Anthropic sets IPO price at $70–78 a share, valuing the Claude maker at up to $1.4 trillion
An updated filing on 10 November puts 825 million shares on offer, with Nasdaq trading under the ticker 'ANT' expected around 19 November.
- 825 million shares on offer
- Run-rate revenue: $81 billion
- Nine-month net loss: $104 billion
The offer
Anthropic plans to sell 825 million Class A shares at $70 to $78 each, which would raise roughly $58 billion to $64 billion. TechCrunch calculates a fully diluted valuation of about $1.404 trillion at the top of the range, up from $965 billion in a May funding round. Up to 20% of the offering is set aside for retail investors.
Big backers, big numbers
Seven chip and cloud giants, including Google, Nvidia, Microsoft and TSMC, are buying $26 billion of non-voting stock at the IPO price; Google and Nvidia are putting in $10 billion each. The filing shows an $81 billion revenue run rate at the end of October, but also a $104 billion net loss over nine months.
Who stays in charge
Founders keep a special share class with 50.1% of the votes, so ordinary shareholders will have limited say over how the company is run.
What happens next
According to CNBC's sources, the final price is due to be fixed on 18 November, with shares starting to trade on Nasdaq under the ticker 'ANT' the following day. Because up to a fifth of the offering is reserved for retail buyers, ordinary investors will get an unusually large slice of one of the biggest listings ever attempted. The gap between the huge revenue run rate and the even bigger losses is likely to be the main thing investors argue about before the price is set.
