Anthropic launches IPO roadshow with $70 to $78 share range

Anthropic launched the roadshow for its proposed initial public offering on November 10, setting a price range of $70 to $78 a share for 825 million Class A shares and seeking a Nasdaq listing under the ticker ANT. At those prices, the public offering could raise $57.75 billion to $64.35 billion before fees. The offering has not been finalized, and the company’s registration statement must become effective before shares can be sold.

Anthropic plans to issue about 801.4 million shares, while existing shareholders will sell about 23.6 million. Proceeds from those shareholder sales would go to the sellers, not the company. Underwriters are expected to receive an option to buy up to 123.75 million additional shares, which could increase the size of the offering.

The share range implies a valuation of about $1 trillion based on shares outstanding after the offering. Including options and restricted stock units, the fully diluted valuation could reach about $1.4 trillion. Those figures use different share-count bases. Both are below valuations of as much as $2 trillion reportedly discussed earlier this year, though the final price and valuation remain undecided.