Anthropic said it and some of its existing backers plan this month to sell 825 million shares at a price range of $70 (£52) to $78, implying a valuation of up to $1.4 trillion for its upcoming IPO and enabling it to raise up to $64bn.

The figures, released in an updated S-1 filing with the US Securities and Exchange Commission, confirm that the IPO is likely to be one of the largest of all time.

The valuation is significantly higher than the $965bn Anthropic was valued at its most recent private round of financing, but is lower than the roughly $2tn that earlier reports suggested the firm might seek.

Anthropic began its investor roadshow on Tuesday, and the stock is expected to begin trading on the Nasdaq exchange next week around 19 or 20 November, according to the .

The listing comes at a time of volatility for AI-related companies, as they face increased pushback for their massive data centre build-out plans – most recently from a broad sweep of wins in US elections last week for candidates who promised more controls on data centre construction.

Where or when profits might be derived from the AI business remains unknown, with Anthropic seeing its expenses soar even faster than its fast-growing revenue.

Soaring expenses

In the filing, Anthropic said its annualised revenue run-rate reached $81bn in October, up $10bn from the previous month.

It reported $16.2bn in revenues for the six months to the end of June, up from $1.1bn in the same period a year earlier, but during the same period its pre-tax loss jumped to $80.7bn from $12.9bn.