Anthropic Sets $100B IPO Target Following 1,127% Revenue Jump
- The company recorded third-quarter revenue of $16.956 billion, a 1,127% increase.
- Goldman Sachs and Morgan Stanley are leading the underwriting team for the listing.
- Retail investors are expected to be allocated up to 20% of the offering.
- The IPO is considered a critical benchmark for the future of the AI industry.
Anthropic, a San Francisco-based firm registered as Anthropic PBC, is launching its initial public offering roadshow on Tuesday, November 10, 2026.
This valuation target potentially sets a deal size of $100 billion, which would surpass the $86.2 billion financing record established by SpaceX in June 2026. The company intends to sell 825 million shares before the U.S. Thanksgiving holiday on November 26.
The launch follows improved market conditions recorded on Monday, November 9, with the VIX falling to 20.11, the S&P 500 rising over 2%, and the Philadelphia Semiconductor Index climbing more than 6%. This IPO is a critical benchmark for the artificial intelligence industry.
Third-quarter revenue surges 1,127% despite widening losses
Anthropic recorded third-quarter revenue of $16.956 billion, marking a 1,127% year-over-year increase. Cumulative revenue for the first three quarters of 2026 reached $33.242 billion.
Sequential revenue growth slowed to 47% in the third quarter compared to 144% in the second quarter. The company reported an operating loss of $567 million for the third quarter, a shift from the operating income of $974 million recorded in the second quarter.
Net losses for the third quarter widened to $23.291 billion, an increase of 92% over the previous year.
Inflation concerns and market volatility impact IPO sentiment
US stock indices declined on November 10, 2026, as October inflation data exceeded Bloomberg estimates. Consumer prices rose 0.4% while Core CPI, which excludes food and energy, advanced 0.3% against an estimated 0.2%.
These figures increased expectations that the Federal Reserve might raise interest rates in December. Fed Governor Christopher Waller said he expects a rate hike in December and noted that a 0.50% increase is possible due to persistent inflationary pressures.
The Nasdaq fell sharply following the US midterm elections due to concerns that a Democrat-led Congress could slow AI development and the construction of data centers.
Volatility has been high in recent weeks. On November 5, the Nasdaq 100 Index dropped over 6% in one day, removing about $2.3 trillion in market value, while the VIX fear index reached a seven-month high of 28.
Valuation expectations shift from previous highs
Previous analyst predictions for the company reached as high as $2 trillion. A retracted IPO filing previously showed plans to sell 867 million shares to raise up to $69.3 billion, implying a valuation of about $1.4 trillion.
Nasdaq Private data previously recorded the company’s private market valuation at $1.46 trillion.
OpenAI recently achieved a valuation of $1.25 trillion, which was below its goal after the company raised less than half of its original funding target.
Strategic importance of the AI industry benchmark
This listing is a major valuation benchmark for the artificial intelligence industry because it represents one of the first frontier AI model developers to attempt a public market entry.
Matt Kennedy, a senior strategist at Renaissance Capital, said the deal is large and the asset is unique enough that the company can push the offering, with price being the only variable. He added that not owning a company disrupting multiple industries is a portfolio gap.
Underwriting team and retail investor participation
Goldman Sachs and Morgan Stanley are leading the underwriting team, which includes approximately 20 other banks. The company disclosed $895.4 billion in total compute procurement and infrastructure spending commitments through the end of 2030.
Retail investors are expected to be allocated up to 20% of the offering.
Upcoming timeline for Nasdaq listing
The company is offering shares at a price range of $70 to $78 each.
The IPO roadshow is expected to launch on Tuesday, with the goal of listing on the Nasdaq under the ticker symbol ANT before Thanksgiving. The company plans to price the deal during the week of November 16.
A person familiar with the matter told the Wall Street Journal that shares are expected to begin trading on the Nasdaq next Thursday. The final pricing will act as a test of market sentiment, liquidity, and the AI narrative, with the next two weeks of institutional and retail response determining if the company can list before Thanksgiving.
Frequently Asked Questions
- Anthropic to raise $64bn in major stock market listing (bbc.com)
- Anthropic Roadshow Said to Launch as Soon as Tuesday; Valuation Said to Slip to $1.1 Trillion, Deal Size Aiming for $100 Billion — BigGo Finance (finance.biggo.com)
- Anthropic to Seek $1.3 Trillion Valuation in IPO - WSJ (wsj.com)
- Anthropic seeks valuation of about $1.3 trillion when it becomes a publicly traded company (semissourian.com)
- Anthropic Retracts Reported $70–$80 IPO Price Range, Says Pricing Update Is Coming; Listing Expected Next Week (finance.yahoo.com)
- Anthropic (tavily.com)
- US Stock Market Today: Dow, Nasdaq Trade Lower As Hotter CPI Fuels Fed Rate Hike Fears (ndtvprofit.com)
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