Anthropic Seeks Up to $64.4 Bn at $1.4 Tn Valuation With IPO

Anthropic has launched the roadshow for its proposed initial public offering (IPO), offering 825 million shares of Class A common stock at an indicative price range of $70–78 per share. 

The offering could raise up to $64.4 billion, valuing the Claude maker at approximately $1.4 trillion on a fully diluted basis. 

The company plans to list on the Nasdaq Global Select Market under the ticker symbol ANT.

The roadshow follows a series of regulatory filings with the US Securities and Exchange Commission (SEC). Anthropic initially filed its Form S-1 registration statement on October 26, followed by a recent amendment. 

Of the 825 million shares on offer, Anthropic is selling 801.35 million, while existing shareholders are selling the remaining 23.65 million. 

The company will not receive proceeds from the shares sold by existing investors. It has also proposed a 30-day underwriters' option to purchase an additional 123.75 million shares.

Separately, Anthropic is expected to raise another $26 billion through a private placement involving institutional investors. 

Google, NVIDIA, and AMD are among the cornerstone investors, and combined with the IPO, the transactions could generate up to $90.4 billion.

Anthropic's prospectus shows that its revenue reached $33.2 billion in the nine months ended September 30, compared with $2.5 billion during the corresponding period last year, representing over 13x growth.

For the third quarter, revenue stood at approximately $17 billion, up from $1.4 billion in the same quarter last year. 

However, the company reported an operating loss of $567 million for the quarter, reversing the $974 million operating profit recorded in Q2.

It also reported more than 11,900 customers generating at least $100,000 in annual recurring revenue.

Anthropic has approximately $900 billion in aggregate committed spending on compute infrastructure and related agreements. Around $70.7 billion of these commitments are due within the next 12 months.