Anthropic, the AI company behind Claude, has filed updated SEC documents for an IPO that could raise up to $64.4 billion, with shares expected to price between $70 and $78 and trade on Nasdaq under the ticker ANT. The offering consists of 801.4 million shares from Anthropic and 23.6 million shares from existing investors, for a total of 825 million shares.
Valuation signals have shifted. The latest filing indicated a potential IPO valuation around $1.02 trillion, while other reports cited a target of about $1.4 trillion. Both figures are below earlier investor expectations that had reached nearly $2 trillion. Anthropic is also raising $26 billion from private investors, which could push total fundraising to roughly $90.4 billion. Goldman Sachs and Morgan Stanley are leading the IPO, and major backers include Alphabet, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC.
Employee wealth is another major focus. Around 4,250 Anthropic employees could become millionaires, based on stock compensation tied to the listing. SEC filings show $32.3 billion in unrecorded stock-based compensation expense, of which about $8.2 billion relates to awards where employees have already served part or all of the required service period. Anthropic had roughly 5,300 employees worldwide as of September 30, 2026, up from about 940 at the end of 2024. However, share lockups of 180 to 365 days mean many workers will not be able to sell immediately after the IPO.
Financial performance remains strong but decelerating. Third-quarter revenue rose 47% to $16.96 billion, down from 144% growth in the previous quarter. Anthropic reported an annual revenue rate of $81 billion in October, up $10 billion from September. The company also carries about $900 billion in computing commitments with partners including Amazon and Google.
The listing arrives amid investor caution toward AI. The Nasdaq recorded its biggest one-day drop in 19 months on November 5, partly on concerns that Democratic midterm gains could lead to stricter data center regulation. Anthropic's target valuation also remains below SpaceX's $1.78 trillion IPO valuation in June, highlighting cooling expectations for the sector.
