Anthropic Sets IPO Range at $70 to $78, Launches Roadshow

Anthropic PBC put a price on the largest artificial-intelligence listing yet. The Claude developer said on Tuesday it will offer 825 million Class A shares at $70 to $78 apiece and launched the roadshow for its initial public offering, a day after a draft of the terms circulated among banks and was withdrawn.

At the top of the range the sale would raise $64.35 billion, and at the bottom $57.75 billion. The company is selling about 801.4 million of the shares, and existing holders are selling roughly 23.6 million, from which Anthropic receives nothing. Underwriters led by Goldman Sachs and Morgan Stanley, at the head of a syndicate of 22 banks, have a 30-day option to buy up to 123.75 million more shares from the company.

A $1.4 trillion ask

The range would value Anthropic at up to about $1.4 trillion on a fully diluted basis, up from the $965 billion valuation set in its May funding round but below the roughly $2 trillion that had been discussed in earlier months. The terms are smaller than the draft that showed 867 million shares at $70 to $80, which the company said contained inaccurate pricing.

The amended filing also confirmed a $26 billion private placement of nonvoting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing. Google and Nvidia are each putting in $10 billion. Those shares won’t be registered in the offering or bound by the underwriters’ lock-up. Including the placement, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion, depending on whether the overallotment option is exercised.

Revenue and control

Anthropic said its run-rate revenue reached about $81 billion at the end of October, roughly $10 billion higher than a month earlier. That is an annualized snapshot, not a year of reported sales. Seven co-founders, including Chief Executive Dario Amodei and President Daniela Amodei, each plan to sell nearly 3.4 million shares, worth about $250 million apiece at the midpoint. As a public benefit corporation, the founders hold a single Class F share carrying 50.1% of the vote on most matters, and a Long-Term Benefit Trust elects a board majority, leaving public holders with limited say.

The calendar

The company plans to price on Nov. 18 and start trading on the Nasdaq Global Select Market under the symbol ANT on Nov. 19, according to people familiar with the details. It is targeting about 20% of the deal for retail investors, well above the usual share, and institutional orders already cover the offering at the range, the people said. The pitch comes against a choppy backdrop: Treasury yields jumped on Tuesday after a hot inflation report, and the government paid more than 5% to sell new 10-year notes. For background on the business and its risks, see the MERGER MONDAY special report on the Anthropic IPO.