Anthropic PBC, a developer of frontier AI models known for its Claude product line, announced terms for its IPO on Tuesday.
The San Francisco, CA-based company plans to raise $61 billion by offering 825 million shares (3% secondary) at a price range of $70 to $78. Certain investors and affiliates have agreed to purchase $26 billion worth of shares in a concurrent private placement at the offer price, including AMD, Broadcom, Google, Micron, Microsoft, NVIDIA, and TSMC. Board members have indicated on $303 million worth of shares in the offering (0.5% of the deal).
At the midpoint of the proposed range, Anthropic PBC would command a fully diluted market value of $1.2 trillion, which excludes $111 billion of convertible debt.
Anthropic PBC is expected to price and trade during the week of November 16, 2026.
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Anthropic's proposed underwritten offering size of $61 billion would make it the second-largest IPO of all time, behind the $75 billion raised by SpaceX in June 2026 ($86 billion including the greenshoe). If Anthropic prices at the high end and the underwriters exercise the greenshoe, it would raise $74 billion in the IPO, or $100 billion including the concurrent private placement.
The year's other mega-IPO, SpaceX, experienced a volatile early trading despite its size. It completed its IPO at the proposed fixed price of $135, opened for trading at $150 (+11%), and closed its first day at about $161 (+19%); within the first 60 days, the stock soared above $200 (+49%), plummeted to $108 (-20%), and recovered back to the offer price; it closed Monday at $142 (+5%). Like SpaceX, Anthropic has disclosed a staggered lock-up release schedule.
Anthropic states that it plans to sell a portion of the IPO to retail investors through firms including Schwab, Fidelity, Robinhood, SoFi, and E*TRADE. The company did not disclose the size of the retail component, though Bloomberg previously reported that it is considering 15% to 20% of total IPO shares.
Anthropic PBC develops Claude, a family of frontier AI models with a focus on enterprise deployment and model safety. Its models are offered through a developer platform and apps such as Claude Code, Claude Cowork, and Claude.ai. Most of its revenue is consumption-based usage, with subscriptions adding the rest. As of September 30, 2026, more than 11,900 customers generated at least $100,000 in trailing-12-month revenue, including every Fortune 10 company and more than half of the Fortune 500.
Anthropic PBC was founded in 2021 and booked $35.3 billion in revenue for the 12 months ended September 30, 2026. It plans to list on the Nasdaq under the symbol ANT.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho Securities, MUFG Securities America, TD Securities, BTIG, Cantor Fitzgerald, Capital One Securities, Macquarie Capital, and Societe Generale are the joint bookrunners on the deal.
