Anthropic seeks $88.5 billion in IPO at up to $1.4 trillion valuation

Anthropic's filing lands after a run of extraordinary revenue growth. For the first nine months of the year it reported $33.2 billion in revenue, up from $2.5 billion in the same period a year earlier, and it says revenue reached $17 billion for the three months ended Sept. 30, 2026. That trajectory helps explain why the offering can be pitched at a valuation of up to $1.4 trillion, even though the company is not yet profitable.

The structure is unusual: a large IPO paired with a $26 billion private placement slated to close immediately following the IPO, with chipmakers and cloud providers among the investors. That suggests Anthropic is lining up supplier relationships alongside public capital to fund its infrastructure buildout. The company's losses also narrowed at the operating level, to $1.3 billion from $5.2 billion a year earlier, while its net loss widened.