Artificial intelligence firm Anthropic is preparing to price its shares on Wednesday ahead of a Nasdaq trading debut on Thursday targeting a public offering that could exceed Elon Musk’s SpaceX record, Nieuwsblad reported.
Founded in 2021 by former OpenAI researchers including Dario Amodei and Daniela Amodei, the company behind the Claude assistant has experienced rapid growth, according to Testaankoop. The firm increased revenue by more than 1,200% to 33,2 miljard dollar in the first nine months of 2026, compared to 2,5 miljard the previous year, Testaankoop reported.
Demand for the initial public offering is running six times higher than the available supply, Bloomberg reported, according to Business AM. Anthropic and its founders plan to raise up to 64,4 miljard dollar through the public offering, alongside an additional 26 miljard dollar through a private placement directed at major technology firms including Nvidia, Google, and Microsoft, Nieuwsblad reported.
“Those uncertainties lead to much volatility, price fluctuations,” said Frank Vranken, an independent stock market expert cited by Nieuwsblad, noting that strong growth expectations are already priced into the stock.
Anthropic is aiming for a fully diluted valuation of approximately 1,4 biljoen dollar, falling below earlier summer projections amid cooling AI market enthusiasm, Nieuwsblad reported. By comparison, SpaceX achieved a valuation during its June public offering, which raised 86,2 miljard dollar.
Stijn Leysen, head of asset management Flanders at Bank Degroof Petercam, told Nieuwsblad that Anthropic has evolved from zero revenue to an annual revenue of the equivalent of 81 billion dollars in three years. Leysen noted that by 2028, revenue could rise to 280 billion to 300 billion dollars, with a profit margin of 30 percent.
Tom Simonts, a stock specialist at Bolero, expressed a more cautious view to Nieuwsblad, stating that SpaceX remains preferable due to its tangible holdings such as Starlink and Starship.
The retail portion of the public offering is restricted to investors in specific jurisdictions including the Netherlands, France, Germany, Denmark, Finland, Ireland, Norway, Spain, Sweden, and Switzerland, while retail investors in Belgium are excluded, Business AM reported. Institutional investors have submitted orders far exceeding the baseline offering in new shares.
Goldman Sachs and Morgan Stanley are leading a consortium of 22 banks managing the transaction, focusing on maximizing total capital raised rather than targeting the highest possible subscription price, Nieuwsblad reported.
Anthropic set an initial price range of 70 to 78 USD per share for its public offering, with institutional bookbuilding determining the final pricing announced on Wednesday, November 18, 2026, according to Nieuwsblad.
Nvidia, Google, and Microsoft are participating in a 26 miljard dollar private placement running alongside the public share offering, with Nvidia expected to invest roughly 10 miljard dollar, Nieuwsblad and Business AM reported.
Trading for Anthropic shares begins on the Nasdaq technology exchange on Thursday, November 19, 2026, as reported by Nieuwsblad.
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