Anthropic expects to price its initial public offering at $70 to $78 a share, according to an amended registration statement filed on November 10. Seven chip and cloud companies, including Nvidia and Google, have agreed to buy $26.0 billion of its non-voting stock at the IPO price. The offering of 825 million Class A shares would raise $57.75 billion to $64.35 billion, before an underwriters’ option to buy 123.75 million more.
At the $74 midpoint, Google and Nvidia would each buy about $10.0 billion of the Class N shares, AMD about $2.5 billion, Broadcom, Micron and Microsoft about $1.0 billion each, and TSMC about $500 million. The private placement depends on the IPO closing, and the shares will not be subject to lock-up agreements with the underwriters. Google’s purchase funds part of its existing commitment under a 2026 note purchase agreement, which the November 2 version of the filing said carried an option to buy up to $10.0 billion of stock alongside the offering. AMD’s purchase satisfies part of a commitment, made in a July hardware supply agreement, to buy up to $5.0 billion of the shares.
Anthropic is selling 801.4 million of the Class A shares, and selling stockholders the rest. It estimates net proceeds from the offering and the placement at about $84.6 billion at the midpoint, or $93.7 billion if the underwriters exercise their option in full. The shares are to list on the Nasdaq Global Select Market under the symbol “ANT.”
The amendment says Anthropic expects allocations to retail investors in the United States and other countries to make up as much as 20 percent of the shares. Brokers including Charles Schwab, Fidelity, Robinhood, SoFi and E*Trade will offer shares to retail buyers, and a separate retail offering in Europe will use a prospectus that Germany’s financial regulator, BaFin, is expected to approve.
It also fills in a run-rate revenue figure that the earlier version left blank: about $81 billion as of October 31, up $10 billion from September 30. Anthropic calculates the metric by multiplying consumption-based fees over the previous 28 days by 13 and adding monthly subscription fees multiplied by 12. Revenue for the three months to September 30 was $17.0 billion.
Anthropic now puts its purchase commitments and leases, substantially all for compute and infrastructure, at about $900.9 billion, up from $895.4 billion in the earlier amendment. About $451.6 billion is expected to be spent before the end of 2030, and $70.7 billion is due in the 12 months after September 30. At that date it had $146.6 billion of liquidity, including $95.6 billion in cash and cash equivalents, $36.3 billion in short-term investments and $14.8 billion available under a credit facility.
The company plans to price the offering on November 18 and begin trading the next day, CNBC reported, citing people familiar with the details. By its calculation, the top of the range would value Anthropic at up to $1.405 trillion on a fully diluted basis, up from $965 billion in a May funding round. Anthropic first filed publicly for the listing on October 26.
Sources: SEC filing, CNBC
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By the Control Plane Editorial Team