Anthropic Seeks Roughly $1.4 Trillion Valuation in Nasdaq IPO, With Up to $90.4 Billion Raise

Anthropic set a price range of $70 to $78 a share in an amended SEC filing, a structure that implies a fully diluted valuation of about $1.4 trillion. The offering and a related private placement could raise as much as $90.4 billion, and several major US chipmakers and tech companies are among the buyers, so the deal matters to investors in those names and in the AI sector.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

Anthropic PBC is seeking a fully diluted valuation of about $1.4 trillion in its initial public offering, according to Bloomberg, which said the Claude chatbot maker would be the first frontier artificial intelligence lab to go public. Anthropic PBC is seeking a fully diluted valuation of about $1.4 trillion in its initial public offering, in a bid to make history as the first frontier artificial intelligence lab to go public. The company's amended registration statement was filed with the Securities and Exchange Commission on Tuesday.

Offering terms

The base offering would raise up to $64.4 billion, with shares marketed at $70 to $78 each. The base offering would raise up to $64.4 billion, with shares marketed for $70 to $78 each, according to a filing on Tuesday with the US Securities and Exchange Commission. Including a private placement, Bloomberg put the total at up to $90.4 billion.

Anthropic is the main seller in the base deal, with stockholders selling a smaller block. Anthropic is selling 801,351,354 of them, and selling stockholders are offering 23,648,646.

The company said it plans to trade on the Nasdaq under the symbol ANT. Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."

Who is buying

A separate $26 billion private placement has been arranged with large technology suppliers. The filing also says Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners have agreed to buy an aggregate $26.0 billion of Anthropic's Class N common stock in a private placement. Those buyers are also suppliers of computing power and chips to the company, which ties the deal closely to the wider AI hardware and cloud supply chain.

Goldman Sachs and Morgan Stanley lead the underwriting group. Goldman Sachs Group Inc. and Morgan Stanley are leading Anthropic's IPO, with participation from 20 other banks, the filing shows.

How the valuation is measured

The valuation depends on which share count is used. At the top of the price range, Anthropic would have a market value of about $1 trillion, based on the shares outstanding listed in the filing. Accounting for employee stock options, restricted shares and stock reserved for the company's charitable donation matching program, Anthropic would have a fully diluted value of about $1.4 trillion. Reuters described the figure as "about $1 trillion," up to $1.02 trillion according to its calculations. CNBC reported the fully diluted figure as up to $1.405 trillion.

The target is well above the company's last private round. The implied valuation of $1.405 trillion would mark an increase from the $965 billion valuation the company announced following a private funding round in May, CNBC reported.

Earlier talk was higher. In early October the talk reached $2 trillion. More recently, some prospective investors in Anthropic's IPO were discussing a valuation of $1.2 trillion to $1.3 trillion, Bloomberg reported.

The company has also revised its paperwork. Anthropic retracted IPO pricing terms sent to banks, calling them inaccurate. Anthropic filed an amended registration statement dated Tuesday that lists 825 million shares of Class A common stock.

Financial snapshot and risks

The amended filing shows fast revenue growth. Anthropic's amended IPO filing shows third-quarter revenue of $16.96 billion, up from $1.38 billion a year earlier and 47% above the second quarter. Bloomberg also noted that the company's operating results swung in the third quarter, with an operating loss after a prior-quarter profit.

The timing also comes during a market selloff. Bloomberg said the offering goal defies jitters from a sharp selloff in AI-related stocks last week, which it linked to expectations for tighter regulation of data centers and related infrastructure.

Sources

• Anthropic targets $1.4 tn valuation in IPO, eyes $90.4 billion fundraise business-standard.com
• Anthropic retracts IPO pricing terms it sent to banks qz.com
• Anthropic files S-1 with the SEC for proposed initial public offering \ Anthropic anthropic.com
• Anthropic's IPO filing values it at up to $1 trillion on outstanding shares and $1.4 trillion fully diluted mlq.ai
• Anthropic Sets IPO Price Range at $70 to $78 a Share, Implying Valuation as High as $1.405 Trillion tradersagency.com
• Anthropic IPO Valuation Talk Falls To $1.3 Trillion After The AI Stock Rout forbes.com

Written with AI assistance on Nov 10, 8:01 AM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.