Anthropic Seeks $1.4 Trillion Valuation in IPO, Trading Expected Nov. 19 or 20
Anthropic seeks a $1.4 trillion valuation in its IPO, planning to sell 825 million shares at $70-$78 each, with trading expected to start Nov. 19 or 20 on Nasdaq.
Anthropic said in an updated S-1/A filing on Tuesday that it plans to sell 825 million shares at between $70 and $78 each, raising up to $64.35 billion at the top of the range. On a fully diluted basis, the frontier AI lab could be valued between roughly $1.3 trillion and $1.45 trillion, the filing said.
The stock is expected to begin trading on Thursday, Nov. 19, or Friday, Nov. 20, on the Nasdaq under the ticker ANT, according to the Wall Street Journal. At the high end of the range, the debut would be one of the largest public offerings during the AI boom, though still below SpaceX's record $85.7 billion raise earlier this year.
The valuation marks a substantial increase over the $965 billion Anthropic announced in a May funding round, but falls short of Wall Street estimates that reached as high as $2 trillion in early October, according to the Yahoo Finance article.
On top of the public offering, Anthropic is locking in an extra $26 billion from seven tech heavyweights — Nvidia (NVDA), Microsoft (MSFT), Google (GOOGL), TSMC (TSM), Broadcom (AVGO), AMD (AMD) and Micron (MU). Those companies are buying nonvoting Class N shares at the same price public investors will pay, and because the deal is private, they will not face the standard six-month lockup window.
Anthropic recently revealed revenue grew 1,206% to $33.2 billion through the first nine months of the year, and disclosed an aggregate committed spend of $895.4 billion, which it said is primarily related to compute and infrastructure.
The IPO comes as investors have grown more cautious about the enormous valuations attached to AI companies. Last week, market turmoil prompted prospective buyers to discuss lowering Anthropic's valuation to a range of $1.2 trillion to $1.3 trillion, with some considering as low as $1.1 trillion, according to Bloomberg.
Anthropic CEO Dario Amodei started the company in 2021 alongside a group of former OpenAI researchers. The startup has since emerged as a frontier AI lab and competitor to OpenAI.
In delayed trading, Nvidia (NVDA) shares were down 5.54%, Microsoft (MSFT) down 2.20%, Google (GOOGL) down 0.27%, Broadcom (AVGO) up 3.91%, AMD up 1.30% and Micron (MU) down 1.10%.