Anthropic's $3 Billion Japan Share-Offering Target Would Top Foreign IPO Record

Anthropic, the developer of Claude, is targeting $3 billion from its Japan share offering, a figure that would exceed the foreign-company offering record in Japan if reached.

A prospectus update dated Nov. 10 puts the target $500 million below the earlier maximum of $3.5 billion described in the company's earlier Japan share-offering plan. SpaceX holds the current record after raising $2.2 billion in Japan in June 2026. Reaching $3 billion would put Anthropic $800 million above that mark.

The Japan portion is distinct from Anthropic's broader IPO. The company filed its U.S. registration statement on Oct. 26, and documents covering the Japan tranche followed on Nov. 2. The revised target came in a Nov. 10 update to the Japanese prospectus.

The broader public sale covers 825 million Class A shares, with an estimated price range of $70 to $78 per share. The final offering price has not been set. About 801 million shares are new shares from Anthropic, and about 24 million are to be sold by existing stockholders. The estimated range applies to the broader IPO; $3 billion is the target for the Japan tranche.

At $78 per share, the full offering could total about $64.35 billion before underwriting costs, including the stockholder shares. Proceeds from those sales would go to the sellers, while proceeds from Anthropic's new shares are designated for working capital, operating expenses and capital expenditures. The $64.35 billion figure reflects the full sale, not the Japan allocation alone.

At the upper end of its estimated price range, the offering would imply a valuation of roughly $1.4 trillion. Anthropic has also lined up a $26 billion private placement with strategic investors that include Google and Nvidia. That placement is separate from the public share offering.

Mizuho Securities and Goldman Sachs are among the brokers handling the Japan sale. Trading could begin Nov. 19, and individual investors’ share allocations are set to be handled by lottery. Anthropic expects to list under the ticker ANT.