According to its prospectus, Anthropic has compute purchase commitments and lease agreements of more than $70bn over the next 12 months and more than $450bn by 2030, with a further $450bn due by 2045.
That figure would exceed the amount raised by Elon Musk’s SpaceX, the largest stock market listing on record. SpaceX joined the US market with a valuation of $1.78tn and raised $75bn.
Anthropic, the developer of the Claude chatbot, is seeking a valuation of up to $1.4tn (£1.1tn) in its imminent stock market flotation, short of the $2tn that had been expected before investors began to question the durability of the artificial intelligence boom.
The company is aiming to raise up to $64.4bn by selling 825 million shares at a price of up to $78 a share. The indicated range runs from $70 to $78.
At the top of that range, Anthropic would be worth $1.4tn on a fully diluted basis, a measure that counts all common shares in existence, including employee stock options.
A further $9.7bn could be raised through a so-called greenshoe offering, which is used if investor demand is high. If the shares sold at the top of the range, the total raised would be about $100bn.
SpaceX, whose assets include Musk’s rocket launch business and the X social media platform, is now worth just under $2tn.
Trading in Anthropic shares is expected to begin next week.
The cut from an anticipated $2tn valuation follows a cooling in investor appetite for the AI boom. Those jitters crystallised last week, when US midterm elections produced victories for opponents of datacentres.
Comments reported with the revised target tied the move to that vote. “The US election spook is what has caused it,” one remark said, adding that Anthropic’s valuation had been lowered from the $2tn that had been anticipated.
Anthropic’s updated filing stated that annual revenue was running at $81bn as of 31 October, up $10bn from the previous month.
The company’s main expenditure is the computing power, drawn from datacentres, that is required to develop and operate its AI systems.
In a podcast appearance earlier this year, chief executive Dario Amodei said those compute commitments had to be matched by revenue growth.
Amodei is selling about $260m worth of shares in the float. His six fellow co-founders are also selling shares.