Anthropic Sets IPO Price Range of $70 to $78 for Implied $1.404 Trillion Valuation

Anthropic intends to push ahead with its IPO despite shakier markets and a broader pullback from AI investing. In an updated filing on Tuesday, the Claude maker said it plans to offer 825 million Class A shares at an estimated price range of $70 to $78 per share, raising $57.75 billion to $64.35 billion and implying a valuation of up to $1.404 trillion on a fully diluted basis. The company expects to begin trading on Nasdaq close to November 19 under the ticker symbol ANT.

Offering and private placement

Separately, Anthropic struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion apiece. Net proceeds are estimated at $84.6 billion to $93.7 billion, with the higher figure depending on whether underwriters exercise an option to buy up to 123.75 million additional shares. Underwriters include Goldman Sachs and Morgan Stanley. Up to 20 percent of the offering may be allocated to retail investors.

Financial results

Anthropic said its run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September. Third-quarter revenue was $17 billion, and nine-month revenue was $33.2 billion. The company reported a nine-month net loss of $104 billion, with compute and infrastructure commitments of $900.9 billion. It holds nearly $132 billion in cash and short-term investments.

Governance and share sales

As a public benefit corporation, Anthropic's founders hold a Class F share with 50.1 percent of the voting power. The Long-Term Benefit Trust will also elect a board majority, so Class A buyers will have limited influence. Seven co-founders, including CEO Dario Amodei and president and chairperson Daniela Amodei, are selling nearly 3.4 million shares each. At the $74 midpoint of the price range, that would be about $250 million each.

Terminology and rival context

The updated filing uses "super intelligence" and "SI" interchangeably with "artificial intelligence" and "AI," citing a September executive order from Trump that directed government departments and agencies to use that terminology. OpenAI, Anthropic's biggest rival, was reportedly valued at $1.25 trillion last week after raising $11 billion, nearly half the $20 billion it had first tried to raise. Anthropic's implied valuation would be above its $965 billion May fundraise but below the $2 trillion it was reportedly targeting a couple months ago.

Earlier coverage: Anthropic-მა 69,3 მილიარდი დოლარის IPO-ს ფასების დეტალები გაიწვია, განახლებულ მაჩვენებლებს გვპირდება

Sources: TechCrunch · The Verge