Anthropic filed an updated S1 form with the Securities and Exchange Commission on Tuesday, revealing it intends to sell 825 million shares at a range of $70-78 per share when it goes public.
If it can sell the shares at the high end of this range, the company will raise up to $64 billion from its initial public offering (IPO) alone, with the 15 per cent overallotment option potentially pushing this to $74 billion.
Anthropic also intends to offer the underwriters of its IPO a 30-day option to purchase an additional $26 billion-worth of shares, which would bring its total raise to around $100 billion.
Altogether, this would make the deal the largest public debut package in history, beating out the $86 billion total of Elon Musk’s SpaceX in June.
Anthropic also claims in its updated filing that its annualised run-rate revenue, a metric that extrapolates potential annual revenue from the revenue for a particular month, reached around $81 billion in October, up from $10 billion in September.
The filing clarifies that run-rate revenue “is not indicative of historical revenue and may not be indicative of our revenue for any future period.”
Goldman Sachs, Anthropic’s lead investment bank, meanwhile, predicts the company will bring in around $52 billion this year, according to the Financial Times.
Citing forecasts shared verbally by the bank with a prospective investor in the deal, the paper reported that Goldman expects Anthropic’s revenue to reach $600 billion by 2030, a more than 130 times increase on its 2025 figure. This is also the year it expects the AI developer to become free cashflow positive, generating around $33.6 billion.
According to the bank, Anthropic will bring in $136 billion in 2027, which will then jump to $442 billion in 2029.
If these figures are reached, it would make Anthropic one of the world’s largest companies: Apple’s revenue for 2026 was $479 billion, while Amazon’s 2025 revenue was over $700 billion.
However, some critics have argued that the numbers for 2026 are not as impressive as they may first appear.
AI sceptic and author Ed Zitron noted on social media platform X that if Anthropic reaches $52 billion in revenue this year, it will reflect a slowdown in quarterly growth from 47 per cent between the second and third quarter to 11 per cent between the third and fourth. This would be a notable deceleration for a company expected to multiply its revenue by more than ten times in four years.
