Anthropic has told prospective investors it intends to list its Class A shares on the Nasdaq under the ticker ANT, as the AI lab pushes toward what could become the largest initial public offering on record.
The company filed publicly for its IPO on Monday, days after warning in its prospectus that AI poses an "existential risk" even as it seeks to raise what some reports put at $100 billion or more. Reporting on the offering's timing has varied: some banks have pointed to a roadshow beginning as early as the week of November 9, with trading starting before the Thanksgiving holiday on November 26, while other accounts put the debut in the week of November 16. Anthropic has not confirmed an exact date.
A Valuation Race With OpenAI
Estimates of Anthropic's valuation in the offering range from $1.5 trillion to $2 trillion, which would place it ahead of OpenAI in the race to go public and would eclipse SpaceX's June listing as the largest IPO in history. The company's losses have also grown sharply alongside its valuation, with some reports putting cumulative losses as high as $80 billion as it continues to pour money into model training and data center capacity.
Market watchers have noted that recent mega-cap tech listings have had a mixed record on their first day of trading — Uber, for instance, finished its debut session below its offering price — and some analysts expect Anthropic's size alone to invite unusually heavy scrutiny of its first trades.
Timing Still in Flux
The uncertainty over exact timing reflects how fluid the largest IPOs can be in their final weeks: banks continue to gauge investor appetite and adjust pricing right up to the roadshow, and a deal of this size could still slip into December if demand or market conditions shift. For now, Anthropic's rivals in the foundation-model race, including OpenAI, are watching closely, since a strong debut would likely accelerate their own plans to tap public markets.