Anthropic targets $1 trillion IPO valuation, plans nearly $90 billion fundraising

Anthropic is targeting a $1 trillion valuation through its upcoming IPO alongside a private placement, intending to issue 825 million shares at a price range of $70 to $78 each.

Anthropic is targeting a $1 trillion valuation in what could become one of the biggest IPOs in history, with plans to raise nearly $90 billion through a public offering and a separate private placement backed by seven major technology companies. The Claude maker has also reported an $81 billion revenue run-rate, putting its growth, valuation and massive AI infrastructure commitments under the spotlight.

The proposed IPO will involve the sale of 825 million shares, including 801.35 million new Class A shares issued by Anthropic and another 23.65 million shares sold by existing shareholders. At the estimated price of $70 to $78 per share, the public offering could raise between $57.75 billion and $64.35 billion. A separate $26 billion private placement would take the combined fundraising to approximately $90.35 billion, making it one of the largest capital-raising exercises in the technology industry.

The private placement will bring seven major technology companies into the fundraising exercise, with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC agreeing to purchase $26 billion worth of Anthropic's Class N common stock. The participation of these companies underlines the growing financial and strategic links between AI developers and the semiconductor industry. Separately, Anthropic's board members and affiliates have indicated interest in purchasing up to $303 million worth of Class A shares at the IPO offering price.

Anthropic's rapid revenue growth is another major factor behind its ambitious valuation target. The company said its run-rate revenue stood at approximately $81 billion as of October 31, 2026, marking an increase of $10 billion from September 30. The figure reflects an annualised estimate based on its current revenue pace rather than actual earnings over a 12-month period, highlighting the pace at which demand for its AI products is expanding.