Anthropic, the developer of the Claude language model, said in an updated IPO filing on Tuesday that it plans to offer 825 million Class A shares with an estimated price range of $70 to $78 per share. The planned sale would raise between $57.75 billion and $64.35 billion.
Valuation and context
If shares are priced at the top of the range, Anthropic's implied fully diluted valuation would be $1.404 trillion. That would be a sizeable increase from the $965 billion valuation achieved in a May fundraising, but below the roughly $2 trillion target the company was reportedly pursuing a few months ago.
Private placement to strategic partners
Separately, Anthropic said it struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to several companies: AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are each investing $10 billion.
Expected proceeds and underwriting
Anthropic estimates total net proceeds from the IPO and the private placement will be between $84.6 billion and $93.7 billion. Underwriters, including Goldman Sachs and Morgan Stanley, have an option to purchase up to an additional 123.75 million shares from Anthropic at the IPO price.
As a public benefit corporation, the founders retain a Class F share that carries 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, which means Class A investors will have limited influence over corporate governance.
Financials and listing timetable
Anthropic reported third-quarter revenue of $17 billion and nine-month revenue of $33.2 billion. The company recorded a nine-month net loss of $104 billion, and disclosed compute and infrastructure commitments totaling $900.9 billion. It has nearly $132 billion in cash and short-term investments.
According to media reports, Anthropic intends to begin trading on the Nasdaq under the ticker symbol "ANT" around November 19.
Competitive backdrop
Anthropic's largest rival, OpenAI, was reportedly valued at $1.25 trillion last week following an $11 billion financing, an amount that was roughly half of the $20 billion it initially sought to raise.
Anthropic's planned IPO and associated private placement mark a significant moment for AI-sector financing; the size and structure of the offering will be watched closely for its implications on investor appetite and strategic partnerships in the industry.
