Anthropic Launches IPO Roadshow Seeking $64.4 Billion at $70–$78 Per Share

Anthropic has officially launched its IPO roadshow, targeting a valuation of up to $64.4 billion — a deal that would rank among the largest tech public offerings in history. If priced at the top of its $70–$78 per-share range, the raise would eclipse SpaceX's record-setting first-time share sale.

The offering signals that the AI safety lab founded by Dario Amodei and Daniela Amodei has outgrown its private-market funding rounds — and that investors, despite months of regulatory uncertainty, still believe in the commercial ceiling for frontier AI systems.

The Deal Structure

Anthropic filed with the SEC to offer 825 million Class A shares at $70–$78 each, trading under the Nasdaq ticker ANT. At $78 per share, the offering alone raises $64.4 billion — but the company isn't stopping there.

Seven major technology companies committed to a $26 billion concurrent private placement at the IPO price:

• AMD
• Broadcom
• Google
• Micron
• Microsoft
• Nvidia
• TSMC

That's essentially the entire chip-and-cloud stack of the AI industry writing a combined check. The private placement locks in strategic partners at the same price retail investors will pay — aligning incentives across the supply chain that powers Anthropic's Claude models.

Why This Moment

Anthropic has raised over $12 billion in private funding since 2021, most recently at a $61.5 billion valuation in a round led by Google. The IPO isn't about survival — it's about scale. Training frontier models at the capability level Anthropic is pursuing requires compute budgets that even a well-capitalized private company struggles to sustain indefinitely.

Going public also gives Anthropic a currency (stock) for acquisitions and talent retention, and it brings the kind of financial transparency that enterprise customers increasingly demand before signing large contracts. When you're asking a Fortune 500 to route sensitive customer data through your API, being a publicly audited company matters.

What to Watch

The IPO book is expected to close within the next two weeks, with pricing and trading likely before month-end. Watch the final per-share price closely: anything at or above $78 would set a new record for a first-time U.S. tech offering, overtaking SpaceX. More important for the AI sector broadly is how the stock trades in its first 30 days — a strong debut would open the door for other AI labs considering the public markets.