Anthropic's updated prospectus puts the AI lab's fully diluted valuation at up to $1.405 trillion, up from the $965 billion valuation during its $65 billion Series H announced in May9. The company plans to offer 825 million shares of Class A common stock priced at $70 to $78 each, listing on Nasdaq under the ticker ANT14,12. At the high end of the range, the public offering alone would net up to $64.35 billion in proceeds. A separate $26 billion private placement with cornerstone investors — AMD, Broadcom, Google, Micron Technology, Microsoft, Nvidia Corp., and Taiwan Semiconductor Manufacturing Co. — brings the total share placement volume to as much as $90.4 billion6.
Anthropic launched its IPO roadshow on November 10. The Wall Street Journal reported that the company is aiming for its shares to start trading Thursday or Friday of the following week3.
Valuation below earlier expectations
Even at the top of the price range, the offer represents a lower valuation than the $1.5 trillion or more floated by investors in recent weeks7. Months earlier, some analysts had predicted a valuation as high as $2 trillion4. Some institutional investors are now pushing for a valuation below the $1.5 trillion target, The Wall Street Journal reported, as cited by TechCrunch2.
The listing comes at a volatile moment. TechCrunch noted it follows one of Nasdaq's biggest sell-offs, driven by concerns after the US midterm elections that a Democrat-led Congress could slow AI development and data-center buildout. Fiona Cincotta, a senior market analyst at City Index, told Reuters that the $64 billion Anthropic plans to raise is "fairly bullish" given "the volatility [and] concerns towards AI that we've seen in sort of particularly last week".
OpenAI, described as Anthropic's main rival, was reportedly valued at $1.25 trillion after raising $11 billion in fresh capital, short of the $20 billion it had initially sought.
Financials and risk factors
Anthropic's revenues for the six months ending June jumped to $16.2 billion from $1.1 billion in the same period a year earlier. However, its pre-tax loss also jumped to $80.7 billion from $12.9 billion. In Q3, revenue grew 47 percent to nearly $17 billion and the net loss narrowed, though growth slowed compared to the prior quarter.
The company faces nearly $900 billion in compute commitments with partners like Amazon and Google. The prospectus warns of safety risks, large computing costs, and fierce competition with OpenAI5.
Draft pricing and the walkback
The roadshow followed a brief episode in which Anthropic sent banks draft IPO pricing details and then retracted them, emailing that the figures were inaccurate, Reuters reported10. The draft paperwork had pointed to a $70–$80 per-share range. An earlier filing seen by Reuters had put the potential raise at as much as $69.3 billion1. The updated prospectus narrowed the top of the range to $78.
Anthropic said it would not receive any proceeds from the sale of shares held by existing investors, which total 23.6 million shares8. The company also expects to give underwriters a 30-day greenshoe option to buy an additional 123.7 million shares, which could add another $9.6 billion.
ANALYSIS The cornerstone placement from chip and cloud companies reduces the volume of shares that must be absorbed through traditional bookbuilding, a structure that could buffer the offering against uneven public-market appetite.
Anthropic's IPO waiting period has expired, Bloomberg reported16. CNBC covered the countdown on November 915.