Anthropic Targets $3.5 Billion From Japanese Investors in IPO

Valuation talk and the SpaceX precedent

Some reports have said investors discussed a valuation for Anthropic approaching $1.5 trillion, though the filing itself gives no such figure. Japan has already shown appetite for blockbuster listings: in SpaceX's June offering, the largest initial public offering in history, Japanese investors received shares worth $2.2 billion out of the $75 billion the company raised. The Anthropic tranche for Japan would be considerably larger.

Rapid revenue growth

Founded in 2021 by former OpenAI researchers, including current chief executive Dario Amodei and his sister Daniela Amodei, who serves as president, Anthropic is based in San Francisco. It is best known for the Claude family of AI models, which compete with products from OpenAI and Google, and it says it focuses on building systems that are reliable, interpretable and controllable.

The company's business has expanded quickly. Revenue rose from $386 million in 2024 to $4.59 billion in 2025, and reached $16.29 billion in the first half of 2026 alone, according to earlier reporting.

For investors, the Japan allocation signals how global the demand for leading AI companies has become, and how heavily the largest listings now rely on overseas buyers. The filing leaves open the final size of the offering and the pricing, details that will determine how the listing is ultimately judged.