Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion

Anthropic has announced an IPO price range of $70 to $78 per share for 825 million Class A shares, aiming to raise between $57.75 billion and $64.35 billion. At the top of the range, the company would reach an implied valuation of $1.404 trillion on a fully diluted basis, up from a $965 billion valuation in May but below the $2 trillion reportedly targeted earlier. Concurrently, Anthropic has agreed to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC, with Google and Nvidia each investing $10 billion. Net proceeds are estimated at $84.6-$93.7 billion. Underwriters have an option to buy up to 123.75 million additional shares. As a public benefit corporation, founders hold Class F shares with 50.1% voting power, and the Long-Term Benefit Trust will elect a board majority, limiting Class A shareholders' influence. Trading is expected to begin on Nasdaq around November 19 under the ticker "ANT". Anthropic reported third-quarter revenue of $17 billion and nine-month revenue of $33.2 billion, with a nine-month net loss of $104 billion and $900.9 billion in compute and infrastructure commitments. It holds nearly $132 billion in cash and short-term investments. Rival OpenAI was reportedly valued at $1.25 trillion last week after raising $11 billion.

(Source：TechCrunch)