Anthropic sets IPO range at $70 to $78 a share

At the top of the range, the Claude maker would have an implied valuation of $1.404 trillion on a fully diluted basis. That is well above the $965 billion valuation it reached in a May fundraise, but below the $2 trillion it was reportedly targeting a couple of months ago. The offering is expected to generate $57.75 billion to $64.35 billion.

Anthropic also plans to privately sell $26 billion in non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are each investing $10 billion. Including the private sale, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion. Underwriters, including Goldman Sachs and Morgan Stanley, can buy up to 123.75 million additional shares at the IPO price.

The company’s governance structure would limit the influence of public shareholders. As a public benefit corporation, its founders hold a Class F share carrying 50.1% of voting power, while the Long-Term Benefit Trust will elect a majority of the board.

CNBC reported that Anthropic plans to begin trading on Nasdaq close to November 19 under the ticker symbol ANT. For the third quarter, the company reported revenue of $17 billion; revenue for the first nine months was $33.2 billion. Its nine-month net loss was $104 billion, while compute and infrastructure commitments reached $900.9 billion. Anthropic reported nearly $132 billion in cash and short-term investments.

Its biggest rival, OpenAI, was reportedly valued at $1.25 trillion last week after raising $11 billion, nearly half the $20 billion it had initially sought.