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Anthropic sets a $70 to $78 IPO range and starts its roadshow
Anthropic has launched the roadshow for its Nasdaq listing, offering 825 million Class A shares at US$70 to US$78 each under the ticker ANT. CNBC reports pricing on 18 November and trading from 19 November (US time), with a fully diluted valuation of up to about US$1.4 trillion.
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The offering
Of the 825 million shares, 801,351,354 are being sold by Anthropic and 23,648,646 by existing stockholders, and Anthropic will not receive any money from the stockholder sales[1]. The company also expects to give underwriters a 30-day option to buy up to 123,750,000 extra shares[1]. Goldman Sachs and Morgan Stanley are named as the contacts for the preliminary prospectus[1].
At US$78, the 825 million base shares add up to about US$64.35 billion[2]. CNBC puts Anthropic's fully diluted value at up to about US$1.405 trillion at the top of the range, compared with the US$965 billion valuation from its May funding round[2].
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Chipmakers and cloud partners buy in alongside
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Timing and demand
Anthropic's own announcement gives no listing date[1]. CNBC, citing people familiar with the details, reports that the company plans to price on 18 November and trade on 19 November in the US, and is aiming for about 20% retail allocation, well above the usual 5% to 10%[2]. The same sources say the institutional book was already covered across the range[2].
The updated filing puts run-rate revenue at roughly US$81 billion at the end of October, up US$10 billion on the previous month[2]. Revenue for the nine months to 30 September was US$33.24 billion, against a US$104 billion net loss driven mostly by fair-value changes on convertible notes and derivatives[2].
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Why it matters
The range is lower than the US$2 trillion valuation some investors had been expecting until recently, CNBC reports, as markets weigh rising rates and the cost of AI infrastructure[2]. If it lists this month as planned, the debut would come roughly five months after SpaceX's record US$85.7 billion offering[2].
The registration statement has not yet become effective, so shares cannot be sold until it does[1].
FAQ
Frequently asked questions.
01What price range has Anthropic set for its IPO?
US$70.00 to US$78.00 per Class A share, according to Anthropic's roadshow announcement and its amended registration statement.
02How many shares are being sold?
825,000,000 Class A shares: 801,351,354 from Anthropic and 23,648,646 from existing stockholders. The underwriters also get a 30-day option to buy up to 123,750,000 more shares from Anthropic.
03When will Anthropic start trading?
Anthropic has not announced a date. CNBC, citing people familiar with the plans, reports the company intends to price on 18 November and begin trading on 19 November, US time, which would be 20 November in Australia.
04What ticker will Anthropic use?
It has applied to list on the Nasdaq Global Select Market under the symbol ANT.
05How much is Anthropic worth at that range?
CNBC calculates a fully diluted value of up to about US$1.405 trillion at the top of the range, up from the US$965 billion valuation of its May funding round. The 825 million base shares alone come to about US$64.35 billion at US$78.
06Who is running the offering?
Anthropic's announcement names Goldman Sachs and Morgan Stanley as the banks distributing the preliminary prospectus.
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