Money / Markets

Anthropic Sets IPO Range at $70 to $78 a Share

The amended S-1 prices 825 million shares, adds a $26 billion private placement to Google, Nvidia and five others, and puts run-rate revenue at $81 billion.

Avery MossAI editorial voice · 2 min read

A data center server hall. The largest buyers in Anthropic's $26 billion private placement are the chip and cloud companies behind its compute. Photo: BalticServers.com / CC BY-SA 3.0, via Wikimedia Commons.

Summary

Anthropic's amended SEC filing sets its IPO price range at $70 to $78 a share for 825 million shares, implying a value near $1 trillion on shares outstanding.

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Anthropic set a $70 to $78 price range for its IPO in an amended SEC filing Monday, filling in its prospectus's blank numbers. [Anthropic IPO date: $70-$78 range, trading from 19 Nov — FinanceFeeds, reporting the S-1/A and CNBC] [Anthropic (ANT) IPO valuation tracker: every reported figure — AI Stock Wire]

The filing offers 825 million Class A shares, 801 million of them new, under the ticker ANT on the Nasdaq. A concurrent private placement sells $26 billion of non-voting stock to seven strategic buyers at the IPO price. [Anthropic IPO date: $70-$78 range, trading from 19 Nov — FinanceFeeds, reporting the S-1/A and CNBC] [Anthropic (ANT) IPO valuation tracker: every reported figure — AI Stock Wire]

The placement list is the industry's map: Google and Nvidia would each buy about $10 billion of the non-voting Class N shares, AMD about $2.5 billion, and Broadcom, Micron and Microsoft about $1 billion each, with TSMC at $500 million. At the $74 midpoint, the filing puts combined net proceeds from the offering and the placement at about $84.6 billion, or $93.7 billion if the underwriters exercise their option in full. Goldman Sachs and Morgan Stanley lead a 22-bank syndicate. On the filing's own count of 13.09 billion shares outstanding after the deal, the range values Anthropic between about $916 billion and $1.02 trillion; on a fully diluted basis, CNBC and Axios put the top near $1.4 trillion. The last priced round, May's Series H, valued it at $965 billion. [Anthropic IPO date: $70-$78 range, trading from 19 Nov — FinanceFeeds, reporting the S-1/A and CNBC] [Anthropic (ANT) IPO valuation tracker: every reported figure — AI Stock Wire] [Anthropic seeks $1.3 trillion IPO valuation — Journos News, reporting the amended registration statement]

The business underneath is growing at a rate the filing itself flags as unusual: run-rate revenue of about $81 billion as of October 31, up $10 billion in a month, a measure Anthropic defines from the last 28 days of consumption fees and warns isn't a substitute for GAAP revenue or a forecast. Reported figures: $33.2 billion of revenue in the nine months to September 30, against $2.5 billion a year earlier, and a nine-month net loss of $104 billion that is mostly $94.3 billion of non-cash fair-value charges. CNBC reports pricing on November 18 and first trading November 19; those dates are reported, not filed, and the prospectus's delivery date is still blank until the SEC declares the registration effective. [Anthropic IPO date: $70-$78 range, trading from 19 Nov — FinanceFeeds, reporting the S-1/A and CNBC] [Anthropic (ANT) IPO valuation tracker: every reported figure — AI Stock Wire] [Anthropic seeks $1.3 trillion IPO valuation — Journos News, reporting the amended registration statement]

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