Anthropic has submitted an updated S-1 for its planned public offering, according to Crunchbase News. The filing adds a price range and offering size, and it would make the company's raise the largest ever tied to a market debut if it reaches the top of the range.
The numbers in the filing
- Total raise: up to $88.5 billion, combining the IPO and a private placement that closes right after it.
- IPO portion: just over 800 million shares at $70 to $78 each. At the top of that range, the IPO alone brings in about $62.5 billion. Only SpaceX's $75 billion offering was larger.
- Share count: the full offering covers 825 million shares, of which 23.6 million come from selling shareholders.
- Private placement: $26 billion. The named investors are AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC.
- Valuation: a fully diluted valuation of up to $1.4 trillion. Crunchbase notes that some investors had reportedly expected closer to $2 trillion. Even at $1.4 trillion, it would be the second-highest valuation at listing, behind SpaceX's June debut.
- Listing: Nasdaq, ticker ANT, expected later this month.
The article says the capital is meant to fund the company's costly expansion and infrastructure plans.
Revenue and losses
The updated disclosures cover results through September. For the first nine months of the year, revenue was $33.2 billion, against $2.5 billion in the same period a year earlier. For the three months ended Sept. 30, 2026, the company reports $17 billion. It also claims the fastest enterprise adoption of any technology in history, a claim from the company that the source relays and we have not verified.
Profitability is not there yet. The operating loss for the nine months was $1.3 billion, down from $5.2 billion a year earlier. The net loss widened to $104 billion from $25.1 billion.
What is not in the source
The coverage does not mention any change to Anthropic's products, plans or prices, and it does not say how the offering will affect existing customers. Final pricing and the listing date remain subject to the offering going ahead as described.