Anthropic’s entry into the stock market is anticipated to be monumental — showcasing a significant valuation, considerable expenditure, major cautionary signals, considerable uncertainty for investors, and a substantial potential indicator of the performance of the recently fluctuating artificial intelligence industry by 2027.
In a revised regulatory submission to U.S. authorities on Tuesday, San Francisco’s Anthropic announced an expected price range for its initial public offering (IPO) between $70 US and $78 US per share. This suggests a fully diluted market valuation of approximately $1.3 trillion US at the midpoint, rising to $1.4 trillion US at the highest end, making it the largest debut for a technology stock in history.
“It’s poised to be one of the largest IPOs ever,” remarked Greg Taylor, a portfolio manager at PenderFund Capital Management in Vancouver.
The scale of an IPO is generally assessed by the total funds raised. Anthropic is looking to secure up to $64.4 billion US directly through its public share offering. If successful, this would place it just behind SpaceX’s historic stock market launch in June.
Taylor anticipates that trading for Anthropic shares will commence prior to the Thanksgiving holiday in the U.S., on November 26. Wealthsimple, a widely-used Canadian trading application, lists November 30 as the expected “IPO day.”
Ernest Wong, a research lead at Baskin Wealth Management in Toronto, predicts that the stock will have a substantial impact when it begins trading on the Nasdaq.
“Only a few stocks globally are valued over $1 trillion US,” he noted. “This highlights the magnitude of AI’s importance.”
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 laboratory when its founders departed from OpenAI, believing the organization 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 outperformed OpenAI’s GPT-4o on key performance metrics while being significantly more cost-effective than earlier AI models.
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Will Anthropic’s IPO go boom or bust?
In contrast to traditional for-profit entities like Apple or Microsoft, Anthropic operates as a public benefit corporation, which legally requires its board to balance public safety with the goal of maximizing shareholder profits.
Currently, Anthropic’s CEO Dario Amodei is a prominent advocate for AI safety, contending that the industry should decelerate its advancements to allow safety measures to catch up.
In its latest filing with the U.S. Securities and Exchange Commission, Anthropic dedicated 94 pages of over 300 to outlining an extensive array of risk factors.
The company noted, “Our AI models may exhibit unintended, misaligned, or autonomous behaviors, including potentially harmful actions not directed by any user or third party.”
According to Anthropic, this could entail “behavior akin to blackmail or attempts to sway human decision-makers to ensure the model’s continued operation,” as well as actions that “may pose 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 shown significant volatility in recent months, with $2 trillion US being recently discussed. Back in late May, private investors assessed the company at $965 billion US, a rise from $380 billion US in February.
“There’s a considerable amount of optimism factored into these valuations as they emerge,” Taylor remarked.
“No one can accurately predict what Anthropic will look like five years down the line.”
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)
The company has reported substantial sales figures. As per regulatory documents, 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 that revenue stemmed from two major unnamed clients.
Simultaneously, the AI powerhouse has been incurring significant losses. It reported a net loss of $80.7 billion US this year through June, primarily due to non-cash accounting expenses. The company recorded a loss of $42 billion US in 2025.
Anthropic also has ambitious spending ambitions. The organization does not operate or own physical data centers; instead, it leases high-performance computing resources from cloud service providers like Amazon Web Services and Google Cloud through extensive multi-year contracts.
Regulatory filings indicate that Anthropic has secured nearly $900 billion US in cloud and computing agreements extending into the 2030s and 2040s. Partners involved in these agreements include Broadcom, SpaceX AI, Google Cloud, Amazon Web Services, and Microsoft Azure.
A blockbuster IPO
The significance of Anthropic’s IPO lies not only in its monumental scale.
“Investing in the Anthropic IPO is one of the first true pure-play AI opportunities available,” Taylor stated.
Until now, those looking to invest in the AI boom have largely been restricted to less AI-centric tech stocks such as Microsoft or Nvidia, which manufactures chips. For instance, Google is widely seen as part of the AI investment narrative, yet it also has substantial businesses unrelated to AI, including its Android smartphones and YouTube.
“Their sole focus is on creating new AI models,” Wong commented regarding Anthropic. “This certainly fills a gap, as investors have public data from various AI players except for the model companies, which primarily include Anthropic and OpenAI.”
If Anthropic’s IPO is regarded as a new standard for AI investments, its early trading sessions are likely to occur amidst notable volatility in the tech sector.
Earlier this month, technology and AI stocks faced sharp declines and rapid recoveries as the market entered corrective territory. This was partly due to worries over whether AI firms could match their significant expenditures with adequate profits. The situation was further complicated by political concerns in the U.S. following the midterms regarding increased regulation of AI and data centers.
Moreover, the recent allegations surrounding Nvidia CEO Jensen Huang’s purported relationship with a suspected Chinese spy introduce an additional layer of concern regarding AI investments. Nvidia’s stock, considered a key indicator for AI investments, has seen billions in market capitalization wiped out in recent days on the Nasdaq, where Anthropic is expected to debut.
Like the dot com bubble?
“The primary risk for Anthropic is its competition with other model providers. The market is highly competitive,” Wong noted. “OpenAI develops its own models, while SpaceX’s Grok is a leading model lab. Google and Meta are also active competitors in this domain.”
He foresees that the stock may not be suitable for risk-averse investors initially, as they will compare each new Anthropic product with its rivals and assess its substantial expenditures on data services.
“It will likely experience significant volatility,” Wong stated.
This has been reflected in SpaceX’s performance since its Nasdaq launch in June, where the stock initially soared by approximately 19 percent on the first day, only to subsequently drop by as much as 22 percent below its $135 US IPO price.
For Taylor, the massive spending in the AI sector, rapid stock increases, and tight interconnections among a few tech firms serve as reminders of a past investment frenzy that dramatically distinguished winners from losers.
“The dot-com bubble is certainly the one that resonates most vividly in many people’s memories,” he remarked. “Back in 2000, everyone wanted to invest in the internet.”
While companies like Pets.com failed, Google and Microsoft emerged as industry giants.
“There are significant parallels with AI,” Taylor noted. “The challenge lies in identifying who will ultimately prevail.”
