Anthropic, the artificial intelligence company behind Claude, is preparing to begin trading on the Nasdaq on Thursday, November 19, in an initial public offering that could raise more than $64 billion and value the company at approximately $1.4 trillion.
The debut would give public investors direct exposure to one of the most closely watched AI developers at a moment when Wall Street is increasingly questioning the enormous cost of building the technology.
The company plans to sell 825 million shares at between $70 and $78 apiece, according to its updated prospectus. Trading is expected to begin under the ticker ANT, although the final offering price and regulatory approvals remain outstanding.
The offering has already attracted extraordinary demand. Bloomberg reported Thursday that the IPO was approximately six times oversubscribed, with bankers warning prospective investors that existing backers could receive priority and other buyers might receive smaller allocations than requested.
For Anthropic CEO Dario Amodei, the IPO represents an opportunity to finance an increasingly expensive competition to develop advanced artificial intelligence. The company has demonstrated remarkable revenue growth, but the computing infrastructure required to support that expansion has created spending commitments on a scale rarely encountered in corporate history.
Anthropic reported $16.3 billion in revenue during the first half of 2026, alongside a net loss of $80.7 billion. Its revenue growth has helped establish Claude as a serious commercial competitor in the AI market, but those losses illustrate the extraordinary amount of capital being consumed before the industry's long-term economics have been established.
The IPO also arrives with an unusual financing arrangement. Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron are participating in a separate $26 billion private placement of nonvoting shares priced alongside the public offering. Combined with the IPO, the transactions could bring more than $80 billion into the company and to selling shareholders.
Those investments create a complicated relationship between Anthropic and the technology companies supplying the infrastructure behind its products. Several of its financial backers also stand to benefit commercially as Anthropic spends heavily on the chips, computing capacity and other systems needed to train and operate increasingly sophisticated models.
The arrangement provides Anthropic with capital while reinforcing the financial connections that have become a defining feature of the AI boom. Money raised to finance artificial intelligence development can ultimately flow back toward the companies providing the technology required to make that development possible.
Anthropic's valuation has already become a measure of changing market expectations. Earlier speculation suggested the company could seek a valuation approaching $2 trillion, but the current offering targets a substantially lower figure following volatility in AI-related stocks and growing scrutiny of infrastructure spending.
The IPO will also introduce an unusual corporate governance structure. Anthropic is organized as a public benefit corporation, and its founders will retain 50.1% of shareholder voting power through a special class of stock carrying no economic rights. Public shareholders will therefore participate in the company's financial performance without receiving equivalent control over its direction.
That structure preserves the founders' authority over a business whose stated commitment to AI safety has been central to its identity. It also places significant responsibility in the hands of Amodei and his fellow founders as they balance commercial expansion, extraordinary financing requirements and the company's broader mission.
The offering follows SpaceX's enormous public debut earlier this year, which demonstrated both the appetite for transformative technology businesses and the volatility that can follow their arrival on public markets. SpaceX shares initially attracted strong demand but subsequently traded below their offering price before recovering.
Anthropic's first trading session will provide another test of that appetite, this time for a company whose products have become central to expectations about the future of corporate computing. Its valuation will depend not only on confidence in Claude's commercial potential but also on investors' willingness to finance a business consuming enormous amounts of capital in pursuit of an uncertain ultimate payoff.
The company has already persuaded some of the world's largest technology businesses to commit billions to its future. Beginning next Thursday, it expects to ask the public markets to make a similar judgment.
And unlike the private investors who helped build Anthropic into a trillion-dollar enterprise, those new shareholders will be able to reconsider that judgment every trading day.
