The proposed public sale is separate from a planned $26 billion private placement, bringing the potential total to $90.4 billion. Reuters initially calculated a valuation of up to $1.02 trillion as Anthropic launches its investor roadshow; it later reported a target of up to $1.4 trillion, with an indicative range of $70 to $78 per share.
Anthropic’s initial public offering could raise up to $64.4 billion, a November 10 regulatory filing showed. The superintelligence (SI) developer and some existing investors plan to sell shares at an indicative price of $70 to $78 each, Reuters said.
Anthropic withdrew earlier offering details circulated to banks late on 9 November. Those terms proposed a maximum of $69.3 billion from about 867 million shares at $70 to $80 each. An Anthropic email said pricing details were inaccurate but did not identify the error, and Reuters was unable to determine what was incorrect at the time.
Reuters later put Anthropic’s target valuation, rather than money raised or a final offering price, at up to $1.4 trillion, updating its earlier calculation of up to $1.02 trillion.
Alongside the public sale, Anthropic plans a separate $26 billion private placement: a sale to selected investors. Backers include Alphabet’s Google, Nvidia, AMD and Microsoft. Together, the public offering and private investments could raise up to $90.4 billion.
TSMC’s board separately approved an investment of up to $500 million to buy Anthropic shares at the offering price. The approval does not establish that the purchase has been completed.
Anthropic develops the Claude family of SI models. The company says enterprises use Claude in their core operations and individuals use it for everyday work. On 28 May, the company said it had raised $65 billion in a separate Series H private funding round, which it expected to support research, computing capacity, products and partnerships.
Anthropic made its prospectus public on 26 October and filed a Form S-1 registration statement with the US Securities and Exchange Commission, leaving the price range and share count blank. The filing described a voting structure under which a company owned by Anthropic’s 7 co-founders would hold a Class F share carrying 50.1% of ordinary shareholder votes, a proportion that new share issues would not dilute. The filing says Class A buyers would in practice be unable to decide shareholder votes.
Separately, the Long-Term Benefit Trust elects a majority of Anthropic’s board through a Class T share.
The filing also lists spending commitments for long-term computing deals and equipment leases.
| Company | Commitment |
|---|---|
| At least $114.5 billion in computing | |
| Amazon | At least $110 billion in computing |
| Microsoft | At least $44.9 billion in computing |
| Broadcom | About $161.2 billion in equipment leases |
Anthropic was launching its investor roadshow on 10 November, with pricing expected the following week. Goldman Sachs and Morgan Stanley are leading the banks underwriting the offering.
In October, The Next Web reported that Anthropic aimed to go public in the week of 16 November, citing The Wall Street Journal and people familiar with the matter; the timing could change.
TechCrunch, citing The Wall Street Journal, said Anthropic planned to set a valuation range during the week of 9 November and begin trading on 19 November or 20 and that some institutional investors had sought a valuation below the $1.5 trillion discussed the previous week. After the offering closes, its Class A shares are expected to trade on Nasdaq under the symbol ANT.
The filing also lists $1.29 million for president Daniela Amodei’s protection, home security and transportation, plus $97,055 for Dario’s security-related flights, giving prospective investors details of executive expenses before the proposed share sale.
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Revenue rose to $16.96 billion from $11.56 billion in the second quarter, while net loss narrowed to $23.29 billion from $66.3 billion. Anthropic is preparing its first public share sale.
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