Anthropic Sets IPO Range at $70 to $78, Valuing the Company at Up to $1.4 Trillion
Anthropic launched the roadshow for its initial public offering on Nov. 10 with a price range of $70 to $78 a share. The company will list on the Nasdaq under the ticker ANT. At the top of the range, the company is worth about $1.02 trillion, or about $1.4 trillion on a fully diluted basis that counts stock options and other awards.
The offering is big. Anthropic is selling 825 million shares to raise up to $64.35 billion. The company itself is selling about 801 million of those shares, and existing shareholders are selling about 24 million. Goldman Sachs and Morgan Stanley are leading the deal. A draft circulated Monday showed about 867 million shares at $70 to $80, but it was pulled within hours.
Chipmakers are buying in alongside the public offering. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC agreed to buy $26 billion of stock in a private placement at the IPO price. Google and Nvidia are each putting in about $10 billion.
The shares are expected to be priced on Nov. 18, with trading to begin Nov. 19. CNBC reported that institutional orders already cover the full range, and Anthropic is targeting about 20 percent of the shares for retail investors, well above the usual 5 to 10 percent.
The bottom of the range is an awkward spot. At the $74 midpoint, the company is worth about $968 billion, nearly the same as the $965 billion valuation from its private round in May. At $70, it would be worth less than that round.
Demand looks strong, according to one report. The Financial Times reported on Nov. 11 that bankers are preparing to raise the range after heavy first-day orders, which could lift the valuation to $1.5 trillion or more. Anthropic has not filed a new range, so nothing is final.
Anthropic makes the AI chatbot Claude and is seen as a rival to OpenAI. Morningstar put the company’s fair value at $1.7 trillion, but said it could be worth anywhere from $500 billion to $3 trillion depending on how fast its tools are adopted.