Anthropic has launched the investor roadshow for a blockbuster US stock market listing that could value the artificial intelligence company at approximately US$1.02 trillion, placing it among the world's most valuable publicly traded technology businesses.
The developer of the Claude chatbot is seeking to raise as much as US$64.4 billion by offering 825 million shares at an indicative price range of US$70 to US$78 each, according to details reported by Reuters on November 10.
The proposed valuation would make Anthropic one of the largest companies ever to approach public markets, while the fundraising would rank among the biggest initial public offerings (IPOs) in history.
The scale of the offering follows the record-breaking US$75 billion SpaceX IPO in June 2026, which surpassed Saudi Aramco's US$29.4 billion listing in 2019.
Anthropic has also secured commitments for a separate US$26 billion private placement involving some of the world's biggest technology companies. Investors participating include Google parent Alphabet, Nvidia, Microsoft, Advanced Micro Devices, Broadcom, Micron Technology and Taiwan Semiconductor Manufacturing Company.
The private placement, which is structured separately from the public share sale, could bring the combined capital raised through the two transactions to approximately US$90.4 billion.
The IPO process experienced uncertainty after preliminary details circulated to banks on November 9 were withdrawn. The earlier draft indicated a fundraising target of nearly US$69.3 billion, based on a different share count and price range. Anthropic subsequently told banks that the pricing information was inaccurate and that updated details would follow.
The revised figures represent a significant test of investor appetite for companies developing advanced artificial intelligence systems, particularly as questions grow over the enormous costs of computing infrastructure and the time required to turn AI demand into sustainable profits.
Anthropic's business has expanded rapidly as companies adopt Claude for software development, research, customer service and other enterprise applications.
Its revenue reached US$16.96 billion in the third quarter of 2026, representing a 47 per cent increase from the preceding quarter. The company also reported a narrower net loss, although its growth rate has slowed from earlier periods.
However, its expansion requires substantial investment in computing capacity. Anthropic has disclosed nearly US$900 billion in computing commitments involving infrastructure partners such as Amazon and Google, exposing it to substantial future spending obligations.
The company was founded in 2021 by former OpenAI executives, including chief executive Dario Amodei and his sister Daniela Amodei. It has emerged as one of the leading competitors in the global generative AI market.
The proposed listing is expected to attract institutional investors seeking direct exposure to the AI industry. It will also test whether public markets are willing to support trillion-dollar valuations despite concerns about competition, infrastructure costs and the long-term profitability of AI businesses.
Anthropic's shares are expected to trade on the Nasdaq under the proposed ticker symbol ANT, subject to completion of the regulatory and listing process.
