Racing toward a trillion-dollar IPO! Anthropic lowers fundraising target to $64.4 billion, seven major tech giants invest an additional $26 billion, proposed offering price set at $70-78

Anthropic is knocking on the doors of the capital markets on an unprecedented scale. This artificial intelligence company plans to raise up to $90.4 billion through an IPO and a simultaneous private placement, with a target valuation reaching $1 trillion, potentially making it one of the largest technology stock listings in U.S. history.

According to the latest IPO prospectus draft seen by Reuters on Tuesday, Anthropic intends to raise up to $64.4 billion through its public offering section, down from the $69.3 billion indicated in the previously withdrawn version; the offering price range is set at $70 to $78 per share. At the same time, seven technology giants—including Alphabet (Google's parent company), NVIDIA, AMD, Broadcom, Micron Technology, Microsoft, and TSMC—will separately invest a total of $26 billion through private placement.

Based on the upper offering price of $78 per share, Anthropic's valuation is approximately $1.02 trillion, only slightly higher than its previous $965 billion private valuation. The transaction details are expected to be officially announced soon. The company and related cornerstone investors have not responded to requests for comment as of press time.

According to the IPO prospectus draft and Bloomberg estimates, this Anthropic IPO consists of two parts. The public offering comprises about 825 million shares, with Anthropic itself issuing approximately 801.35 million shares and existing shareholders selling about 23.65 million shares; the private placement portion will be subscribed by the seven cornerstone investors for a total of $26 billion. Combined, the total maximum fundraising scale for this round could reach $90.4 billion.

The seven cornerstone investors cover key players in the AI chip and cloud computing value chain, including Google under Alphabet, NVIDIA, AMD, Broadcom, Micron Technology, Microsoft, and TSMC. This private placement is designed to provide structural support for the post-listing share price while further strengthening Anthropic’s strategic ties with major technology partners.

The trillion-level fundraising is underpinned by Anthropic’s recent accelerated business growth. As of October 31, 2026, Anthropic’s annualized revenue was around $81 billion, an increase of about $10 billion from September 30, maintaining strong momentum.

In terms of client structure, the number of clients contributing over $100,000 annually to Anthropic’s revenue has risen to 11,900, with sustained growth in enterprise client retention. The company’s total committed expenditure stands at about $900.9 billion, reflecting the market’s long-term willingness to pay for its products and services.

At the upper offering price of $78 per share, Anthropic’s IPO valuation is about $1.02 trillion, representing only about a 5.7% premium over its latest private round valuation of $965 billion. This pricing strategy is relatively conservative, indicating the underwriters intend to leave room for growth in the secondary market post-listing, while reducing the risk of underpricing on debut.

Anthropic has chosen Nasdaq for its listing, aiming for an approximate $1 trillion market capitalization. If successful, the company will join the select group of enterprises entering the trillion-dollar club at the time of their IPO. The transaction details are expected to be officially announced shortly, with the roadshow following soon after.

For more updates, stay tuned...