Anthropic has filed to go public in what could become the largest initial public offering in recent memory. The San Francisco artificial intelligence company, best known for the Claude chatbot, said it is seeking as much as $64.4 billion in the IPO and up to $90.4 billion including a concurrent private placement.
The proposed price range of $70 to $78 a share would imply a valuation far above the $965 billion mark Anthropic reached in private funding earlier this year. If demand runs toward the top of that range, the company could surpass the record set by SpaceX's share sale and become the biggest debut by a private technology company.
A first for frontier AI labs
No leading artificial intelligence laboratory has yet listed on a public exchange. OpenAI remains privately held, as do most of Anthropic's closest competitors. By moving first, Anthropic would give public investors direct exposure to the business of building large language models, cloud AI services and consumer chatbots.
The filing also sets up a rare comparison between two of the most valuable private technology companies in the world. SpaceX raised a record amount through its own offering, and Anthropic's target suggests it expects comparable or greater appetite from institutional and retail investors.
What the offering looks like
According to the filing with US securities regulators, Anthropic is offering 801.4 million shares, while existing backers are selling an additional 23.6 million shares. The company plans to list on the Nasdaq Global Select Market under the ticker symbol ANT.
The dual-track structure, combining a public offering with a private placement to strategic investors, has become common for large technology listings. It lets the company raise capital from public markets while locking in long-term commitments from partners such as cloud providers and hardware suppliers.
