Anthropic is pressing ahead with plans to go public before Thanksgiving on November 26, even as investors push back against the valuation of one of the year's most anticipated listings. OpenAI, meanwhile, has secured roughly $11 billion in new private funding at a $1.25 trillion valuation, according to separate reports published November 6.

The two developments put the rivals on different fundraising paths. Anthropic is preparing to ask public-market investors to buy shares, while OpenAI is collecting another round of private capital. Anthropic's reported timetable remains a target; the company has not announced a confirmed first trading day.

Anthropic keeps its November window open

The Financial Times reported that Anthropic intends to list before the Thanksgiving holiday despite the sharp selloff in technology shares. It is expecting to raise $80 billion to $100 billion at a valuation of $1.25 trillion to $1.75 trillion, according to the report.

Those figures describe fundraising expectations, not an agreed offering price. The size of the share sale and the valuation will depend on the terms ultimately set for the IPO.

Anthropic publicly filed its registration statement on October 26 and said it intended to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. Its announcement left the central pricing questions open:

The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined.

The company's latest registration amendment also leaves the offering-price range blank. That matters because a proposed valuation can change as bankers take orders and assess demand before a listing.

The Financial Times' reported range puts the company's ambitions around a $1.5 trillion midpoint. That is below the $2 trillion valuation some investors had previously hoped for, as Apex covered in its earlier reporting on Anthropic's IPO.

OpenAI has collected the first part of its round

Bloomberg reported, citing people familiar with the matter, that OpenAI had closed roughly $11 billion of a larger financing round. The round values the company at $1.25 trillion and could reach about $20 billion in total, with completion expected in the coming weeks.

The new financing gives OpenAI additional funding while Anthropic moves toward a public sale. It also supplies a fresh private-market valuation for one of Anthropic's closest competitors, although the two transactions have different structures and are at different stages.

Anthropic's filing shows what the money is up against

The financial backdrop is substantial. Anthropic's amended filing reports $33.2 billion in revenue for the nine months ended September 30, up 1,206% from a year earlier.

It also discloses approximately $895.4 billion in aggregate committed spending, substantially all related to computing and infrastructure. About $69.8 billion is due in the 12 months following September 30. Those commitments stretch across different periods, rather than representing a bill payable all at once.

Anthropic says it intends to use the proceeds for general corporate purposes, including working capital, operating expenses, computing infrastructure and hiring. Some money may also go toward acquisitions or investments, although it says it has no material agreements or commitments for those transactions. The company will not receive proceeds from shares sold by existing stockholders.

The revenue growth explains part of the attraction. The prospectus also gives investors a direct warning about projecting that pace forward:

We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all.

Anthropic expects roughly $447.5 billion of its committed spending before the end of 2030, with substantially all of the remainder between 2031 and 2045. Prospective shareholders will have to weigh that long funding commitment against the growth already appearing in its accounts.