Anthropic Targets $1.4T Valuation in Nasdaq IPO as Claude Expands Into the Workplace

Anthropic is pressing ahead with its initial public offering despite shakier markets and a broader pullback from AI investing, setting a price range of $70 to $78 per share in an updated SEC filing on Tuesday. The Claude developer plans to offer 825 million Class A shares, which would bring in between $57.75 billion and $64.35 billion.

At the top of the range, Anthropic would be valued at $1.404 trillion on a fully diluted basis, a sharp increase on the $965 billion valuation it reached in a May funding round, though below the $2 trillion it was reportedly targeting a couple of months ago. According to CNBC, the company expects to begin trading on the Nasdaq around November 19 under the ticker “ANT”, with up to 20% of the offering allocated to retail investors.

Alongside the listing, Anthropic has agreed to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, with Google and Nvidia each investing $10 billion. Underwriters including Goldman Sachs and Morgan Stanley have the option to buy up to 123.75 million additional shares. In total, Anthropic estimates net proceeds of between $84.6 billion and $93.7 billion, the higher figure applying if underwriters exercise that option.

The filing offers fresh insight into the scale of the company’s AI business. Run-rate revenue reached $81 billion by the end of October, about $10 billion higher than at the end of September. Third-quarter revenue came in at $17 billion, with nine-month revenue of $33.2 billion. Over the same nine months, Anthropic reported a net loss of $104 billion, while compute and infrastructure commitments reached $900.9 billion. The company holds nearly $132 billion in cash and short-term investments.

Each of Anthropic’s seven co-founders plans to sell 3,378,378 shares in the offering. The group comprises CEO Dario Amodei, president and chair Daniela Amodei, chief compute officer Tom Brown, Jack Clark, chief science officer Jared Kaplan, chief architect Sam McCandlish and interpretability research lead Christopher Olah. At the $74 midpoint, each would receive just under $250 million, ranging from just over $236 million at the bottom of the range to just under $264 million at the top.

After the sale, each founder will own about 3.2% of outstanding Class A shares, or roughly 22% collectively, although their stake in the company’s total equity is considerably smaller because other holders, including Amazon and Google, own non-voting Class N shares. As a public benefit corporation, Anthropic gives the founders Class F supervoting shares that together hand them majority voting control, with no single founder holding significantly more than the others. The Long-Term Benefit Trust will also elect a board majority, leaving Class A buyers with limited influence.

The filing already points to strong demand. Board member Reed Hastings has indicated he wants to buy $300 million worth of shares through his donor-advised fund, while fellow board member Christopher Liddell wants to buy $3 million worth.

The seven founders left OpenAI in 2021 following disagreements with its leadership over how AI should be built, and have positioned Anthropic from the outset as more focused on AI safety than its rivals. OpenAI was reportedly valued at $1.25 trillion last week after securing $11 billion, nearly half of the $20 billion it had initially sought.

The updated filing also uses “super intelligence” and “SI” interchangeably with “artificial intelligence” and “AI” at many points, citing a September executive order from President Trump directing federal departments and agencies to adopt the new terminology.

On the same day, Anthropic introduced a set of workplace features as it competes with OpenAI, Meta, Microsoft and Google to turn AI assistants into office suites. Claude Meetings brings Claude into video calls as a visible participant that drafts plans, maps timelines, answers questions in the meeting chat and retrieves information from connected work apps while people talk. It identifies itself to participants and will not join calls with external guests unless an admin authorises it. The feature is in beta on Team and Enterprise plans, initially working with Google Meet.

Claude Whiteboards turns team discussions into organised visual workspaces that can be converted into docs or slide decks, while Claude Sheets builds and collaboratively edits spreadsheets with formulas, tabs and dropdown menus. Both are in beta on paid plans. Anthropic also made Claude Data, formerly Claude Dashboards, generally available, and introduced interactive connectors that open apps such as Adobe, Atlassian and HubSpot directly inside Claude.