Charging toward a trillion-dollar IPO! Anthropic has lowered its fundraising target to $64.4 billion, while the seven major tech giants have pledged an additional $26 billion; the proposed offering price is set at $70–$78 per share.

$Anthropic (ANT.US)$ is preparing to enter the stock market on an unusually large scale. The artificial intelligence company plans to raise up to $90.4 billion through an IPO and a private placement at the same time. It is aiming for a valuation of $1 trillion, which would make it one of the largest technology stock listings in U.S. history.

According to the latest draft of its prospectus, which Reuters saw on Tuesday, Anthropic plans to raise up to $64.4 billion through its public offering. This is lower than the $69.3 billion planned in an earlier version that was later withdrawn. The proposed share price is between $70 and $78. At the same time, seven major technology companies, including $Alphabet-C (GOOG.US)$, $NVIDIA (NVDA.US)$, $Advanced Micro Devices (AMD.US)$, $Broadcom (AVGO.US)$, $Micron Technology (MU.US)$, $Microsoft (MSFT.US)$ and $Taiwan Semiconductor (TSM.US)$, will invest a total of $26 billion through separate private placements.

At the highest proposed share price of $78, Anthropic's valuation is about $1.02 trillion, only slightly higher than its previous private-market valuation of $96.5 billion. The company is expected to officially announce the deal details soon. At the time of publication, neither Anthropic nor its major investors had replied to requests for comment.

How the offering is structured: Public shares and private investments

According to the draft prospectus and Bloomberg's calculations, Anthropic's IPO has two parts. The public offering includes about 825 million shares. Anthropic itself will issue about 801.35 million new shares, while existing shareholders will sell around 23.65 million shares. The second part is a private placement worth $26 billion, funded by seven major investors. Together, the two parts could raise as much as $90.4 billion.

The seven major investors are important companies in the AI chip and cloud computing industries. They include Google, which is owned by Alphabet, as well as NVIDIA, AMD, Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor. Their private investments are intended to help support Anthropic's share price after the company goes public. They will also strengthen the business ties between Anthropic and its major technology partners.

Revenue grew quickly, and the number of major customers continued to rise

Anthropic's fast-growing business is a key reason behind its plan to raise such a large amount of money. As of October 31, 2026, its annualized revenue was about $81 billion. This was roughly $10 billion more than on September 30, showing that the company's growth remained strong.

The number of customers that bring in more than $100,000 in revenue each year has reached 11,900. This shows that Anthropic continues to attract and keep large business customers. The company's total contracted spending is about $900.9 billion. This suggests that customers are still willing to spend money on its products and services over the long term.

Valuation and share price: Almost at the $1 trillion mark

At the highest proposed share price of $78, Anthropic's IPO values the company at roughly $102 billion, about 5.7% higher than its latest private-round valuation of $96.5 billion. This fairly careful pricing may mean that the banks handling the IPO want to leave room for the share price to rise after listing. It may also help reduce the risk of the share price falling after the IPO.

Anthropic has chosen Nasdaq for its stock market listing and is aiming for a market value of around $1 trillion. If the plan succeeds, it will join the small group of companies that have reached a trillion-dollar valuation when going public. The company is expected to announce the offering details officially soon, followed by an investor roadshow.