Anthropic files to sell up to $3.5 billion of shares to Japanese investors as part of its U.S. IPO

Anthropic plans to sell up to $3.5 billion of shares to Japanese investors as part of its planned U.S. listing, according to a securities registration statement it filed on Monday with Japan’s Kanto Local Finance Bureau, Reuters Japan reported. Yen conversions differ by outlet: Reuters’ English service gave 552.9 billion yen at 157.82 yen to the dollar, while Reuters Japan gave about 552.8 billion yen. The new shares will go toward working capital, operating expenses and capital expenditure, the filing said, according to Reuters.

Mizuho Securities will manage the Japanese portion of the offering, while Goldman Sachs, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities are among the firms that will handle investor orders, Bloomberg reported, citing the filing. Reuters Japan added Rakuten Securities and SBI Securities to the list and said the shares will be sold to individual and institutional investors in Japan.

Dow Jones Newswires, in a story on MarketWatch, reported that Anthropic said in the regulatory filing that the terms of its offering, including the number of shares to be sold in Japan, are expected to be determined sometime between November 2026 and April 2027. It also reported that Anthropic has applied to list on Nasdaq but has not yet received approval.

The filing did not state the size or valuation of the overall offering, Reuters said. Reuters has reported that some investors have discussed a valuation of about $1.5 trillion for the company. Anthropic’s public S-1 leaves the price range blank and says the company has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “ANT.” The S-1 also says the offering includes public offerings in Australia, Canada, certain member states of the European Economic Area, Japan, Switzerland and the United Kingdom, and that Anthropic does not currently intend to list its shares on any exchange in those jurisdictions.

For scale, Reuters noted that investors in Japan secured shares worth $2.2 billion of the $75 billion SpaceX raised in its June IPO. Bloomberg said first-time listings in Japan have fallen to a 14-year low, which makes the country one of the few markets whose investors will have direct access to the offering, and that investors in Australia, Canada and parts of Europe will also be able to buy in. Anthropic did not comment on the Japan filing in the reports reviewed.

Anthropic files to sell up to $3.5 billion of shares to Japanese investors as part of its U.S. IPO

Sources