Anthropic Files for Nasdaq IPO at $1.4 Trillion Valuation
AI maker Anthropic sets its IPO price range between $70 and $78 per share, targeting a valuation as high as $1.4 trillion on the Nasdaq.
Anthropic, the artificial intelligence company behind the Claude chatbot, has updated its S-1 filing for an initial public offering (IPO) on the Nasdaq Global Select Market. The company plans to list its Class A common stock under the ticker symbol "ANT" with an estimated price range of $70 to $78 per share. The public listing could value Anthropic at up to $1.404 trillion on a fully diluted basis, positioning it as one of the most valuable publicly traded companies in the world. Reports indicate trading could begin as soon as late next week, near November 19.
What are the details of the Anthropic stock offering?
Anthropic is offering 825 million Class A shares to raise between $57.75 billion and $64.35 billion in public funds. In addition to the public offering, the company agreed to privately sell $26 billion of non-voting Class N stock at the IPO price to major technology firms, including AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are each investing $10 billion through this arrangement.
Underwriters for the listing, led by Goldman Sachs and Morgan Stanley, have the option to buy up to 123.75 million additional shares. Anthropic expects its total net proceeds from the deal to reach between $84.6 billion and $93.7 billion. Up to 20% of the public offering will be set aside for retail investors, while board member Reed Hastings has indicated an intent to purchase $300 million in shares through a donor-advised fund.
How much will the co-founders make from the IPO?
The regulatory filing reveals that each of Anthropic's seven co-founders plans to sell 3,378,378 shares during the offering. At the $74 midpoint of the price range, each founder will receive roughly $250 million in cash. The co-founders—CEO Dario Amodei, President Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish, and Christopher Olah—originally left OpenAI in 2021 to launch Anthropic over disagreements regarding AI safety.
Despite selling shares, the founders will maintain majority voting control over the business. They will collectively hold Class F supervoting shares that give them over 51% of the total voting power, ensuring that Class A public stock buyers will have limited corporate influence.
How are Anthropic's finances performing?
Anthropic reported rapid revenue growth alongside substantial operating expenses in its updated disclosures. The company reached an annualized run-rate revenue of $81 billion by the end of October, up $10 billion from the previous month. Third-quarter revenue reached $17 billion, bringing total revenue for the first nine months of the year to $33.2 billion.
However, heavy spending on computing power generated a net loss of $104 billion over those same nine months. Anthropic disclosed $900.9 billion in total compute and infrastructure commitments, balanced against nearly $132 billion in cash and short-term investments.
Why does the Anthropic IPO matter for the business world?
Anthropic's public debut provides a major benchmark for the commercial value of artificial intelligence firms. While the expected $1.4 trillion valuation is a marked increase from the $965 billion valuation Anthropic achieved during a May funding round, it falls short of the $2 trillion target previously reported. By comparison, key rival OpenAI was recently valued at $1.25 trillion.
The public offering comes as investors closely watch AI profitability and expenses. It will serve as a primary test of public market demand for large-scale AI developers amid ongoing regulatory discussions, infrastructure costs, and shifting investor sentiment across the tech sector.
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