor roadshow for its initial public offering (IPO). The company plans to issue 825 million shares at a price range of $70 to $78 per share, with a maximum fundraising potential of $64.35 billion. If priced at the upper end of the range, its fully diluted valuation would be close to $1.4 trillion, making it one of the largest IPOs in the AI industry to date.
It is worth noting that Anthropic was valued at only $965 billion in May 2026, and this pricing represents a significant jump in valuation within half a year. However, this level is still lower than the $2 trillion target that the company has previously been rumored to be pursuing.
According to the prospectus disclosed by the company, this offering includes 801351354 million shares newly issued by the company and 23648646 shares sold by existing shareholders. The company will not receive any proceeds from the sale of the old shares. At the same time, the underwriters also received a 30-day option to subscribe for an additional 123.75 million shares.
In addition to the public offering, Anthropic also announced that multiple technology giants will invest a combined $26 billion through separate private placements. Among them, Google and Nvidia each invested US$10 billion to lead this round; AMD will invest US$2.5 billion; Microsoft, Broadcom and Micron each invested US$1 billion; TSMC partners added an additional US$500 million. At a mid-price price of $74 per share, the IPO and private placement combined will bring in approximately $84.6 billion in net proceeds to the company.
Anthropic's updated filing with the Securities and Exchange Commission also disclosed its operating data. In the first nine months of 2026, the company achieved revenue of $33.2 billion, compared with only $2.5 billion in the same period last year, an extremely impressive growth rate. Net loss for the same period was US$104 billion, of which US$94.3 billion came from changes in the fair value of convertible bonds and other financial instruments, which were non-operating book effects; the operating loss for the period was actually US$1.3 billion.
Meanwhile, the company's total purchase and lease commitments have climbed to approximately $900.9 billion, of which approximately $70.7 billion is payable within the 12 months beginning September 30, 2026. This figure reflects Anthropic’s huge long-term investment in computing power and infrastructure, and also constitutes a source of financial pressure that investors need to focus on after its listing.
Comments