Anthropic's New IPO Draft Targets Up to $64.4 Billion at $70 to $78 a Share

The new range replaces figures that circulated among banks a day earlier. That version showed about 867 million shares priced at $70 to $80, which at the top would have raised about $69.3 billion. Anthropic withdrew it within hours, telling recipients the pricing details were inaccurate and that the document would be updated. The revised draft lowers the ceiling by $2 a share and cuts the maximum proceeds by roughly $5 billion.

The terms matter well beyond Anthropic. At either size the offering would be the largest IPO on record, and it is being marketed after a sharp sell-off in AI stocks last week. How the deal prices will be read as a test of public investors' appetite for the frontier AI labs that have so far been financed almost entirely in private markets, and it will set a public benchmark against which OpenAI's private valuation is judged.

The Share Count and the Cornerstones

Accounts of the same draft published on Tuesday put the offering at 825 million shares, which at $78 a share is consistent with the $64.4 billion maximum. Those reports also said cornerstone investors would buy a total of about $26 billion of Anthropic common stock through a separate private placement, naming AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC Partners. Several of those companies are also Anthropic's suppliers of chips or cloud capacity.

The figures come from a draft rather than a final public filing, and the share counts given across reports of the two versions have differed, so the exact size could still move. Reuters said Anthropic was preparing to launch marketing of the deal and that final details were expected soon. Anthropic did not immediately respond to the agency's request for comment.

The company has said it is aiming to list on Nasdaq under the ticker ANT next week. Its marketing plans include a live-streamed conversation between chief executive Dario Amodei and JPMorgan Chase chief executive Jamie Dimon.

What Buyers Are Being Asked to Fund

Anthropic's earlier filings set out the scale of the bet investors are being asked to make. According to reports on those filings, the company recorded a first-half 2026 net loss of $80.7 billion, largely a non-cash charge tied to changes in the value of convertible instruments, while third-quarter revenue rose 45% to about $16.8 billion. The company has also disclosed commitments to spend at least $518 billion on AI infrastructure over the next decade, including non-cancellable agreements with Google, Amazon and Microsoft.

Outside estimates of what the company is worth vary widely. Morningstar this week put a fair value of $1.7 trillion on Anthropic, above the valuation implied by the price talk that had circulated before the revised draft.

The listing timetable has coincided with a busy stretch for the company. On Monday it released Claude Fable 5.2 and Mythos 5.2 and cut prices by 20%, and it agreed a $3.4 billion deal for 1.7 gigawatts of gas generators to power its data centres.

The next marker for investors is the public filing of the updated registration statement with the US Securities and Exchange Commission, which would confirm the share count, the size of the cornerstone placement and the final split between new shares sold by Anthropic and stock sold by existing holders.