Anthropic presses ahead with a pre-Thanksgiving IPO, targeting $80B-$100B at $1.25T to $1.75T, FT reports
What's the deal? Anthropic still plans to go public before the US Thanksgiving holiday later this month despite the sharp tech selloff, the Financial Times reported on 6 November 2026, citing more than half a dozen investors. The Claude maker expects to raise $80 billion to $100 billion at a valuation between $1.25 trillion and $1.75 trillion. One large investor told the FT he expects Anthropic to "price it very conservatively, call it $1.5tn, and go up from there"; others in the deal expect closer to $1.3 trillion.
How the target moved: The range is a step up from Anthropic's last private valuation of $965 billion, but well short of the roughly $2 trillion its most bullish backers hoped for a month ago. A day earlier the Wall Street Journal reported that several large IPO investors were pushing for a valuation below $1.5 trillion, and that a delay or a smaller raise was being discussed. The FT account suggests the company is choosing to accept a lower price rather than wait.
The numbers behind it: Revenue rose almost 50% to around $17 billion in the third quarter, according to its amended filing. The FT said Anthropic's annualised revenue run rate, which is not in the prospectus, is now about $81 billion, up from about $65 billion at the end of July. The company plans to spend about $900 billion on computing power and infrastructure over the coming years.
Context: The listing would test public-market appetite for frontier AI labs after the Nasdaq 100 fell 6.4% on Thursday and rival OpenAI cut the valuation of its private round from $1.4 trillion to $1.25 trillion. Goldman Sachs and Morgan Stanley lead the offering, with shares expected on the Nasdaq under the ticker ANT.
Read more: Financial Times, Business Standard (WSJ and Reuters reporting)
Image: Anthropic's San Francisco headquarters (Financial Times)
