Anthropic sets $70 to $78 IPO price range for up to $64.4B share sale
Terms for Anthropic's Nasdaq listing arrived in an amended SEC filing on Tuesday, November 10. The Next Web, which cited Reuters' first report, said the top of the range implies a fully diluted valuation of about $1.4 trillion. Of the 825 million shares on offer, 801.4 million come from Anthropic and 23.6 million from existing holders, according to Reuters reporting carried by Entrepreneur India. The shares would trade under the ticker ANT, and the sale could raise up to $64.4 billion at the top of the range.
A separate $26 billion private placement would run alongside the public sale. Seven strategic partners, including Google, Nvidia and AMD, would buy non-voting Class N shares at the IPO price, which could take total proceeds to $90.4 billion. Anthropic expects net proceeds of roughly $84.6 billion at the midpoint, and it plans to use the money for general corporate purposes, including compute. Goldman Sachs and Morgan Stanley lead the deal. Investor guidance had fallen from nearly $2 trillion about six weeks earlier, and a preliminary version targeting $69.3 billion was pulled after briefly reaching banks.
The filing shows run-rate revenue of roughly $81 billion as of October 31, up about $10 billion from September 30. Third-quarter revenue was $17 billion, and the company reported a nine-month net loss of $104 billion alongside compute and infrastructure commitments of $900.9 billion.
Why it matters
The listing gives private AI companies their first public benchmark for a frontier lab, with a valuation range that can be checked against revenue. The gap between roughly $1 trillion on shares outstanding and $1.4 trillion fully diluted shows how the counting method changes the headline figure, so founders and investors should compare private rounds on the same basis.
For suppliers and funders, the structure is itself a test, because Google, Nvidia, AMD and others invest in a lab that buys their compute. Operators should also note that run-rate revenue annualizes recent consumption and subscription fees rather than reporting audited revenue, and that most of that revenue is not under long-term contracts even though compute commitments run for years.
Key points
- 1At the top of the range, fully diluted valuation reaches about $1.4 trillion, versus about $1 trillion on shares outstanding.
- 2A $26 billion private placement at the IPO price could lift total proceeds to as much as $90.4 billion.
- 3Run-rate revenue reached about $81 billion as of October 31, up $10 billion from September 30.
- 4Nearly $900 billion in compute commitments compares with a nine-month net loss of $104 billion.
- 5Pricing is expected November 18 with Nasdaq trading starting November 19, and about 20% of shares target retail buyers.
