Anthropic has named its price. The company behind Claude plans to sell 825 million Class A shares at $70 to $78 each and list them on Nasdaq under the ticker ANT, in what would be one of the largest stock market debuts on record.
At $78 the sale is worth $64.35 billion, the figure in most headlines. Anthropic itself would collect less. Only 801.35 million of the shares are new ones issued by the company, which comes to $62.5 billion at the top of the range and $56.1 billion at the bottom. The other 23.65 million belong to existing shareholders, who keep that money.
The terms are set out in the amended prospectus Anthropic filed on 10 November. Goldman Sachs, Morgan Stanley and J.P. Morgan head a list of 22 banks, which together hold an option on a further 123.75 million shares from the company.
Alongside the public sale, seven suppliers and partners have agreed to buy $26 billion of stock privately at whatever price the IPO settles on. The prospectus breaks that down at the $74 midpoint:
| Buyer | Amount | Shares at $74 |
|---|---|---|
| $10 billion | 135.1 million | |
| Nvidia | $10 billion | 135.1 million |
| AMD | $2.5 billion | 33.8 million |
| Broadcom | $1 billion | 13.5 million |
| Micron | $1 billion | 13.5 million |
| Microsoft | $1 billion | 13.5 million |
| TSMC | $500 million | 6.8 million |
Google’s $10 billion counts toward an investment it had already committed to. All seven receive Class N shares, which carry no votes, and the placement only completes if the IPO does.
Put together, Anthropic estimates net proceeds of about $84.6 billion at the midpoint price, after fees. That rises to roughly $93.7 billion if the banks take up their full option.
Buyers of the public shares get little say over the company. Class F stock held by the founders’ vehicle carries 50.1% of the votes and no economic rights, and the Long-Term Benefit Trust appoints its own directors through a separate class. Anthropic describes itself in the filing as a controlled company under Nasdaq’s rules.
Part of the offering is set aside for small investors through US brokerages, among them Charles Schwab, Fidelity, Robinhood, SoFi and E*Trade.
The prospectus leaves the pricing date blank. CNBC, citing people familiar with the plan, puts pricing on 18 November and the first trade a day later, with about 20% of the shares going to retail buyers. On its count the top of the range values Anthropic at about $1.4 trillion once all options and convertible notes are included, against $965 billion at its May funding round.
The range arrives after weeks in which the company was reported to be pressing on at a lower valuation than the $2 trillion it first sought.
