The Anthropic IPO targets a valuation of about $1.404 trillion, with shares expected to trade between $70 and $78. The Claude developer plans to offer 825 million Class A shares, potentially raising $64.35 billion.
Anthropic disclosed the proposed terms in an updated regulatory filing Tuesday, Nov. 10.
At the upper end, the valuation would exceed the $965 billion reached during Anthropic’s May fundraising round. However, it remains below earlier reports suggesting a potential $2 trillion valuation.
Anthropic IPO Could Raise More Than $64 Billion.
The offering includes approximately 801.4 million newly issued shares and 23.6 million shares sold by existing stockholders. Anthropic will receive proceeds only from the newly issued shares, not from stockholder sales.
Underwriters, including Goldman Sachs and Morgan Stanley, can purchase another 123.75 million shares if they exercise their option.
Anthropic expects net proceeds of approximately $84.6 billion, including a separate private investment. That figure could reach $93.7 billion if underwriters purchase all additional shares.
The company has applied to list on Nasdaq under the ticker ANT. Trading could begin around Nov. 19, according to reporting on the planned listing.
Anthropic also expects retail investors to receive an allocation of up to 20% of the offering.
Technology Partners Commit $26 Billion.
Alongside the public offering, Anthropic has arranged a $26 billion private placement involving seven major technology companies.
The investors include AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia have each committed $10 billion.
These investments involve nonvoting Class N shares purchased at the final IPO price. The transactions remain subject to the public offering’s completion and other conditions.
The arrangements involve companies supplying chips, cloud infrastructure and other computing technologies essential to Anthropic’s AI development.
Revenue Growth Comes With Major Computing Costs
Anthropic’s updated filing shows annualized revenue reaching approximately $81 billion by Oct. 31, up roughly $10 billion from the end of September.
Third-quarter revenue reached approximately $17 billion, while first-nine-month revenue totaled $33.2 billion.
However, rapid growth has not eliminated the company’s financial challenges. Anthropic reported a nine-month net loss of approximately $104 billion, including substantial noncash accounting adjustments.
The company also disclosed computing and infrastructure commitments totaling approximately $900.9 billion. These represent substantial future obligations tied to developing and operating advanced AI systems.
TechAmerica previously examined Anthropic’s rising computing expenses, which consumed 58% of third-quarter revenue.
Anthropic reported nearly $132 billion in cash and short-term investments. Its proposed fundraising would provide additional capital for infrastructure expansion and ongoing operations.
Founders Will Retain Voting Control
Anthropic’s planned public listing will not give ordinary shareholders control over the company’s governance.
The seven co-founders will collectively control 50.1% of voting power through a special Class F share. The company’s Long-Term Benefit Trust will also retain authority to select a majority of board directors.
This arrangement limits Class A shareholders’ influence despite their financial ownership.
TechAmerica previously detailed Anthropic’s proposed voting structure and its implications for investors.
The company operates as a Delaware public benefit corporation. Its structure requires consideration of its stated public benefit alongside shareholder interests.
Founders Plan Share Sales
Anthropic’s updated filing also identifies shares its seven co-founders expect to sell during the offering.
Each founder plans to sell approximately 3.4 million shares. At the proposed midpoint of $74, each sale would be worth roughly $250 million before expenses and taxes.
The group includes CEO Dario Amodei, President Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah.
The planned sales would let the founders realize part of their holdings while maintaining collective voting control.
IPO Pricing Remains Subject to Market Conditions
Anthropic’s offering arrives amid investor scrutiny of AI infrastructure spending and technology company valuations.
The proposed price range establishes an initial benchmark, but the final offering price has not been determined. Market demand and the underwriting process could still affect the terms.
At the upper end of the range, Anthropic would rank among the world’s most valuable publicly traded technology companies.
The final IPO price and trading debut will determine how public investors value Anthropic against its proposed $1.404 trillion benchmark.
