Anthropic Aims for $64.35 Billion in Largest IPO in History

Anthropic filed updated documentation with regulators on Tuesday, detailing a plan to sell 825 million shares priced between $70 and $78 each. If the company clears the high end of that range, the public offering would generate $64.35 billion. This figure would make the listing the largest initial public offering in recorded history, surpassing the capital raised by SpaceX in June.

The filing projects a fully diluted valuation of up to $1.405 trillion for the developer of the Claude model. In addition to the public offering, Anthropic is completing a separate $26 billion private placement. Major technology firms, including Nvidia and Alphabet, are participating in this private round. The company intends to finalize share pricing on November 18, with trading set to commence the next day.

The financial scale of the offering is driven by a sharp increase in corporate spending. The updated prospectus reveals that Anthropic recorded $33.2 billion in revenue during the first nine months of 2026. This represents a 1,206 percent increase compared to the same period last year. The growth stems largely from enterprise clients who are adopting Claude Code, the company's AI coding agent, at a rapid pace.

Customer metrics in the document show a substantial expansion in the high-value user base. Anthropic now counts more than 11,900 customers who spend over $100,000 annually. This number has climbed from roughly 1,500 at the end of 2025. Furthermore, existing clients are increasing their budgets, resulting in a net revenue retention rate of approximately 900 percent at the end of September.

Jim Cramer, host of CNBC's "Mad Money," commented on the filing on Tuesday. He noted that the deal's presence in the market signals a positive outlook for the tech sector. "Anthropic's tantalizing growth rate is the key reason why this should be the largest IPO in history," Cramer said. He acknowledged that while growth slowed to 47 percent in the third quarter from 144 percent in the second, the momentum remains strong.

Cramer attributed the deceleration to the law of large numbers and noted that competition from OpenAI could play a role. He pointed out that OpenAI has delayed its own IPO plans to next year, removing a direct rival from the immediate listing calendar. Anthropic reported an annualized revenue run rate of $81 billion at the end of October, placing the company close to a $100 billion annual threshold if current trends hold.