Anthropic seeks up to $88.5B in IPO and private placement

Anthropic has filed an updated S-1 for its planned public offering, seeking up to $88.5 billion through the IPO and a concurrent private placement. The filing gives a proposed share price range of $70 to $78 and a fully diluted valuation of up to $1.4 trillion, below earlier projections of closer to $2 trillion.

The IPO portion covers just over 800 million shares and would raise around $62.5 billion at the high end. A $26 billion private placement is expected to close right after the IPO, with AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC named among the investors.

Anthropic also updated its financial disclosures, reporting $33.2 billion in revenue for the first nine months of the year, up from $2.5 billion a year earlier. It is not yet profitable, posting an operating loss of $1.3 billion for those nine months and a net loss that widened to $104 billion.

Once listed, Anthropic's financial results will appear in public filings, giving developers building on its models a clearer view of the vendor's finances.

The size of the raise points to heavy spending on expansion and infrastructure, and the reported losses are a reason to watch how that spending affects pricing and platform stability.