Anthropic IPO Shock: Claude Maker Targets $1 Trillion Valuation as $2 Trillion Hopes Fade

Anthropic, the maker of the Claude chatbot, is targeting a valuation of approximately $1 trillion on a non-diluted basis in its proposed IPO, below earlier investor expectations of up to $2 trillion. The offering could value the company at $1.4 trillion on a fully diluted basis and raise up to $64.4 billion, according to a Reuters report published Nov. 10, 2026.

The company also plans a separate $26 billion private placement involving major technology investors, including Google, Nvidia and Microsoft. The proposed fundraising comes as investors scrutinize Anthropic’s massive infrastructure commitments despite rapid revenue growth.

Anthropic IPO Valuation Falls Short of Earlier Expectations

Anthropic plans to offer 801.35 million shares, while existing shareholders will sell another 23.65 million, bringing the total to 825 million. With a proposed price range of $70 to $78 per share, the IPO could raise up to $64.4 billion, valuing the company at $1.4 trillion on a fully diluted basis and approximately $1 trillion on a non-diluted basis. Anthropic will not receive proceeds from secondary share sales.

The valuation is below earlier investor expectations of up to $2 trillion. “What we are seeing is essentially a reassessment of Anthropic’s value in a more challenging AI environment,” said Ipek Ozkardeskaya of Swissquote Bank, pointing to investors’ growing focus on the cost of sustaining growth.

Anthropic’s Infrastructure Spending Raises Investor Concerns

Anthropic faces scrutiny over nearly $900 billion in computing commitments with partners, including Amazon and Google parent Alphabet, highlighting the massive infrastructure investment required to support its AI business.

Investors are questioning whether AI revenues can justify rising spending and debt costs, with concerns over circular financing, data center overcapacity and long-term profitability. Market uncertainty has also grown, as the Nasdaq recorded its deepest one-day decline in 19 months on Thursday amid concerns about AI spending and data center construction, Reuters reported.

Claude Demand Drives Anthropic’s Rapid Revenue Growth

Despite heavy spending concerns, Anthropic’s run-rate revenue reached approximately $81 billion as of Oct. 31, up $10 billion from Sept. 30, according to its IPO filing. Third-quarter revenue rose 47% quarter-on-quarter to $16.96 billion, driven by demand for Claude across health care, financial and legal services.

However, growth slowed from 144% in the previous quarter, although the company reported a narrower net loss. Investors remain focused on whether Anthropic can turn its rapid revenue growth into sustainable returns while meeting its substantial infrastructure costs.

Google, Nvidia and AMD Among Anthropic’s Major Investors

The $26 billion private placement involves seven major technology companies: Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft and TSMC, which will purchase Anthropic’s Class N common stock. Board members and affiliated entities have also expressed interest in buying up to $303 million in shares.

Last valued at $965 billion in a private funding round, Anthropic was founded in 2021 by former OpenAI researchers following disagreements over governance and AI safety. Led by CEO Dario Amodei, the Claude maker has since become a major competitor to OpenAI.

Anthropic IPO Puts OpenAI’s Valuation in Focus

Anthropic’s proposed IPO is also drawing attention to rival OpenAI, which is seeking to raise $30 billion in what is expected to be its final private funding round before a potential IPO in early 2027. OpenAI recently secured $11 billion at a $1.25 trillion valuation, below its initial target of $1.5 trillion, Reuters reported.

The developments highlight growing investor scrutiny of AI companies’ spending and future profitability. Higher borrowing costs, geopolitical uncertainty and rising bond yields have also weighed on the IPO market, making Anthropic’s proposed listing an important test of investor appetite for major AI companies.

Anthropic Warns of AI Safety and Business Risks in IPO Filing

Anthropic’s IPO prospectus warns that AI advances could outpace its safety measures and that its models may behave in unintended or autonomous ways, potentially causing harm and damaging its business. “Our models have in the past behaved, and may in the future behave, in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed,” the company warned.

The filing also flags the risk of AI agents accessing private company systems and being misused to breach protected networks. Despite these concerns, Anthropic outlined its ambition to “bring forth an age of miracles” and referred to “Super Intelligence” in several sections.

Anthropic Shares Expected to Trade on Nasdaq Under ‘ANT’

Anthropic’s shares are expected to trade on the Nasdaq under the ticker symbol “ANT” after the IPO closes, with Goldman Sachs and Morgan Stanley leading the underwriting syndicate.

The proposed listing follows SpaceX’s $75 billion IPO in June, which valued the company at nearly $1.75 trillion. Anthropic’s offering could become another major test of Wall Street’s appetite for AI companies as investors weigh rapid growth against heavy infrastructure spending and long-term profitability.