Anthropic intends to proceed with its IPO despite market instability and widespread pullback from AI investments.
Claude Maker said in an updated IPO filing Tuesday that it will offer a total of 825 million Class A shares at an estimated price range of $70 to $78 per share. The sale price is expected to be between $57.75 billion and $64.35 billion.
If the company’s shares were listed at the top of the price spectrum, they could end up being worth a whopping $1.404 trillion on a fully diluted basis. That’s a big jump from the $965 billion valuation Anthropic achieved in its May fundraising, but it’s still lower than the $2 trillion the company was said to be targeting a few months ago.
Separately, Anthropic announced that it has entered into agreements 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.
Overall, Anthropic estimates net income to be between $84.6 billion and $93.7 billion (the latter assuming the IPO underwriters exercise their option to purchase additional shares).
Underwriters including Goldman Sachs and Morgan Stanley will have the option to buy up to 123.75 million additional shares from Anthropic at the IPO price.
As a public benefit corporation, the promoters hold Class F shares with 50.1% of voting rights. The long-term benefit trust also elects a majority of the board of directors, limiting the influence of Class A buyers.
Anthropic plans to begin trading on the Nasdaq near November 19 under the ticker symbol “ANT,” CNBC reports. The company expects up to 20% of the offering amount to be allocated to retail investors.
Anthropic also revealed some new details in its updated filing. The company announced that run-rate revenue reached $81 billion by the end of October, an increase of about $10 billion from the end of September.
The filing also lists the number of shares the company’s co-founders plan to sell in the IPO, with CEO Dario Amodei, President and Chairman Daniela Amodei, Chief Computing Officer Tom Brown, Human Research Institute Director Jack Clark, Chief Scientific Officer Jared Kaplan, Chief Architect Sam McCandlish, and Interpretability Research Lead Christopher Oler selling nearly 3.4 million shares each. At the midpoint of the IPO price range of $74, each would earn about $250 million.
The updated filing also includes small but important changes that signal the company’s stance toward the Trump administration. The company uses “superintelligence” and “SI” interchangeably with “artificial intelligence” and “AI” in many ways, citing President Trump’s September executive order directing government departments and agencies to use the new terminology when referring to AI.
The company had third-quarter revenue of $17 billion, and nine-month revenue of $33.2 billion. The company reported a nine-month net loss of $104 billion on compute and infrastructure efforts of $900.9 billion. The company has nearly $132 billion in cash and short-term investments.
Anthropic’s biggest rival, OpenAI, reportedly raised $11 billion last week, almost half of the $20 billion it originally sought, giving it a $1.25 trillion valuation.
Note: This article has been updated with updated IPO filing details and colors.
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