Anthropic valuation history: from early funding rounds to the IPO

What is Anthropic’s valuation today?

A potential IPO would value Anthropic at around $1 trillion based on outstanding shares, and up to $1.4 trillion based on share dilution.

What is Anthropic’s IPO price range?

Anthropic has set a price range of $70 to $78 per share. At the top of the range, 801.35 million new shares will be sold by the company and 23.65 million will be sold by existing shareholders. Anthropic would receive the proceeds from shares sold by existing shareholders.

How does Anthropic’s IPO compare with the $965 billion Series H valuation?

In May, Anthropic raised $65 billion at a Series H valuation of $965 billion. At the proposed IPO midpoint of $74 per share, the company would be valued at $1.33 trillion, approximately 38% higher than the Series H valuation.

The difference may reflect the growing interest in Anthropic’s flagship product, Claude, and its other enterprise products, though the final price will depend on market and IPO conditions.

Why are $1 trillion, $1.3 trillion and $1.4 trillion quoted?

There are two ways to analyze the potential value of Anthropic after the IPO. One is to use expected shares, and the other is to use fully diluted shares.

Expected shares: At $70, $916 billion; At $78, $1.02 trillion, fully diluted shares: At $74, $1.33 trillion; At $78, $1.40 trillion

The 825 million shares offered is only a small fraction of all shares Anthropic has issued. The shares offered in the IPO do not reflect Anthropic’s total shares and will not be used to determine the total market cap of Anthropic.

Source: Google

What is Anthropic’s valuation over time?

Anthropic’s valuation has grown rapidly in the last year, especially after enterprise interest and demand for AI models and software development toolkits exploded.

Early round estimates are roughly calculated, and not all early rounds were formally announced. The IPO end point is set for the proposed maximum fully diluted valuation. This is different from an actual market price.

2021-2023: How did Anthropic raise funding in these early years?

In 2021, Dario and Daniela Amodei, along with other employees from OpenAI, founded Anthropic. In the early years, funding supported the research and development of large language models prior to the commercial success of Claude.

Series A (2021)

Anthropic raised approximately $124 million during their Series A round. Their valuation at the time was estimated to be between $550-$625 million.

Series B (2022)

During their Series B round, Anthropic raised $580 million. A portion of this round was funded by Sam Bankman-Fried, and other investors allied to FTX.

Historical estimates placed Anthropic's valuation around $3.7 billion, although this valuation is less certain when compared to latter funding rounds.

Series C (2023)

Spark Capital led Anthropic's Series C round, raising $450 million. A portion of this round was funded by Google. This supported the commercial launch of Claude.

Google and Amazon Partnerships (2023)

In the same year as Anthropic's funding round, Google and Amazon announced investments and partnerships to provide cloud computing for Anthropic.

Amazon committed to invest up to $4 billion and Google committed billions as well. These investments provided Anthropic with funds and cloud computing, which are essential for training large AI models.

Source: Google

2024-2025: How did Anthropic reach $183 billion?

In 2024, with the commercial adoption of Claude, the demand for enterprise AI services surged, and valuations for Anthropic accelerated as well.

Series D (2024)

In early 2024, Anthropic’s Series D financing was performed at valuations of approximately $18 billion. Other estimates of the valuations differed and were private.

Amazon increases its investment (November 2024)

In November 2024, Amazon committed an additional $4 billion to Anthropic, increasing its total investment to $8 billion.

Series E (March 2025)

In March 2025, Anthropic raised $3.5 billion in Series E financing led by Lightspeed Venture Partners at a post-money valuation of $61.5 billion.

Series F (September 2025)

In September 2025, Anthropic raised an additional $13 billion at a post-money valuation of $183 billion.

This was approximately three times the valuation from March and reflected increasing demand for Claude and other AI services.

Microsoft and Nvidia investment (November 2025)

In November 2025, an investment by Microsoft and Nvidia valued Anthropic at $350 billion. This was not a traditional funding round.

Source: Google

2026: How did Anthropic’s valuation approach $1 trillion?

In February, the valuation of Anthropic was $380 billion. In May, the valuation was $965 billion, more than doubling the valuation in approximately three months.

Series G (February 2026)

In February 2026, Anthropic raised approximately $30 billion at a post-money valuation of $380 billion.

The funding was for model development and expanding the company’s computing infrastructure.

Google's investment commitments (2026)

In 2026, Anthropic deepened its commercial partnership and financial relationship with Google.

These investments show how Anthropic will need to rely on large cloud providers for its computing needs, which could increase costs and limit the company's flexibility.

Series H: May 2026

Anthropic raised a $65 billion Series H round in May 2026, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.

The valuation in the round was $965 billion, above OpenAI's reported valuation at that time.

Anthropic reported that their annualized revenue run-rate had exceeded $47 billion in May. This is an estimate based on recent revenue activity over a short period, and not actual revenue earned over the past year.

Source: Google

The road to the IPO: What prompted Anthropic to go public?

Anthropic confidentially filed for an IPO in June 2026, and then publicly filed their S-1 registration statement in October.

The company subsequently amended the filing in November and set the IPO price range at $70-$78 per share.

It has been previously reported that Anthropic could aim for a valuation of $2 trillion, but the price range in the latest filing indicates a valuation significantly lower than that.

The IPO drew a lot of investor interest. According to Reuters, the offering was 6x oversubscribed, as of November 12.

It is expected that pricing of the shares will occur November 18, and first day trading would occur November 19, although these dates are subject to change.

What are Anthropic's financial results?

Anthropic has reported strong revenue growth. However, they continue to have high costs related to computing.

Third-quarter 2026 revenue was reported at approximately $17 billion, and overall revenue for the first three quarters was approximately $33.2 billion, according to the amended IPO filing.

An approximate annualized revenue run-rate of $81 billion was reported by October. On the other hand, the company posted a $104 billion net loss over the same period with a sizeable commitment to long-term computing.

Investors are wondering if Anthropic can generate profitable and cash flow positive business while using capital to construct costly AI infrastructure.

Source: Google

Anthropic vs OpenAI: how do their valuations compare?

Anthropic and OpenAI are neck and neck in several categories including AI models, enterprise software, and developer tools. Anthropic has developed a business around Claude and the Claude Code, while OpenAI built an AI business around ChatGPT and its API.

When evaluating the two competitors' valuations, public market investors are looking beyond valuation to include revenue, operating losses, and cash flow. They are also considering the prices customers are willing to pay for AI services and capital requirements.

Which company is financially more stable?

OpenAI recently raised funds at a private valuation of $1.25 trillion, while Anthropic has proposed a fully diluted IPO valuation of up to $1.4 trillion. However, Anthropic may encounter scrutiny related to lack of profitability and the potential for large net losses in the future.

Who owns Anthropic?

Amazon and Google hold large economic interests in Anthropic, while other major venture investors include Lightspeed and Spark. However, economic ownership and voting power are not always aligned.

Under the governance proposal, Anthropic's co-founders would control 50.1% of the voting power through a special class of shares.

Significant control is maintained by the founders despite their relatively small combined economic ownership.

Anthropic also has a Long-Term Benefit Trust, which participates in board appointments, reflecting their public benefit corporation structure.

How can I buy Anthropic shares before the IPO?

Although Anthropic shares are not publicly traded yet, Equiti makes Anthropic pre-IPO shares available to trade on MT5 via CFDs.

With a CFD, traders can take a position on the price movement of the stock without owning the shares. Traders can take a long position, if they expect the price to rise or take a short position, if they expect the price to fall.

Equiti's CFD, Anthropic Inc Pre-IPO, has a 35% indicated margin requirement and variable spreads and other trading costs. Its availability varies based on the client’s location and the account’s eligibility.