The AI giant announced Tuesday that it is planning to go public at a valuation of at least $1.2 trillion.
Anthropic disclosed Tuesday that it is targeting to go public at a share price in the range of $70 to $78, implying a fully diluted market cap between roughly $1.2 trillion and $1.4 trillion. Forbes estimates that the midpoint of the range would boost the net worths of Anthropic’s seven cofounders to between $17.6 billion (CEO Dario Amodei, 43) and $17.9 billion (chief compute officer Tom Brown, 39). That’s up from an estimated $14.1 billion to $14.3 billion, based on Anthropic’s last private funding round at a $965 billion valuation in May. Anthropic had reportedly been targeting a valuation of $1.5 trillion to $2 trillion before tech stocks tanked in recent weeks.
Anthropic plans to issue 801 million shares on the Nasdaq under the ticker ANT and to sell another 351 million shares in a private placement, raising around $85 billion at the middle of the range. Anthropic’s seven cofounders will each sell 3.4 million shares for around $250 million apiece before tax. CNBC reported that shares are expected to begin trading on November 19.
Each cofounder owns a stake of around 1.3%, which accounts for substantially all of their wealth. Where they differ is based on what we know about their share sales so far. Siblings Dario and Daniela Amodei are the only two cofounders who have disclosed selling shares in tender offers totaling $4.7 billion in April 2026 and $157 million in June 2025. That’s because they are the only ones whose share sales were required to be disclosed in the IPO prospectus due to their roles as CEO and president, respectively. That would put the fortune of Daniela Amodei, who also serves as chairperson, at an estimated $17.7 billion at the mid-point of the IPO range.
Forbes estimates that chief architect Sam McCandlish, 36, head of public benefit Jack Clark, 38, chief science officer Jared Kaplan, 42, and interpretability research lead Chris Olah, 34, could each be worth $17.8 billion at the midpoint of Anthropic’s IPO price range, based on their disclosed holdings.
Each cofounder has pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes, though the prospectus notes the commitments are revocable and not legally binding. The seven cofounders also jointly own a single non-economic share that controls 50.1% of shareholder votes. The Long-Term Benefit Trust, an independent body, has the power to elect and remove a majority of Anthropic’s directors.
Anthropic’s latest S-1, filed Tuesday, reported $33.2 billion in revenue and a net loss of $104 billion for the first nine months of 2026, though almost all of that loss was driven by the increase in value of convertible debt issued to investors, which grows as Anthropic’s equity valuation increases. The company also disclosed roughly $1 trillion in chip and data center commitments through 2045—many of the deals with Anthropic’s own investors, including Google, Amazon, Microsoft and Broadcom. The filing also revealed a confidential, ranked line of succession that lets each founder name up to 10 heirs to the founders’ 50.1% voting control, and reported that Claude wrote more than 90% of Anthropic’s code in September—which the company called both a “structural advantage” and a safety risk.
Anthropic was founded in 2021 by seven former employees of ChatGPT maker OpenAI, which was cofounded by billionaires Sam Altman and Greg Brockman. OpenAI reportedly raised $11 billion at a $1.25 trillion valuation on Friday and is also expected to go public, though it delayed its plans to next year. Anthropic’s offering comes roughly five months after SpaceX went public with a fully diluted market cap of around $1.8 trillion.
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