Artificial intelligence company Anthropic, the developer of the Claude chatbot, is preparing for one of the world's largest initial public offerings (IPOs), seeking to raise as much as $64.4 billion through the sale of 82.5 crore shares.
The US-based company has launched its IPO roadshow with an indicative price band of $70-$78 per share. At the upper end of the range, Anthropic could command a fully diluted valuation of approximately $1.41 trillion, placing it among the world's most valuable technology companies.
The proposed offering comes as investors reassess the prospects of AI companies amid rising infrastructure expenditure and concerns over whether the sector can deliver returns that justify its high valuations.
According to Anthropic's November 10 filing with the US Securities and Exchange Commission (SEC), the company plans to offer 82.5 crore Class A common shares.
Of these, approximately 80.13 crore shares will be newly issued by Anthropic, while existing shareholders will sell another 2.36 crore shares.
At the upper price of $78 per share, the total offering could generate around $64.4 billion. However, not all the proceeds will go to Anthropic, as the company will not receive money from shares sold by existing investors.
Anthropic has also given its underwriters an option to purchase up to 12.37 crore additional shares within 30 days of the offering. This could increase the overall transaction size if the option is exercised.
At the midpoint of the proposed price band, $74 per share, Anthropic's fully diluted valuation is estimated at approximately $1.33 trillion. At $78, that figure could rise to $1.41 trillion.
The valuation is lower when calculated without certain outstanding stock options and restricted stock units. On that basis, the company's equity value would be closer to $1 trillion.
The pricing will be closely watched as a test of how much investors are willing to pay for fast-growing AI businesses that require substantial spending on computing infrastructure.
Anthropic has applied to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol ANT.
Trading is expected to begin on November 19, 2026, subject to the completion of the offering process and regulatory requirements.
The IPO price is still indicative, and the final offer price will depend on investor demand during the book-building process.
Anthropic's market debut could become one of the biggest tests of investor appetite for artificial intelligence companies.
The IPO follows a period of heavy investment in AI infrastructure, with technology companies spending billions of dollars on advanced chips, data centres and computing capacity.
For Anthropic, the capital raised would help finance its expansion while providing an opportunity for early investors to sell part of their holdings.
The offering could also influence how investors value other AI companies preparing to enter public markets. However, concerns about infrastructure costs, competition and the long-term profitability of AI services remain important risks.
The scale of Anthropic's IPO means its performance after listing will be closely watched by global technology investors, including those in India.