Anthropic Sets IPO Range Valuing Company at Up to $1.4 Trillion
Anthropic set an IPO price range of $70 to $78 per share for 825 million Class A shares, targeting up to $64.35 billion in proceeds and an implied fully diluted valuation of roughly $1.404 trillion. It also struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC, with Google and Nvidia investing $10 billion each, bringing estimated net proceeds to $84.6-93.7 billion.
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Anthropic intends to push ahead with its IPO despite shakier markets and the broader pullback from AI investing.
The Claude-maker said in an updated IPO filing on Tuesday that it would be offering a total of 825 million Class A shares at an estimated price range of $70 to $78 per share. The sale is expected to raise anywhere from $57.75 billion to $64.35 billion.
The company could end up being worth a hefty $1.404 trillion if its shares list at the top of the price range, on a fully diluted basis. That would represent a significant jump up from the $965 billion valuation Anthropic reached in a May fundraise, but it’s still lower than the $2 trillion the company was reportedly targeting a couple months ago.
Separately, Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia are investing $10 billion apiece.
All up, Anthropic estimates net proceeds to reach somewhere between $84.6 billion to $93.7 billion.
Underwriters, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price.
As a public benefit corporation, the founders hold a Class F share with 50.1% of the voting power. The Long-Term Benefit Trust will also elect a board majority, so Class A buyers will have limited influence.
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Anthropic’s third-quarter revenue came in at $17 billion, and nine-month revenue was $33.2 billion. The company reported a nine-month net loss of $104 billion, with compute and infrastructure commitments hitting $900.9 billion. It has nearly $132 billion in cash and short-term investments.
OpenAI, Anthropic’s biggest rival, was reportedly valued at $1.25 trillion last week after it raised $11 billion, nearly half the $20 billion it had first tried to raise.