Anthropic has finally revealed the key details of its much-awaited initial public offering (IPO), with the maker of the Claude chatbot seeking to raise as much as $64.4 billion in what could become the world's second-largest stock market listing, behind SpaceX.The latest draft prospectus, reported by Reuters on November 10, shows that Anthropic and some of its existing shareholders plan to sell 825 million shares at an indicative price range of $70 to $78 apiece. The shares are expected to begin trading on the Nasdaq on November 19 under the ticker symbol 'ANT'.At the upper end of the price range, Anthropic could command a valuation of around $1.4 trillion on a fully diluted basis, which includes stock options and restricted stock.

Excluding these securities, its valuation would be around $1 trillion.The proposed IPO proceeds are lower than the $69.3 billion indicated in preliminary terms that were briefly circulated to investment banks before being withdrawn. The updated prospectus contains a lower price range and a revised fundraising target.

The listing is being closely watched as a test of investor appetite for artificial intelligence companies, particularly at a time when concerns are mounting over the scale of spending required to develop and run advanced AI models.ANTHROPIC IPO: KEY DETAILSAnthropic is aiming to raise up to $64.4 billion through the public share sale. Separately, it plans to raise another $26 billion through a private placement involving cornerstone investors.

The private placement will include investments from major technology companies such as Google, Nvidia and Advanced Micro Devices (AMD). Other cornerstone investors include Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company (TSMC).Together, the IPO and the separate private placement could bring in as much as $90.4 billion.

However, the $26 billion private placement is separate from the public share sale and should not be counted as IPO proceeds.The proposed IPO would rank behind SpaceX's $75-billion listing in June 2026, which valued Elon Musk's company at nearly $1.75 trillion. If Anthropic raises the full $64.4 billion, it would be ahead of Saudi Aramco's $29.4-billion IPO in 2019.Goldman Sachs and Morgan Stanley are the lead underwriters for the offering.WHY ANTHROPIC'S IPO TOOK LONGER THAN EXPECTEDAnthropic's public listing has been in the works for several months, with the company confidentially filing for a US IPO in June 2026.The company had initially been expected to make its prospectus public earlier, with a potential listing in late September or early October.

However, the timeline shifted. In September, Reuters reported that the IPO launch had moved towards mid-October at the earliest, pushing back expectations of one of the biggest stock market debuts of the year.The delay meant investors had to wait longer for clarity on the company's valuation, fundraising target and financial position.

The prospectus filed in October provided an initial look at its finances, business structure and risks, while the latest draft has now set out the proposed share price, number of shares and fundraising target.The IPO terms also changed during the process. Preliminary details briefly sent to investment banks on Monday indicated that Anthropic could raise up to $69.3 billion.

Those details were subsequently withdrawn, with the updated prospectus showing a lower price range and a reduced fundraising target of $64.4 billion.The revised terms put the proposed valuation below some of the expectations that had built up around the listing. However, the offering remains one of the biggest tests of public-market demand for an AI company.AMAZON, GOOGLE AMONG ANTHROPIC'S BIGGEST BACKERSSome of the world's largest technology companies have invested heavily in Anthropic, while also providing the computing infrastructure required to develop and operate its AI models.Amazon has invested at least $13 billion in the company and had agreed to invest up to another $20 billion.

Google has committed up to $40 billion to Anthropic.The relationship goes beyond financial backing. Anthropic has also committed to spending large amounts on cloud computing services provided by Amazon Web Services and Google Cloud.Reuters reported that Amazon and Google's combined stakes in Anthropic could be worth around $411 billion if the company prices its IPO at the top of the proposed range.

This reflects the increase in the value of their investments as Anthropic's valuation has risen.The arrangement also highlights the close links between AI developers and the technology companies that fund them and supply the computing power they need.ANTHROPIC'S REVENUE HAS SURGED, BUT COSTS REMAIN A CONCERNAnthropic's rapid growth has been one of the main factors behind investor interest in its listing. The company, founded in 2021 by former OpenAI researchers including siblings Dario and Daniela Amodei, develops the Claude family of AI models.Its revenue rose to $4.59 billion in 2025 from $386 million in 2024 and $41 million in 2023.

For the six months ended June 2026, revenue stood at $16.29 billion, compared with $1.16 billion in the corresponding period a year earlier.The company reported an operating loss of $693 million in the first half of 2026, down from $2.14 billion in the same period of 2025. The improvement came as revenue grew much faster than expenses.Anthropic's run-rate revenue had reached around $81 billion as of October 31, according to its latest IPO filing.

Run-rate revenue is an annualised estimate based on the revenue generated over a recent period and is not the same as revenue actually earned over a full year.However, the company's expansion comes with substantial costs. Computing power is its biggest expense, including payments to cloud service providers, data centre costs, equipment leases and energy bills.Reuters reported that Anthropic has nearly $900 billion in computing commitments with partners, including Amazon and Google.

These commitments underline the scale of infrastructure spending needed to support its growth and the financial obligations the company will have to manage.The IPO will therefore offer investors a closer look at whether Anthropic can turn its rapid revenue growth into sustainable profits while continuing to spend heavily on AI development.- Ends