Anthropic is moving forward with its IPO plans, even as market conditions grow more uncertain and enthusiasm for AI investments cools. In an updated filing on Tuesday, the Claude developer outlined its intention to offer 825 million Class A shares, priced between $70 and $78 each. That sale could bring in between $57.75 billion and $64.35 billion.

If the shares debut at the upper end of that range, Anthropic's fully diluted valuation could reach $1.404 trillion. That's a notable increase over the $965 billion valuation the company achieved during a May fundraising round, though it falls short of the $2 trillion target it was reportedly pursuing just a couple of months ago.

In a separate arrangement, Anthropic has agreed to privately sell $26 billion of non-voting Class N stock at the IPO price to a group of major tech players: AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are each putting in $10 billion. Altogether, Anthropic projects net proceeds landing somewhere between $84.6 billion and $93.7 billion.

Underwriters, among them Goldman Sachs and Morgan Stanley, will hold the option to purchase an additional 123.75 million shares from Anthropic at the IPO price. Because Anthropic operates as a public benefit corporation, its founders control a Class F share carrying 50.1% of the voting power, and the Long-Term Benefit Trust will elect a majority of the board — meaning buyers of Class A shares will have limited influence over company decisions.

According to reporting from CNBC, Anthropic aims to begin trading on the Nasdaq around November 19 under the ticker symbol "ANT." The company posted third-quarter revenue of $17 billion and nine-month revenue of $33.2 billion. It recorded a nine-month net loss of $104 billion, with compute and infrastructure commitments totaling $900.9 billion. Anthropic holds nearly $132 billion in cash and short-term investments.

Meanwhile, OpenAI — Anthropic's chief competitor — was reportedly valued at $1.25 trillion last week following an $11 billion raise, which is nearly half of the $20 billion it had originally sought.