Anthropic sets IPO price range at $70-$78 per share, implying $1.404 trillion valuation at the top end

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At the highest price in the proposed range, the company that makes Claude could be worth $1.404 trillion if all possible shares are counted.

Anthropic plans to go ahead with its IPO (initial public offering), even though financial markets have become less stable and investors are showing less interest in AI companies. In an updated filing on Tuesday, the company said it plans to sell 825 million Class A shares for an estimated $70 to $78 each. The sale could raise between $57.75 billion and $64.35 billion.

This was reported by TechCrunch.

If the shares are priced at the top of the range, Anthropic's estimated value would be much higher than the $965 billion it reached in a fundraising round in May. However, it would still be below the $2 trillion the company was reportedly aiming for a couple of months ago.

Anthropic also said it had agreed to privately sell $26 billion worth of Class N shares, which do not carry voting rights, at the IPO price. The buyers will be AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. Google and Nvidia will each invest $10 billion. Anthropic expects to receive between $84.6 billion and $93.7 billion in total after costs and other deductions.

The banks managing the IPO, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price. Because Anthropic is a public benefit corporation, its founders hold a Class F share that gives them 50.1% of the voting power. The Long-Term Benefit Trust will also choose most of the company's board members. This limits how much influence people who buy Class A shares will have.

According to CNBC, Anthropic plans to start trading on the Nasdaq around November 19. Its stock market symbol will be “ANT”.

Anthropic reported revenue of $17 billion for the third quarter and $33.2 billion for the first nine months of the year. It reported a net loss of $104 billion over those nine months. Its commitments to computing power and infrastructure reached $900.9 billion. The company has nearly $132 billion in cash and short-term investments.

OpenAI, Anthropic's biggest competitor, was reportedly valued at $1.25 trillion last week. It raised $11 billion, which was almost half of the $20 billion it had originally planned to raise.