Anthropic eyes $1.4 trillion valuation as IPO price reaches $78 a share
Anthropic is preparing for one of the biggest technology listings Wall Street has seen, with the Claude maker setting an IPO price band of $70 to $78 a share. At the top end, that would give the company a fully diluted valuation of about $1.4 trillion, or roughly ₹131 lakh crore at current exchange rates.
The headline number is huge, but it needs some context. Based only on shares expected to be outstanding after the offering, Reuters calculates a valuation closer to $1.02 trillion, or about ₹95 lakh crore. The larger $1.4 trillion figure includes options, restricted stock and other securities that could eventually become shares. Either way, Anthropic is asking public investors to place it among the most valuable technology companies on the planet.
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How does Anthropic’s valuation compare with investor estimates?
The timing is very interesting. Earlier this year, some investors and bankers had discussed a valuation as high as $2 trillion, or around ₹187 lakh crore.
That optimism has cooled. In recent days, prospective investors were reportedly discussing a range closer to $1.2 trillion to $1.3 trillion, with some considering valuations as low as $1.1 trillion. Earlier estimates had placed fair value around $1.4 trillion to $1.5 trillion.
Anthropic’s top-end fully diluted figure therefore sits near the upper end of recent investor thinking, but below some of the more aggressive expectations floated earlier in 2026.
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How much money does Anthropic make?
Anthropic’s growth has been fast. The company’s third-quarter revenue reached $16.96 billion, around ₹1.59 lakh crore, up 47 per cent from the previous quarter.
Its annualised revenue run rate had reached around $81 billion by the end of October, roughly ₹7.58 lakh crore.
The company says it now has more than 11,900 customers generating at least $100,000 each in annual revenue. At the end of 2025, that number was just over 1,500.
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The problem is how much Anthropic is spending
Running frontier AI models requires enormous amounts of computing capacity. Anthropic reported a net loss of $23.29 billion in the third quarter, around ₹2.18 lakh crore.
It also recorded a $567 million operating loss after reporting operating income in the previous quarter.
The bigger number sits further into the future. Anthropic has nearly $895.4 billion, or about ₹83.8 lakh crore, in computing and infrastructure commitments. Around $69.8 billion of those obligations are due in the 12 months after September 30.
The company said an extra $5 billion in computing costs during the quarter also hurt efficiency.
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How much money could Anthropic raise from the IPO?
Anthropic plans to sell 825 million shares in the IPO. At $78 each, the offering could raise as much as $64.4 billion, around ₹6.02 lakh crore.
A separate private placement involving major technology investors, including Google, Nvidia and AMD, is expected to bring in another $26 billion, or about ₹2.43 lakh crore.
Together, those deals could give Anthropic more than $90 billion in fresh capital.
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What does Anthropic plan to do next?
Much of that money is expected to go back into computing infrastructure, model development and expanding Claude for businesses.
Anthropic has said its long-term plan includes building more capable AI systems, expanding enterprise use and increasing the computing capacity available for training and running its models.
The company has also warned investors about the risks. Its IPO documents point to intense competition, regulation, safety failures and the possibility that future AI systems could behave in unexpected ways.
That leaves investors with a fairly simple question. Anthropic is growing very quickly, but it is spending at a scale rarely seen before. The IPO will show how much Wall Street is willing to pay for that growth.