Anthropic, the developer of the Claude AI models, has filed for an initial public offering that could raise up to $64 billion (€57.1bn) and value the company at as much as $1.4 trillion (€1.25trn). The filing with the US Securities and Exchange Commission marks the first stock market debut among leading AI model developers and is widely seen as a barometer for the sustainability of the AI spending surge that has buoyed the US economy.
The company plans to sell 825 million shares at a price range of $70 to $78 (€62.44–€69.58) each, under the ticker “ANT.” In a separate private placement, seven technology companies—including Google, Nvidia, AMD, and Microsoft—have agreed to purchase $26 billion (€23.2bn) of non-voting shares at the IPO price. These firms are either investors in Anthropic or key suppliers of its computing infrastructure.
Initially, expectations had been for a raise of up to $100 billion (€89.2bn), which would have made it the largest IPO on record. Even at the top of its range, the offering would fall short of the $86 billion (€76.7bn) raised by Elon Musk’s SpaceX in its June IPO, which valued that company at $1.77 trillion (€1.58trn).
The listing is scheduled for the week of November 16, with trading expected to begin on November 19. According to Art Hogan, chief market strategist at B. Riley Wealth Management, Anthropic’s debut is “just another chapter” in investors’ concerns about the cost of the AI buildout and how it will be financed. He added: “But at the end of the day, I think there are three massive companies that investors have wanted to be part of for the last three years and that’s SpaceX for sure, Anthropic is next, and perhaps next year OpenAI.”
Market context and political headwinds
The IPO comes as Wall Street digests the results of the US midterm elections, in which Democrats—who have shown greater caution toward AI—won control of both chambers of Congress and have pledged to slow President Donald Trump’s agenda. This political shift has introduced volatility into AI-linked stocks, with Nvidia particularly in focus after its chief executive, Jensen Huang, became embroiled in a spy scandal.
Anthropic’s financials reveal rapid growth: third-quarter revenue reached $17 billion (€15.2bn), up from $1.4 billion (€1.25bn) a year earlier. As of October 31, the company’s annualized run-rate revenue stood at approximately $81 billion (€72.3bn), a $10 billion (€8.9bn) increase from the end of September. Despite this, recent estimates of Anthropic’s valuation have slipped from as high as $2 trillion (€1.78trn) amid the broader slide in AI stocks.
Risks and governance
The IPO filing dedicates considerable space to the risks associated with advanced AI, including the possibility that such systems “could pose catastrophic or existential risks to society if not developed and deployed responsibly.” Anthropic also warns that its public stance on AI regulation and safety could invite “political backlash, or disproportionate regulatory action.” This refers to tensions with the Trump White House; the Pentagon has designated Anthropic a national security risk after the company refused to lift restrictions on military use of its technology.
The company’s enormous capital commitments are also highlighted. Anthropic has pledged hundreds of billions of dollars to computing capacity, and it warns that it must make many of those payments even if demand falls short. Under the governance structure outlined in the filing, the seven co-founders—led by chief executive Dario Amodei and his sister, president Daniela Amodei—will retain just over half of shareholder votes after the listing, ensuring outside investors cannot outvote them.
For European observers, the IPO underscores the transatlantic dimension of AI investment and regulation. As Brussels pushes forward with the EU AI Act, the outcome of Anthropic’s listing will be closely watched in capitals like Paris, Berlin, and Amsterdam, where policymakers are balancing innovation with oversight. The company’s success—or failure—could influence how European tech hubs position themselves in the global AI race.
With the listing set to be one of the largest in history, all eyes will be on the market’s reception. If Anthropic delivers on its ambitions, it could set a precedent for other AI giants, including OpenAI, which is reportedly considering its own IPO next year. For now, the focus remains on whether investors are willing to back a company that is both a technological pioneer and a lightning rod for regulatory and political controversy.
