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Anthropic Targets $1.4 Trillion Value in Giant IPOTechnology
Anthropic has set a $70 to $78 price range for its Nasdaq listing, valuing the Claude maker at up to $1.4 trillion in one of the largest tech floats ever.
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Anthropic, the artificial intelligence company behind the Claude chatbot, is aiming for a valuation of up to $1.4 trillion in its planned stock market listing, in what would be one of the largest technology floats in history. The company has set a price range of $70 to $78 per share for the sale of 825 million shares, according to an updated prospectus filed with US regulators.
The offering is expected to raise up to $64.4 billion from public investors, with the shares set to trade on the Nasdaq stock exchange under the ticker symbol ANT. Pricing is expected on November 18, with trading due to begin the following day, according to reports citing people familiar with the plans.
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At the top of the price range, Anthropic would be valued at about $1.4 trillion on a fully diluted basis, a measure that includes securities such as stock options and restricted stock. On a non-diluted basis, excluding those securities, the company’s market value would be about $1 trillion.
Anthropic will also raise $26 billion through a separate private placement with cornerstone investors, including Alphabet’s Google, Nvidia and Advanced Micro Devices. The private placement sits alongside the public offering and forms part of a fundraising effort that could approach $100 billion if an over-allotment option for underwriters is exercised.
The valuation marks a sharp rise from the $965 billion at which Anthropic was last valued in a private funding round in May. Investors had previously discussed a valuation of as much as $2 trillion, but expectations have come down amid the company’s substantial infrastructure commitments and recent volatility in AI-related stocks.
Anthropic’s run-rate revenue was roughly $81 billion as of October 31, up $10 billion from September 30, according to the IPO filing. The company, founded five years ago, has grown rapidly as its Claude chatbot has become one of the leading products in the race to build advanced AI systems.
Goldman Sachs and Morgan Stanley are the leading investment banks underwriting the offering. The listing will test Wall Street’s appetite for artificial intelligence companies at a time when higher borrowing costs, geopolitical turmoil and elevated bond yields are weighing on the market for new share sales.
Reports in the Financial Times, citing unnamed sources, have suggested bankers are weighing a higher price that could lift the valuation to $1.5 trillion or more. Anthropic has not confirmed any change to the terms, and the figures in the filing remain the official position.
If the listing goes ahead as planned, Anthropic would become the first frontier AI laboratory to enter the public markets, giving ordinary investors a direct stake in one of the companies at the centre of the AI boom. The outcome will be closely watched as a measure of whether the enthusiasm for artificial intelligence that has driven markets in recent years can survive contact with public shareholders.
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