Anthropic plans to offer Japanese investors up to JPY 552.9 billion, about $3.5 billion, in new shares as part of a US IPO, Reuters reported on November 2, citing a company filing.

Proceeds are intended for working capital, operating expenses and capital expenditure. The filing did not specify the overall offering size or company valuation.

This is a proposed capital raising, not a completed sale. A Japanese investor tranche also does not mean a separate listing on a Japanese exchange.

The amount offered to one investor group, total IPO proceeds and the value of the entire company are different measures and should not be treated interchangeably.