AI firm Anthropic sets IPO price range, eyes Nasdaq listing

At the higher end of the proposed price range, the IPO could generate up to $64.35 billion for Anthropic. The company’s potential fully diluted valuation could reach as high as $1.405 trillion, a notable increase from the $965 billion valuation established during a funding round in May.

Anthropic’s leadership faces a complex environment as they present the offering to investors. Recent midterm election results and concerns about rising interest rates impacting the affordability of infrastructure investments for AI companies are contributing factors. Some investors previously anticipated a valuation exceeding $2 trillion, but now even a $1.5 trillion valuation is being questioned.

If the IPO proceeds as scheduled this month under the ticker symbol “ANT,” it will follow a record-breaking offering by SpaceX, which raised $85.7 billion roughly five months ago. SpaceX currently holds a market capitalization of nearly $2 trillion.

Dario Amodei co-founded Anthropic in 2021, after leaving OpenAI. The company is recognized for its Claude family of AI models, primarily serving business clients.

Anthropic recently unveiled Claude Fable 5.2 and Claude Mythos 5.2, its first “frontier” AI models since Amodei advocated for a slower pace of AI development in September. The company emphasized rigorous safety testing and new monitoring tools were implemented.

Revenue for the nine months ending September 30 reached $33.24 billion, a 1,200% increase compared to the same period last year. However, the company reported a net loss of $104 billion, largely attributed to changes in the fair value of convertible notes and derivative liabilities. A $25.1 billion loss was recorded during the same period in 2025.

In the prospectus, Anthropic’s co-founders stated, “Our aim is to help humankind chart a safe course through this technological evolution, open new frontiers of discovery, and bring forth an age of miracles. Everyone who owns our stock, whether an institution or an individual, becomes part of that effort. We hope you will share our ambition to see it though.”