Anthropic has launched the investor roadshow for its proposed initial public offering, setting an expected price range of $70 to $78 per share for 825 million Class A shares listing on the Nasdaq under the symbol "ANT" Anthropic1.
The terms value the full public offering at up to $64.35 billion, separate from a conditional $26 billion cornerstone placement reported by Bloomberg and TechBooky. Bloomberg reported that the combined raise would seek as much as $90.4 billion, aiming to exceed SpaceX’s record-setting first-time share sale and become the first frontier artificial intelligence lab to go public.
Anthropic filed an S-1 registration statement with the Securities and Exchange Commission on Nov. 7, according to Automatica Press coverage, but did not include pricing or timing details at that stage. The company’s Nov. 10 announcement formalized the price range and share count in an amendment to that filing, replacing earlier market speculation with concrete figures for investors to examine.
At the top of the indicated range, the 825 million-share offering would be worth approximately $64.35 billion before underwriting costs, calculated by newsroom arithmetic using the issuer's stated numbers. Anthropic plans to issue 801,351,354 new shares, while existing shareholders will sell 23,648,646 shares. Anthropic will not receive proceeds from the sale of shares by the selling stockholders. CNBC calculated, according to TechBooky, that this high-end valuation could place the company at roughly $1.405 trillion on a fully diluted basis, though final valuations depend on applicable share-count assumptions and the eventual offer price.
The primary press release also notes that Anthropic expects to grant the underwriters a 30-day option to purchase up to an additional 123,750,000 shares, a figure excluded from the base 825 million count. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are listed as the banks distributing the preliminary prospectus.
TechBooky reported that the November 10 amendment outlines a separate, conditional $26 billion private placement of non-voting Class N stock to cornerstone investors including AMD, Broadcom, Google, Micron, Microsoft, Nvidia and a TSMC entity. That arrangement is tied to the completion of the IPO but is not part of the 825 million public shares; combining the two without distinction would overstate what the public offering itself raises. Reuters reported that an earlier document showing 867 million shares at a $70–$80 range was withdrawn after Anthropic said its pricing details were inaccurate. Earlier reports on X accounts claiming leaked terms were unverified by Automatica.
The IPO is expected to occur roughly five months after Elon Musk took SpaceX public, CNBC reported. Trading has not yet begun on the Nasdaq Global Select Market. The next steps involve the completion of the investor roadshow, final pricing determination, and the effectiveness of the SEC registration statement.