Anthropic IPO: $3.5B Japan Offering Planned as Investors Weigh $1.5T Valuation

The Anthropic IPO could raise up to $3.5 billion from Japanese investors, according to a Nov. 2 filing. Meanwhile, Polymarket traders assigned an 82% probability to a November stock-market debut.

The proposed Japanese allocation forms part of Anthropic’s planned U.S. listing. However, the artificial intelligence developer has not confirmed its offering price, valuation or trading date.

Anthropic IPO Seeks $3.5 Billion From Japanese Investors

According to Reuters, the Japanese allocation will be up to 552.9 billion yen in newly issued shares. The proceeds will be used for working capital, operating expenses, and capital investment, all of which will be used by Anthropic.

The sale is not a listing on the Tokyo stock market but a part of a wider international offering. There is also expected to be access available to investors in Australia, Canada, Britain, and certain parts of Europe.

Mizuho Securities will manage the Japanese portion, while other banks will help take investor orders, Bloomberg reported. The company has not announced the size of the IPO or the final valuation.

Japan also joined SpaceX’s IPO in June, when the local community accounted for $2.2 billion of the $75 billion raised. The offering includes a recent comparison, though the company has not stated the amount it will seek to raise globally.

Nasdaq IPO Filing Reveals Revenue Growth and Costs

Anthropic has filed for registration in the U.S. on October 26 and intends to list on the Nasdaq under the symbol ANT. The prospectus is preliminary, and no offering price, number of shares, or first trading date is confirmed.

The first-half revenue stood at $16.3 billion, up from approximately $1.2 billion a year ago. However, Anthropic posted an $80.7 billion net loss, primarily because of financing-related accounting adjustments.

The noncash adjustments amounted to approximately $72.4 billion, and its operating loss was $693 million. The figures reflect the net loss that has been reported but exclude the costs of running the business on a day-to-day basis.

The filing comes in the wake of prior reports of Anthropic’s revenue expansion and computing expenses. To build and operate AI systems, ongoing investments are needed, and the Japanese share sale would provide a means to fund them.

Polymarket Gives November Anthropic IPO Odds of 82%

According to prediction-market platform Polymarket, Anthropic is 82% likely to list in November 2026. Those odds are based on the contract price, rather than an official IPO timeline.

Traders also weighed Anthropic against SpaceX in a bet over which would be the biggest IPO by market cap in 2026. The contracts put SpaceX at about 57% and Anthropic at 43%, although prices change with trading.

Despite the IPO delay, Anthropic is winning the race against its rival OpenAI on the IPO timeline. In a recent Polymarket contract, there is a 96% chance that OpenAI will not go public in 2026, meaning no OpenAI IPO will occur until 2027 or later.

Some Anthropic investors have discussed a valuation near $1.5 trillion, Reuters reported, but the company has not finalized its price. Meanwhile, amid fears, both Nvidia and Anthropic have received concerns regarding AI spending and growth.

Moreover, on Sunday, CNBC commentator Jim Cramer argued that bearish traders wanted to derail the planned offering. “I think that the goal of the bears out there is to derail the Anthropic IPO,” he wrote on X.