Anthropic plans $3.5 billion IPO in Japan

Nov 2, 2026

Artificial intelligence lab Anthropic PBC plans to raise up to $3.5 billion from investors in Japan as part of its U.S. initial public offering, allocating proceeds toward working capital and operating expenses. Filings reveal the Claude chatbot maker logged an $80.7 billion net loss on $16.3 billion in revenue for the first half of 2026. While investor discussions center on valuations between $1.5 trillion and $2 trillion, prominent Australian investment chiefs express caution over profitability timelines amid a massive broader wave of tech equity issuances.

Details of Japanese share sale

▪Mizuho Securities, Goldman Sachs, Mitsubishi UFJ Morgan Stanley Securities, and Morgan Stanley MUFG Securities are managing and handling investor orders for Anthropic PBC's Japanese share sale
▪Anthropic PBC filed regulatory documents to sell up to $3.5 billion (552.9 billion yen) worth of shares to investors in Japan as part of its U.S. initial public offering filed in October 2026
▪Anthropic PBC's regulatory filing indicates that proceeds from its $3.5 billion share sale to Japanese investors will fund working capital, operating expenses, and capital expenditures

Investor caution at Australian conference

▪Shaw and Partners CIO Martin Crabb and Marsh Investments CIO Kylie Willment expressed caution at the CFA Australia Investment Conference over Anthropic PBC's initial public offering timing and valuation
▪John Pearce, chief investment officer of UniSuper, stated at the CFA Australia Investment Conference on October 29, 2026, that an Anthropic PBC valuation around $2 trillion could be a stretch
▪UniSuper CIO John Pearce noted that generating positive cash flow and significant profits within three to four years would be a difficult ask for Anthropic PBC given its heavy losses

Concurrent tech sector financing

▪Anthropic PBC's planned initial public offering coincides with Meta Platforms seeking up to $95 billion in equity financing and Alphabet seeking up to $85 billion
▪OpenAI is planning an initial public offering amid a large amount of new share issuance entering the public market
▪Anthropic PBC's planned offering follows SpaceX's June 2026 initial public offering, where Japanese investors secured $2.2 billion of the $75 billion raised in SpaceX's offering