Anthropic Files S-1 for IPO Seeking Up to $1.4 Trillion Valuation

Anthropic has filed an updated S-1 with the SEC for its proposed initial public offering, the company behind the Claude family of AI models announced.

The Offering

Anthropic and some existing investors plan to sell 825 million shares at a range of $70 to $78 per share. At the top of that range, the IPO would generate up to $64.35 billion in proceeds. Not all of that money goes to Anthropic, as 23.65 million shares, roughly 3% of the total, are being sold by existing shareholders.

The company also lined up a separate $26 billion private placement with seven tech heavyweights, including Nvidia, Alphabet's Google, Microsoft, and Taiwan Semiconductor Manufacturing. Including the placement, Anthropic could bring in as much as $90.4 billion.

Underwriters will have the option to buy up to 123.75 million additional shares, which could add nearly $10 billion to the amount raised, based on the high end of the price range.

Valuation

Based on about 16.9 billion fully diluted shares implied by Anthropic's amended filing, the range works out to roughly $1.19 trillion to $1.32 trillion. Once the new IPO shares and the shares going to the cornerstone investors are added, the estimate rises to about $1.27 trillion to $1.41 trillion.

Anthropic was valued at $965 billion in its private funding round in May, so the IPO range is about 32% to 46% higher. It is well below the $1.5 trillion to $2 trillion valuation reported by The Wall Street Journal in October.

Timeline and Trading

Anthropic's roadshow is underway this week. Shares could start trading on the Nasdaq as soon as late next week, according to multiple sources. The company plans to list under the ticker ANT. The final price is generally set the evening before the first trade and can come in above, within, or below the range, depending on demand.

Why it matters

Anthropic's IPO will be the first major test of AI valuations since the recent tech sell-off, so its reception could set the tone for other AI companies hoping to go public. The cornerstone investors are also among Anthropic's largest suppliers and partners, signaling confidence in the company but potentially deepening conflicts of interest. Alphabet and Amazon both already own stakes in Anthropic, which will soon have a public market price.

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Sources

• theglobeandmail.com: Anthropic Just Took a Big Step Toward Its Public Debut. Here's What You Need to Know. - The Globe and Mail
• finance.yahoo.com: Anthropic seeks $1.4 trillion valuation in highly anticipated IPO, reportedly aiming for Nov. 19 or Nov. 20 debut

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.