Anthropic’s entry into the stock market is poised to be significant — with high valuations, extensive expenditures, substantial warnings, considerable uncertainties for investors, and a major potential signal of the future trajectory of the fluctuating artificial intelligence industry by 2027.
In a revised regulatory filing submitted to U.S. authorities on Tuesday, Anthropic, based in San Francisco, indicated a projected price range for its initial public offering (IPO) between $70 to $78 US per share. This suggests a fully diluted market valuation estimated at about $1.3 trillion US at the midpoint, potentially reaching $1.4 trillion US at the highest point, which would represent the largest technology IPO in history.
Greg Taylor, a portfolio manager at Vancouver’s PenderFund Capital Management, remarked, “This is going to rank among the largest IPOs ever.”
The scale of an IPO is generally assessed by the volume of capital it generates. Anthropic aims to secure as much as $64.4 billion US through its public offering. If successful, this would place it second only to SpaceX’s historic stock market launch in June.
Taylor anticipates that trading for Anthropic shares will commence before the U.S. Thanksgiving holiday on Nov. 26, with Wealthsimple, a popular Canadian trading application, projecting an “IPO day” of Nov. 30.
Ernest Wong, who leads research at Toronto’s Baskin Wealth Management, predicts that the stock will be a formidable player once it begins trading on the Nasdaq exchange.
“Few stocks in the world are valued over $1 trillion US,” he stated. “This highlights the significance of AI.”
After Nvidia CEO Jensen Huang admitted to having an affair with an alleged Chinese spy, questions are being raised about the company’s governance and deeper implications for the future of AI.
What is Anthropic?
Founded in 2021, Anthropic began as a specialized AI research lab, created by its founders who departed from rival OpenAI, citing concerns that it was overly profit-driven, neglecting risks and granting excessive influence to investors.
The company gained traction in 2024 with the launch of Claude 3.5 Sonnet, which surpassed OpenAI’s GPT-4o on key performance metrics while being significantly less expensive than earlier advanced AI models.
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Will Anthropic’s IPO go boom or bust?
Unlike conventional tech firms like Apple or Microsoft, Anthropic operates as a public benefit corporation, which legally obligates its board to weigh public safety alongside maximizing shareholder profits.
Currently, Anthropic’s CEO Dario Amodei is a prominent advocate for AI safety, urging the industry to decelerate development to allow safety protocols to keep pace.
In its latest filing with the U.S. Securities and Exchange Commission, Anthropic dedicated 94 out of over 300 pages to outlining numerous risk factors.
The company warned, “Our AI models may act in unintended, misaligned, or autonomous manners, which could include harmful actions not directed by any user or third party.”
Anthropic noted that such actions might entail, “behavior similar to blackmail or attempts to sway human decision-makers to maintain the model’s ongoing operation,” along with actions that “could present catastrophic or existential threats to humanity.”
Big numbers
The $1.4 trillion US valuation is not the only striking figure linked to Anthropic’s IPO.
The company’s valuation has experienced significant fluctuations in recent months, with $2 trillion US once being considered. In late May, private investors valued the firm at $965 billion US, a sharp increase from $380 billion US in February.
According to Taylor, “There’s a considerable amount of optimism built into these valuations as they emerge.”
He added, “No one can accurately predict what Anthropic will look like five years from now.”
Dario Amodei, CEO and co-founder of Anthropic, attends the annual meeting of the World Economic Forum in Davos, Switzerland, in January 2025. (Markus Schreiber/The Associated Press)
Sales for the company have surged. As per regulatory filings, Anthropic generated more than three and a half times the revenue in the first half of 2026 compared to its total earnings for the entire previous year. Approximately 20 percent of these revenues originated from two significant unnamed clients.
Meanwhile, the AI giant has also incurred substantial losses. It recorded a net loss of $80.7 billion US through June of this year, largely due to non-cash accounting charges, following a $42 billion US loss in 2025.
Anthropic is also planning significant expenditures. The company does not own or construct physical data centers; instead, it leases high-performance computing capabilities from cloud providers such as Amazon Web Services and Google Cloud through large multi-year contracts.
According to regulatory documents, Anthropic has secured nearly $900 billion US in cloud and computing agreements extending into the 2030s and 2040s, with partners including Broadcom, SpaceX AI, Google Cloud, Amazon Web Services, and Microsoft Azure.
A blockbuster IPO
The significance of Anthropic’s IPO goes beyond its sheer size.
“Investing in the Anthropic IPO represents one of the first opportunities for a pure play in AI,” Taylor explained.
Previously, investors aiming to capitalize on the AI boom were primarily limited to less AI-centric tech companies like Microsoft or Nvidia, the latter known for chip manufacturing. While Google is often considered part of the AI investment landscape, it also has substantial operations unrelated to AI, such as its Android devices and YouTube.
“Their sole focus is on developing new AI models,” Wong remarked about Anthropic. “This fills a crucial gap, as public company data from various AI players exists, except for the model firms, which are mainly Anthropic and OpenAI.”
If Anthropic’s IPO is perceived as a new standard for AI investment, its initial trading days will unfold during a period of significant volatility in the tech sector.
Earlier this month, technology and AI stocks experienced sharp declines followed by rapid rebounds as the market entered correction territory, fueled by worries over whether AI firms could align their substantial spending with adequate profits. This situation was exacerbated by political uncertainties in the U.S. regarding tighter regulations for AI and data centers following the midterms.
Additionally, the recent controversy surrounding Nvidia CEO Jensen Huang’s alleged involvement with a suspected Chinese spy complicates investment sentiments in AI. The chipmaker’s stock, regarded as a benchmark for the AI sector, has seen billions wiped off its market value in recent days on the Nasdaq, where Anthropic is expected to launch.
Like the dot com bubble?
Wong noted, “The primary risk for Anthropic is that they must contend with other model providers. It’s a highly competitive landscape.” He pointed out that OpenAI develops its own models, while SpaceX, through Grok, is a prominent player in the model lab space. Google and Meta are also active competitors in this arena.
He anticipates that initially, the stock might be challenging for cautious investors, as they will assess each new Anthropic product against competitors and scrutinize its hefty expenditures on data services.
“It will be quite volatile,” Wong predicted.
This has been evident with SpaceX since its Nasdaq launch in June, where the stock surged approximately 19 percent on its first day but later fell as much as 22 percent below its $135 US IPO price.
For Taylor, the massive expenditures, rapid stock increases, and close business relationships among a few tech firms in the AI sector evoke memories of a past investment frenzy that distinctly separated successful companies from failures.
“The dot-com bubble likely resonates with many people,” he noted. “In 2000, everyone wanted to invest in the internet.”
While companies like Pets.com failed, giants like Google and Microsoft emerged as household names.
“There are many significant parallels with AI,” Taylor remarked. “The challenge is figuring out who will ultimately prevail.”
