Key points
- Anthropic sets its IPO range at $70 to $78
- Anthropic's top price values outstanding shares at $1.02 trillion
- Nvidia, AMD, and five others agree to buy Anthropic stock
Anthropic (ANT) set a price range of $70 to $78 a share for its initial public offering on Tuesday. At $78, the AI company would be worth about $1.02 trillion, based on the shares it expects to have outstanding after the IPO and a separate private placement.
Anthropic is offering 825 million Class A shares, according to an amended filing with the Securities and Exchange Commission. The company is selling about 801.4 million of them, and existing stockholders are selling the other 23.6 million. It has applied to list on the Nasdaq Global Select Market under the ticker ANT.
Anthropic plans to price the deal on Nov. 18 and start trading on Nov. 19, CNBC reported, though the filing gives no dates.
Anthropic's valuation depends on the share count
Anthropic expects about 13.09 billion shares of all classes after the IPO and the private placement, using the $74 midpoint. At that count, the range values the company at about $916 billion at $70 and $1.02 trillion at $78. The count will move a little with the final price, because the private placement is a fixed dollar amount.
CNBC and Axios put the value at about $1.4 trillion at $78 on a fully diluted basis, a measure that also counts stock options and other equity awards. Neither outlet gave the share count behind its figure.
The filing lists about 1.77 billion shares under outstanding options, with an average exercise price of $2.91. Another 1.07 billion sit under restricted stock units that haven't settled.
As a simple illustration, adding those awards to the outstanding-share count produces roughly 15.9 billion shares, or about $1.24 trillion at $78, before accounting for option exercise proceeds. That doesn't reproduce CNBC's figure of up to $1.405 trillion or the roughly $1.4 trillion Axios reported.
Anthropic's last private funding round valued it at $965 billion after the investment in May. Our Anthropic IPO valuation tracker lists the figures major outlets have reported since then.
Anthropic's IPO would raise up to $74 billion at $78
| What is counted | Shares | Value at $78 |
|---|---|---|
| Shares Anthropic is selling | 801.4 million | $62.5 billion |
| All shares offered, including selling stockholders | 825 million | $64.35 billion |
| Plus the underwriters' option | 948.75 million | About $74.0 billion |
Each value is the share count multiplied by $78. The underwriters' option covers up to 123.75 million more shares from Anthropic.
Axios used the $62.5 billion figure. CNBC reported $64.35 billion, and Bloomberg rounded it to $64.4 billion.
SpaceX (SPCX) sold 555.6 million shares at $135 in its June IPO, or $75.0 billion, according to its final prospectus. Its underwriters had an option on 83.3 million more shares, which would take the total to about $86.3 billion if fully exercised. The Associated Press put SpaceX's record at $86 billion.
On the same basis, Anthropic's base deal at $78 is $64.35 billion, against $75.0 billion for SpaceX. With both underwriter options, it is about $74.0 billion against $86.3 billion.
Anthropic estimates its net proceeds from the IPO and the private placement at about $84.6 billion at the $74 midpoint, or $93.7 billion if the underwriters buy the extra shares. The filing says the money will go to general corporate purposes, including compute and infrastructure.
Nvidia, AMD, and five other partners agree to buy $26 billion of Anthropic stock
Nvidia (NVDA), Advanced Micro Devices (AMD), and Microsoft (MSFT) are among seven companies that agreed to buy $26.0 billion of Anthropic's Class N stock at the IPO price. The others are Broadcom (AVGO), Micron (MU), Google, and TSMC Partners. The private placement wasn't in the Nov. 2 version of the filing. TSMC's board approved up to $500 million for Anthropic stock the same day.
Google's purchase funds part of an investment it had already committed to Anthropic under a 2026 agreement, the filing says. Class N shares have no voting rights except where the law requires them, and their holders are mainly strategic business partners.
The $26 billion placement is scheduled to close right after the IPO, subject to conditions set out in the filing. The shares aren't covered by the underwriters' lock-up agreements, but they are restricted securities that can't be resold without registration or an exemption.
Some Anthropic directors and entities tied to them have also indicated interest in buying up to $303 million of shares in the IPO. The filing says those indications aren't binding.
Anthropic's run-rate revenue reached $81 billion in October
The Nov. 2 filing left the October run-rate figure blank. Tuesday's version puts Anthropic's Run-Rate Revenue at about $81 billion as of Oct. 31, up $10 billion from Sept. 30. Run-Rate Revenue is Anthropic's own measure, not revenue reported under accounting rules. At $1.02 trillion, the top of the range equals about 12.6 times that $81 billion figure.
Revenue for the nine months ended Sept. 30 was $33.24 billion, up from $2.55 billion a year earlier. The operating loss for the period was $1.26 billion.
The net loss was $104.0 billion. Of that, $94.3 billion came from changes in the fair value of convertible notes, derivative liabilities, and SAFEs, or simple agreements for future equity.
