Anthropic starts IPO roadshow with shares at $70–$78 and valuation up to $1.02 trillion
Anthropic has begun pitching investors on an IPO that could raise as much as $90.4 billion even as Wall Street grows more cautious about AI spending. Reuters reported a public offering of up to $64.4 billion; on the prospectus share count that implies a valuation of as much as $1.02 trillion. Terms were briefly circulated to banks on Monday evening and then withdrawn.
The company is offering 825 million Class A shares at $70 to $78 each, to trade on Nasdaq as ANT. Anthropic itself is selling 801,351,354 shares; existing holders are selling 23,648,646, from which the company receives nothing. Goldman Sachs and Morgan Stanley lead the underwriters, who have a 30-day option on another 123.75 million shares. Separately, a $26 billion private placement is anchored by Google, Nvidia, AMD, Broadcom, Micron Technology, Microsoft and TSMC.
Backers had already rejected a $1.5 trillion target as too rich. A May private round valued Dario Amodei’s firm at $965 billion; Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital are among existing investors. SpaceX’s June listing, which raised $75 billion at nearly $1.75 trillion, remains the year’s largest IPO. Founded in 2021 by former OpenAI researchers, Anthropic in the third quarter narrowed its net loss and grew revenue 47 percent quarter on quarter to $16.96 billion, after a 144 percent jump the quarter before, citing demand for Claude in healthcare, finance and legal work. The prospectus records nearly $900 billion in compute commitments with Amazon and Google, some of it dependent on financing Anthropic does not control. The delayed listing coincides with high rates, doubts over circular AI funding and data-center overcapacity; Nasdaq posted its steepest one-day drop in 19 months on Thursday after Democratic midterm gains raised fears of tighter rules on AI data-center construction.
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