The key facts
- Anthropic is offering 825 million shares at $70–78; the top valuation is $1.404 trillion, with up to $64.35 billion raised
- A separate $26 billion private placement: Google and Nvidia will each invest $10 billion
- The founders will retain 50.1% of votes through Class F shares; trading is expected around November 19 under the ticker ANT
Offering terms
Anthropic, the company behind the Claude chatbot, disclosed the terms of its initial public offering in an updated SEC filing on Tuesday: 825 million Class A shares at $70–78 each, of which about 801.35 million are sold by the company itself and 23.65 million by existing shareholders. At the top of the range, this would raise $64.35 billion before fees, of which roughly $62.5 billion would go to the company. The valuation on a fully diluted basis — taking into account potential shares from options and other instruments — will be about $1.4 trillion, or $1.404 trillion if listed at the top price. Trading on the Nasdaq Global Select Market is expected around November 19 under the ticker ANT, and up to 20% of the offering may be allocated to retail investors. The underwriters, led by Goldman Sachs and Morgan Stanley, will receive an option to purchase up to an additional 123.75 million shares; taking this into account, net proceeds are estimated at $84.6–93.7 billion.
Valuation below expectations, but above May's
The top valuation of $1.404 trillion is well above the $965 billion at which Anthropic raised funds in May, but remains below the $2 trillion the company was reportedly aiming for a couple of months ago. The BBC also notes that the $1.1–1.3 trillion range is below the $2 trillion analysts had forecast. The offering is taking place on an unstable market: after last week's US midterm elections, the Nasdaq fell sharply on concerns that a Democrat-controlled Congress would slow AI development and data center construction, as well as on broader doubts about the return on multibillion-dollar AI spending. City Index senior market analyst Fiona Cincotta called the requested amount 'quite bold' against the backdrop of this volatility and noted that the company, it seems, remains optimistic about demand for AI.
Private placement and founder control
In parallel with the IPO, Anthropic has arranged a private placement of non-voting Class N shares worth $26 billion at the IPO price, involving AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC; Google and Nvidia are each investing $10 billion. After the offering, the founders will retain control: a Class F share gives them 50.1% of the votes on general shareholder matters, and the Long-Term Benefit Trust will elect a majority of the board, so buyers of Class A shares will have limited influence. The company is registered as a public benefit corporation.
Financial figures and details from the filing
The updated filing also reveals new figures: annualized revenue (run-rate) reached $81 billion by the end of October — about $10 billion more than a month earlier; third-quarter revenue was $17 billion, and $33.2 billion for nine months. At the same time, the net loss for nine months is $104 billion, and commitments for computing infrastructure have reached $900.9 billion; cash and short-term investments total nearly $132 billion. The co-founders — Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah — are each selling nearly 3.4 million shares in the IPO, which at an average price of $74 would amount to about $250 million per person. TechCrunch also draws attention to a stylistic detail: the filing uses 'super intelligence' and 'SI' in places as synonyms for 'artificial intelligence,' citing a September Trump directive ordering government agencies to adopt the new terminology. For context: chief rival OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion — almost half the originally planned $20 billion.
Image source, Getty Images 
