Anthropic set a price range of $70 to $78 per share for its initial public offering on Nov. 10, launching the roadshow for an 825 million-share sale of Class A common stock. The company has applied to list on the Nasdaq Global Select Market under the ticker ANT.
Of the 825,000,000 shares in the deal, 801,351,354 are being offered by Anthropic and 23,648,646 by existing stockholders. Anthropic said it will not receive any proceeds from the shares sold by those stockholders. The underwriters also have a 30-day option to buy up to 123,750,000 additional Class A shares.
At the top of the range, the offering would raise up to $64.4 billion and value Anthropic at up to $1.4 trillion on a fully diluted basis. That is below the roughly $2 trillion valuation that circulated in reports in the weeks before the range was set.
Key facts
- 01Anthropic set an IPO price range of $70 to $78 per share for 825,000,000 Class A shares.
- 02Anthropic is selling 801,351,354 shares; existing stockholders are selling 23,648,646.
- 03The company applied to list on the Nasdaq Global Select Market under the ticker ANT.
- 04At the top of the range the offering raises up to $64.4B and values Anthropic at up to $1.4T fully diluted.
- 05Seven strategic partners, including Google and Nvidia, agreed to buy $26B of non-voting stock at the IPO price.
Seven strategic partners, including Google and Nvidia, have agreed to buy $26 billion of non-voting stock at the IPO price. Per-partner amounts were not disclosed.
The demand case rests on revenue growth. An amended filing puts Anthropic's annualized revenue run rate at about $81 billion as of the end of October, up from roughly $71 billion in late September.
Anthropic filed confidentially in June and made its prospectus public on Oct. 26. Trading could begin as early as the middle of next week. In its roadshow announcement, Anthropic said copies of the prospectus are available from Goldman Sachs and Morgan Stanley.
The range lands in a weak tape for AI stocks. The sector sold off after the midterm elections, and the Nasdaq fell 5.5% last week. Nvidia, one of the strategic partners, closed down more than 4% on Monday after its board opened an investigation tied to reports about CEO Jensen Huang; Nvidia said Huang fully supports the review.
The prospectus also carries an unusual risk disclosure for a tech IPO. Anthropic warns that using AI to build more capable AI "could also pose a considerable safety risk, particularly if it sharply accelerates the pace of progress."
An amendment adds that internal estimates indicate Anthropic "may imminently meet" the threshold in its Responsible Scaling Policy for "dramatically accelerated progress attributable to AI." The company said no current model has crossed that line and that it is considering policy changes "to keep humans in control of frontier model development."
If it prices in range, the ANT listing would follow SpaceX, which went public in June after seeking a valuation of about $1.75 trillion.
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