Of the shares on offer, 801.35 million come from Anthropic and 23.65 million from existing shareholders. Underwriters hold an option to buy another 123.75 million. Goldman Sachs, Morgan Stanley, JPMorgan, Citigroup, Barclays and Wells Fargo are the named underwriters. At the range's ends, the public offering would raise between $57.75 billion and $64.35 billion.

A second piece of financing sits alongside it. Anthropic has signed an agreement with AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC Partners. They will buy $26 billion of Class N common shares in a private placement at the IPO price, and the purchase depends on the IPO completing. Counting both, the company is seeking roughly $90 billion.

Accounts of the valuation differ. Figures for the targeted value run from about $1.26 trillion to $1.4 trillion, with $1.33 trillion also cited as the target. A pro-forma market capitalization at the $78 top price comes to about $1.02 trillion, and a non-diluted figure at the top of the range is about $1 trillion. Whichever measure is used, the number sits below what investors were discussing earlier. Expectations of $1.5 trillion were circulating last month, and some investors had talked of $2 trillion. The lower figure follows a recent sell-off in AI stocks and pressure from major investors to cut the price.

Revenue is growing quickly. Anthropic took in $33.242 billion over the first nine months of the year, 13 times the previous year's figure. Third-quarter revenue was $16.956 billion, up 47% from the second quarter, which itself had grown 144% over the first. Run-rate revenue stood at about $81 billion as of October 31.

The company is still losing money, and the losses are large. Net losses for the period reached $104.039 billion, up 314.4% from $25.107 billion in 2025. The July-September quarter alone produced a $23.291 billion loss, 92% higher than a year earlier but 64.8% lower than the quarter before it.

Anthropic also carries nearly $900 billion in computing commitments to infrastructure partners, including Amazon and Google.