Anthropic began its public-market push by formally launching the roadshow for an offering of 825 million Class A shares, with an expected price of $70 to $78 and a planned Nasdaq listing under the ticker ANT. The company’s announcement stressed that the registration statement was not yet effective and that the shares could not be sold before then.¹

The scale is unmistakable. At the top of the range, the Claude maker could raise $64.35 billion through the IPO and reach a fully diluted valuation of roughly $1.405 trillion. It has also lined up a $26 billion private placement with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC—an unusually direct show of support from the companies supplying, funding and consuming the AI buildout.²

But the roadshow comes with a conspicuous recalibration. Anthropic had previously been associated with a potential $2 trillion valuation; the current range is still historic, yet markedly lower. One account called the planned debut “one of the largest IPOs ever, but smaller than some had expected,” as volatility sweeps through AI-linked stocks.³

The tension is in the numbers investors must now weigh. Anthropic reported $33.24 billion in revenue for the nine months through September, up about 1,200% year on year, and said October run-rate revenue reached roughly $81 billion. Yet it also recorded a $104 billion net loss over the nine-month period, while compute and infrastructure commitments climbed to $900.9 billion.²

Anthropic’s founders frame the listing as a mission-driven wager, writing in the prospectus that their aim is to help humanity “chart a safe course through this technological evolution.”² For investors, the nearer question is more prosaic: whether breathtaking revenue growth can outrun the staggering price of building AI at scale.