Anthropic IPO Could Rank Among Wall Street’s Biggest Market Debuts

Anthropic has filed to offer 825 million shares in a proposed initial public offering, setting an indicative price range of $70 to $78 a share as the artificial intelligence company prepares to enter the public market.

Anthropic, the developer of the Claude AI assistant, has filed for a proposed public offering that could rank among the largest IPOs in market history. [Image: Anthropic]

The company, which develops the Claude family of AI models, filed an amended registration statement with the U.S. Securities and Exchange Commission on November 10, 2026.

It has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker symbol ANT.

The proposed offering includes 801.35 million shares to be sold by Anthropic and approximately 23.65 million shares from existing stockholders.

The company’s preliminary prospectus sets an estimated offering price range of $70 to $78 a share.

The offering could rank among the largest stock market debuts in history.

The Associated Press (AP) reported that Anthropic was targeting a valuation of approximately $1.3 trillion, although the final valuation will depend on the offering terms and market pricing.

Anthropic’s financial disclosures show rapid revenue growth alongside substantial losses. Its SEC filing reported revenue of $33.24 billion for the nine months ended September 30, 2026, compared with $2.55 billion in the same period a year earlier.

Its net loss for the first nine months of 2026 was approximately $104.04 billion.

A substantial portion of the reported loss reflected changes in the fair value of convertible notes and other financing instruments, rather than operating expenses alone.

The company’s filing reported a $94.3 billion impact from those valuation changes during the nine-month period.

The prospectus also outlines risks related to the company’s business model, including its substantial computing and infrastructure costs, dependence on major customers and the uncertainties surrounding the development and deployment of advanced AI systems.

Its risk disclosures include warnings about the potential for AI models to pose catastrophic or existential risks.

Anthropic’s proposed IPO is expected to attract significant investor attention as competition among AI developers intensifies.

However, the company’s filing does not establish a confirmed November 18 pricing date or a November 19 first trading day. Those dates should be treated as unconfirmed unless the company or its underwriters announce a final schedule.