Anthropic Targets Up to $1.4 Trillion Valuation in $90 Billion IPO as All Seven Co-Founders Cash Out $250 Million Each

Anthropic filed an updated prospectus on November 10, 2026, setting a price range of $70 to $78 per share for its initial public offering, with the midpoint implying a fully diluted valuation of roughly $1.3 trillion and the top of the range implying approximately $1.4 trillion. The offering covers 825 million shares and is designed to raise up to $64.4 billion in the public offering itself, with a separate $26 billion private placement with seven technology companies bringing the total potential raise to around $90.4 billion.

All seven co-founders, each of whom holds approximately 240 million shares representing a roughly equal stake of around 10 percent of the company collectively, plan to sell 3,378,378 shares apiece in the offering, worth just under $250 million each at the $74 midpoint. Combined, their sales total approximately $1.75 billion. At the midpoint valuation each co-founder's remaining stake would be worth roughly $17 to $18 billion, according to Bloomberg and Forbes estimates. Board members Reed Hastings and Christopher Liddell are also seeking shares in the offering.

Shares are expected to begin trading on November 19, making Anthropic the first frontier artificial intelligence lab to go public. A roadshow is underway, including a livestream featuring CEO Dario Amodei and JPMorgan's Jamie Dimon. Reuters Breakingviews flagged that the company's valuation carries an identity tension, as Anthropic operates as a public benefit corporation while seeking a price that would rank it among the most valuable companies in the world.