Anthropic sets IPO range of $70 to $78 per share, implying $1.404 trillion valuation

Anthropic, PBC said in an amended S-1 filed with the SEC on Nov. 10 that it plans to offer 825,000,000 Class A shares at an estimated $70.00 to $78.00 each, and has applied to list on the Nasdaq Global Select Market under the symbol "ANT."2

The filing does not say why Anthropic set this range, though TechCrunch reported the company is proceeding despite shakier markets and a broader pullback from AI investing.12 Of the 825,000,000 shares, Anthropic is selling 801,351,354 and selling stockholders are selling 23,648,646, and the company will not receive proceeds from the stockholders' shares, according to the filing.2

TechCrunch reported the company could be worth $1.404 trillion on a fully diluted basis at the top of the range, and that the sale is expected to raise $57.75 billion to $64.35 billion.1

Anthropic said it will 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, TechCrunch reported; estimated net proceeds are $84.6 billion to $93.7 billion, the top figure if underwriters exercise their option to buy 123.75 million more shares.1

According to TechCrunch's reading of the filing, third-quarter revenue was $17 billion, nine-month revenue was $33.2 billion, the nine-month net loss was $104 billion, compute and infrastructure commitments were $900.9 billion, and cash and short-term investments were nearly $132 billion.1

TechCrunch reported run-rate revenue reached $81 billion by the end of October, about $10 billion more than at the end of September, and that trading is expected to start close to Nov. 19 per CNBC reporting; Anthropic has not confirmed that date in the filing text provided.12