What is planned
According to The Decoder and heise online, Anthropic, the developer of the chatbot Claude, is preparing its IPO on the Nasdaq. Through the public share offering and a private placement, the company aims to raise up to $90.4 billion. The Decoder puts the targeted valuation at up to $1.02 trillion; heise online instead cites an overall valuation of up to one trillion US dollars. Both figures refer to the filed prospectus and are not yet final.
The shares are to be offered at a price range of $70 to $78 and trade under the ticker symbol ANT. According to heise online, private investors in Germany can already subscribe via the neobroker Trade Republic before the first trading day.
Key financials
According to The Decoder, revenue in the third quarter of 2026 rose 47 percent to nearly $17 billion, but growth slowed compared to the previous quarter. heise online reports that quarterly revenue climbed from zero at the commercial launch in the first quarter of 2023 to $17.0 billion in the third quarter of 2026. Claude and the software assistants Claude Code and Claude Cowork are named as drivers.
At the same time, heise online points to long-term commitments for compute capacity of around $900.9 billion, while The Decoder speaks of almost $900 billion. The figures come from the prospectus.
Voting rights and structure
According to heise online, Anthropic is organized as a company with a public-benefit obligation. An independent trust council determines, through special rights, a majority of the supervisory board seats. According to heise online, the co-founders around Dario Amodei and Daniela Amodei are guaranteed, through special shares, a voting majority of just over 50 percent on all other decisions. Those who buy shares regularly thus have a claim to financial gains but, as heise online notes, practically no say in management.
Background
heise online reports that the valuation has fallen in advance: months earlier, talk was of up to two trillion US dollars, while the valuation from a private funding round in May stood at $965 billion according to The Decoder. heise online attributes the discount to a cooling of AI enthusiasm in financial markets. The Decoder adds that potential investors pushed for a lower valuation after a previously discussed figure of $1.5 trillion was considered too high.
Assessment
What the IPO means for investors and the market remains open. If growth continues to slow, the valuation could come under pressure, and the high compute commitments would be harder to bear. For private investors in Germany, it is also relevant that voting rights are essentially absent, as heise online emphasizes. Whether these assessments hold will only become clear from the trading performance after the listing.
Sources
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