Anthropic, the developer of the Claude AI model, is preparing what it expects to be the largest initial public offering on record. The company intends to raise more than $86 billion, targeting a post‑IPO valuation between $1.5 trillion and $2 trillion.
To support the offering, Anthropic is designing an unusual share‑sale structure that would allow existing and early investors to sell a portion of their holdings directly in the IPO through a secondary tranche. The approach is meant to let those shareholders realise gains while directing the bulk of the allocation toward long‑term investors. To mitigate concerns about insider selling and potential supply‑overhang, the firm is also considering a lockup period that exceeds the typical 180‑day limit for at least some shareholders.
Anthropic’s financial outlook includes projected revenue of roughly $190 billion to $200 billion by 2028. The company recently signed a six‑year, $45 billion agreement with Nscale to rent AI‑computing capacity at the latter’s data‑center campus in West Virginia.
The timeline outlined by the firm calls for the public release of the IPO prospectus after Labor Day, an investor‑day event in mid‑September, and the IPO itself in late September or early October.
