Anthropic launched its initial public offering roadshow Tuesday, seeking to raise as much as $64.4 billion in a stock sale that could value the Claude maker at up to $1.4 trillion.

The offering would rank among the largest stock market debuts in history and comes as Wall Street takes a closer look at the costs of developing artificial intelligence. For Anthropic, the IPO offers an opportunity to fund its expansion while testing investors’ appetite for AI companies facing enormous infrastructure costs.

Anthropic and some existing shareholders plan to sell 825 million shares priced between $70 and $78 each, according to the company’s announcement. The offering would value Anthropic at roughly $1 trillion based on outstanding shares, with the higher figure accounting for additional securities, including stock options.

The company also plans to raise $26 billion through a separate investment involving Google, Nvidia and other technology companies, contingent on the IPO’s completion. Combined, the deals could raise as much as $90.4 billion, although some of the proceeds would go to existing shareholders.

Anthropic’s business has grown rapidly, with annualized revenue reaching approximately $81 billion as of Oct. 31, according to its filing, as previously reported by TheWrap. That figure reflects its recent sales pace rather than revenue generated over a full year. The company has benefited from growing demand for Claude, including products designed for businesses in healthcare, finance and other industries.

But that growth comes with substantial costs. Anthropic has nearly $900 billion in computing commitments with partners including Amazon and Google, according to Reuters. Those agreements cover future computing capacity over multiple years, rather than spending that must be paid immediately.

Anthropic had previously been discussed at a valuation as high as $2 trillion, according to Reuters, but expectations have since eased amid concerns about AI infrastructure spending and volatility in technology stocks.

Anthropic faces competition from OpenAI as both companies seek to attract businesses adopting generative AI tools. Founded in 2021 by former OpenAI researchers, Anthropic is led by CEO Dario Amodei.

Anthropic plans to trade on the Nasdaq under the symbol “ANT.”

The post Anthropic Targets $1.4 Trillion Valuation in IPO appeared first on TheWrap.