Anthropic has begun pitching investors on an IPO priced at $70 to $78 per share. The public offering could raise up to $64.4 billion and, based on the share count in its prospectus, value the company at as much as $1.02 trillion, Reuters reported.
Details of the plan were briefly sent to investment banks on Monday evening before being pulled back. Anthropic also plans a separate $26 billion private placement. Its anchor investors include Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft, and TSMC. Together, the public and private share placements could total $90.4 billion.
Anthropic set out the share terms
In its official announcement, Anthropic said the public offering covers 825 million Class A common shares. The company is selling 801,351,354 shares, while existing shareholders are selling 23,648,646. Anthropic will receive no proceeds from those shareholder sales.
The underwriting syndicate, led by Goldman Sachs and Morgan Stanley, has a 30-day option to buy another 123.75 million shares.
Read nextAnthropic to buy $3.4 billion in natural gas generatorsThe proposed valuation follows pressure from potential backers to lower a previously discussed $1.5 trillion figure. A private funding round in May valued the company, led by CEO Dario Amodei, at $965 billion. Its major existing investors include Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.
Elon Musk's SpaceX has completed the world's largest IPO so far this year. It raised $75 billion in June at a valuation of nearly $1.75 trillion.
Revenue grew as compute costs mounted
Anthropic narrowed its net loss in Q3. Revenue rose 47 percent from the previous quarter to $16.96 billion, though that growth was slower than the prior quarter's 144 percent increase. Founded in 2021 by former OpenAI researchers, the company credits demand for its Claude models, particularly specialized products for healthcare, finance, and legal services.
Its prospectus lists commitments for nearly $900 billion in compute capacity with partners including Amazon and Google. Some of that future infrastructure depends on financing outside Anthropic's control.
The repeatedly delayed IPO comes amid growing market skepticism about AI spending. In a high-interest-rate environment, investors are questioning whether the investment cycle, circular funding structures, and data center capacity are sustainable. On Thursday, the Nasdaq recorded its steepest one-day drop in 19 months after strong Democratic gains in the U.S. midterm elections fueled fears of tighter rules on AI data center construction.
Anthropic's shares are set to trade on the Nasdaq under the ticker symbol "ANT."
