Anthropic PBC, the developer of the Claude family of artificial intelligence models, announced the terms of its highly anticipated initial public offering on Tuesday. The San Francisco-based company plans to raise approximately $61 billion by offering 825 million shares at a price range of $70 to $78. At the midpoint, the proposed offering would value Anthropic at approximately $1.2 trillion on a fully diluted basis, positioning it among the largest public listings in financial market history.

IPO Structure and Major Investors

Anthropic’s proposed offering includes approximately 3% secondary shares, while certain investors and affiliated entities have agreed to purchase an additional $26 billion in shares through a concurrent private placement at the IPO price.

The participating companies include AMD, Broadcom, Google, Micron, Microsoft, NVIDIA, and TSMC. Members of Anthropic’s board have also indicated interest in purchasing approximately $303 million worth of shares in the offering, representing around 0.5% of the deal.

At the midpoint of the proposed price range, Anthropic would command a fully diluted market value of approximately $1.2 trillion. That valuation excludes $111 billion in convertible debt, an important distinction when assessing the company’s overall capital structure.

The IPO is expected to price and begin trading during the week of November 16, 2026. Anthropic plans to list on the Nasdaq under the ticker symbol ANT.

Potential Historic IPO

With expected underwritten offering proceeds of $61 billion, Anthropic’s IPO would rank as the second-largest public offering of all time, behind SpaceX’s $75 billion IPO in June 2026, which reached $86 billion including its greenshoe option.

If Anthropic prices at the upper end of its proposed range and underwriters exercise the greenshoe, the public offering could raise approximately $74 billion. Including the concurrent private placement, total proceeds could reach approximately $100 billion.

The comparison with SpaceX also highlights the potential volatility surrounding mega-IPO listings. SpaceX completed its offering at $135 per share, opened at $150, and closed its first trading session at approximately $161. During the following 60 days, its shares rose above $200 before falling to $108 and subsequently recovering toward the offering price. They closed Monday at $142, approximately 5% above the IPO price.

Like SpaceX, Anthropic has disclosed a staggered lock-up release schedule, which could influence the availability of shares and trading activity following its market debut.

Retail Investor Participation

Anthropic intends to allocate a portion of its IPO shares to retail investors through brokerage platforms, including Charles Schwab, Fidelity, Robinhood, SoFi, and E*TRADE.

The company has not disclosed the precise size of the retail allocation. However, Bloomberg previously reported that Anthropic was considering making approximately 15% to 20% of the total IPO shares available to retail investors.

The planned distribution would extend access to the offering beyond institutional investors, although the final allocation remains undisclosed.

Business Model and Revenue Growth

Anthropic develops Claude, a family of frontier AI models designed with an emphasis on enterprise deployment and model safety. Its products are distributed through a developer platform and applications including Claude Code, Claude Cowork, and Claude.ai.

The company’s revenue is primarily generated through consumption-based usage, with subscriptions contributing the remainder. This model connects revenue to customer adoption and utilization of its AI products.

As of September 30, 2026, more than 11,900 customers had each generated at least $100,000 in trailing-12-month revenue. Its customer base includes every Fortune 10 company and more than half of the Fortune 500.

Founded in 2021, Anthropic reported $35.3 billion in revenue for the 12 months ended September 30, 2026. The scale of its reported revenue and enterprise customer base provides important context for investors evaluating its proposed valuation.

Underwriters and Listing Details

Anthropic has appointed a large syndicate of financial institutions to manage the offering. Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho Securities, MUFG Securities America, TD Securities, BTIG, Cantor Fitzgerald, Capital One Securities, Macquarie Capital, and Societe Generale are serving as joint bookrunners.

The company is expected to list on the Nasdaq under the symbol ANT, with pricing and trading anticipated during the week of November 16, 2026.

Closing Insights

Anthropic’s proposed $61 billion IPO represents a major milestone for the public markets and the expanding artificial intelligence industry. Its reported $35.3 billion in annual revenue, broad enterprise customer base, and participation from major technology investors provide substantial context for its targeted $1.2 trillion valuation.

However, the offering also presents important considerations, including its convertible debt, staggered lock-up releases, and the distinction between public offering proceeds and the additional private placement. As investors assess the proposed valuation and the company’s long-term growth prospects, the market debut will offer an important test of demand for large-scale AI businesses in the public equity market.