NEW YORK: Artificial intelligence startup Anthropic has set a price range of $70 to $78 per share for its planned initial public offering (IPO), potentially valuing the company at up to $1.4 trillion and making it one of the largest public listings in history.
The company, which developed the Claude AI assistant, could raise about $61 billion if its shares are priced at the midpoint of the proposed range. Including options and unvested stock, its valuation would reach approximately $1.1 trillion.
The IPO is expected to take place late next week, although the timing could change, according to two sources familiar with the matter cited by CNN. Anthropic declined to comment on the expected listing date.
The offering would mark an unprecedented move for a dedicated AI model developer, with no directly comparable public listing in the market. Anthropic is also seeking to go public as a public benefit corporation, with a target valuation exceeding $1 trillion.
However, the company's rapid growth comes with significant financial commitments and risks that could make investors cautious.
High growth, mounting costs
Anthropic reported $17 billion in sales in its most recent quarter, an increase of 1,127% from the same period a year earlier. Revenue for the first nine months of the year reached $33.2 billion, compared with $4.6 billion for the whole of 2025.
Despite the growth, the five-year-old company has recorded only one quarter of operating profit and has committed nearly $900 billion over the coming years to computing power and data center infrastructure.
In its pre-IPO prospectus, Anthropic cautioned that its revenue growth might not continue at the same pace, adding that it could not guarantee further growth.
The company also disclosed that five customers accounted for about a quarter of its sales this year. It did not identify the customers but said some were also its competitors.
The concentration of revenue among a small number of customers could expose Anthropic to financial risks if any of them reduce spending or shift to competing AI models.
Paul Marino, chief revenue officer at Themes ETFs, told CNN that the limited number of major customers gave him some concern because their requirements could change quickly. However, he said he remained optimistic about the future of AI.
Unusual share-sale arrangements
Anthropic's proposed IPO also features an unusual schedule allowing some non-founder insiders to sell 10% of their holdings on the first day of trading.
The prospectus outlines about 23 additional dates during the first year when non-founder employees will be permitted to sell more shares.
The arrangement differs from the traditional IPO lock-up period, which generally prevents company insiders from selling shares for three to six months after a listing.
Financial research firm New Constructs criticised the arrangement, arguing that existing private investors were looking to cash out through the public offering after investing heavily in the company.
David Trainer, the firm's founder and chief executive, described the proposed payouts to insiders as a misallocation of capital, saying public investors could bear the cost.
Anthropic has also adopted a special ownership structure that gives its seven founders majority voting control, raising concerns among some critics about shareholder influence over company decisions.
New York City Comptroller Mark Levine told Bloomberg News that the structure reflected a broader trend of shifting power away from shareholders and toward company management.
IPO tests investor confidence in AI
Anthropic's planned investor roadshow comes amid growing uncertainty on Wall Street over the AI sector and the expansion of data center infrastructure.
AI-linked stocks fell last week amid investor concerns about potential political and regulatory obstacles to data center development. Questions over AI safety and the enormous costs of infrastructure investment have also added to market uncertainty.
Despite the concerns, Anthropic is moving ahead with its listing plans. The Wall Street Journal reported that the company had scheduled meetings with major investors this week and was targeting a Thursday or Friday listing next week.
The IPO is expected to test investor appetite for AI companies, particularly those requiring enormous long-term investments in computing infrastructure while operating in a rapidly changing market.
