Anthropic’s planned Nasdaq initial public offering has reportedly drawn demand equal to roughly six times the shares available, setting the stage for what could become the largest first-time share sale on record. The Claude developer and certain existing shareholders are seeking to raise as much as $64.4 billion through the sale of 825 million shares at a range of $70 to $78 each. At the top of the range, the fully diluted valuation would reach approximately $1.4 trillion. A concurrent private placement of about $26 billion brings the total capital raise near $90 billion.
Trading is expected to begin on Nasdaq under the ticker ANT in the coming days, subject to final pricing. Bankers have indicated that current backers will receive priority allocations, which may leave some prospective buyers with smaller portions than requested. The roadshow has highlighted rapid commercial expansion: Anthropic reported an annualized revenue run rate of approximately $81 billion as of late October, up $10 billion from late September, following third-quarter revenue near $17 billion. Filings also show more than 11,000 customers each generating at least $100,000 in annual revenue.
Investor sentiment is a mix of enthusiasm and caution. Carles Reina, an investor in ElevenLabs and Revolut, called the financial profile unprecedented for a company of Anthropic’s age, pointing to its distribution channels, revenue quality, and enterprise role. LTX co-founder and CEO Zeev Farbman said that while few serious participants now question the underlying technology’s capabilities, many still ask when those capabilities will translate into durable profits amid heavy infrastructure spending.
The listing could create a public-market benchmark for frontier AI labs and intensify comparisons with OpenAI, which has prioritized private capital raises, and with Chinese laboratory DeepSeek, which has signaled interest in a Shanghai listing targeted for 2027. Large technology companies would also feel direct and indirect effects: Amazon, Alphabet, and Microsoft hold stakes or participate in the placement, while Meta and Apple face competitive and ecosystem implications. The IPO is also arriving amid an Nvidia leadership crisis that has raised broader questions about AI investment returns, making the offering a closely watched test of institutional appetite for frontier AI valuations.
