Anthropic, the company behind the Claude chatbot, is seeking a valuation of up to $1.02 trillion in its planned initial public offering. The figure is below earlier expectations, as investors take a closer look at the enormous costs behind the AI boom.
The San Francisco-based company aims to raise as much as $64.4 billion by selling 825 million shares at between $70 and $78 each, according to an amended filing released Tuesday. It also plans a separate $26 billion private placement involving major technology companies, including Google, Nvidia, Microsoft and AMD. Together, the fundraising could total $90.4 billion.
The proposed valuation is well below the $1.5 trillion figure previously discussed with prospective investors. Expectations had reached as high as $2 trillion earlier this year.
The lower target comes as questions mount over whether AI companies can earn enough to justify their vast spending on chips, data centers and computing infrastructure. Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said Anthropic’s valuation was being reassessed in a more difficult market. The company is growing quickly, she noted, but investors are paying closer attention to the cost of that growth.
Some analysts still see the proposed valuation as a sign of confidence in the sector. Fiona Cincotta, a senior market analyst at City Index, called the offering “fairly bullish,” saying it suggests Anthropic expects demand for AI to keep growing.
The filing shows a sharp rise in revenue. Anthropic brought in $33.2 billion in the first nine months of 2026, compared with $2.5 billion in the same period a year earlier. Third-quarter revenue reached about $17 billion, as businesses in fields such as health care, finance and legal services adopted its Claude models.
The company nevertheless reported an operating loss of $1.3 billion for the first nine months of the year, including a $567 million loss in the third quarter. Its net loss for the period was $104 billion, largely reflecting noncash accounting charges tied to financing arrangements. Operating cash flow was positive at $6.6 billion.
The figures point to the challenge AI developers face: expanding computing capacity while trying to win customers and market share. Anthropic has disclosed nearly $900 billion in computing commitments with partners including Amazon and Google.
Michael Baker, who leads U.K. premium clients at Capital.com, said the company would need a sustainable base of customers willing to cover those large costs, both among consumers and businesses. He added that investors may need substantial reassurance that the valuation is fair.
Anthropic’s prospectus also cautions that rivals could develop more capable models more quickly, and that advances in AI may outpace the company’s ability to put suitable safety and security measures in place.
Founded in 2021 by former OpenAI researchers, Anthropic is led by CEO Dario Amodei and competes with OpenAI and other technology companies building advanced AI systems. The company plans to list on the Nasdaq under the ticker symbol ANT. A trading date has not been announced.
Goldman Sachs and Morgan Stanley are leading the underwriting syndicate.
