Anthropic seeks valuation near $1 trillion in IPO, below earlier expectations

Anthropic, the company behind the Claude chatbot, is seeking a valuation of up to $1.02 trillion in its initial public offering, according to an amended SEC filing released Tuesday. That is below the $1.5 trillion figure investors had discussed earlier, and below a $2 trillion level some had anticipated this year. The company plans to raise as much as $64.4 billion through the sale of 825 million shares. It will also raise $26 billion in a separate private placement with companies including Google, Nvidia, Microsoft and AMD, for a combined target of up to $90.4 billion. The filing showed sales of $33.2 billion in the first nine months of 2026, up from $2.5 billion a year earlier. Third-quarter revenue was about $17 billion, but the company posted a $1.3 billion operating loss for the first nine months and a $104 billion net loss driven largely by noncash charges. Operating cash flow was positive at $6.6 billion.