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Anthropic eyes up to $1.4 trillion value in stock debut

Anthropic hopes to be valued at as much as $1.4 trillion when it lists on the stock market, short of the $2 trillion once anticipated. Banks are readying a move to lift that figure to $1.5 trillion or higher, a change that could alter what incoming shareholders pay.

Illustration: A single enormous glowing ticket-style price tag hangs from a thin string over a small crowd of anonymous silhouettes gathered below, in overlapping pink and teal ink.
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Claude chatbot maker Anthropic is getting ready for its IPO, or initial public offering, the first time a company sells shares to everyday investors. The target valuation is as much as $1.4 trillion, under the $2 trillion once expected, before investors started doubting how long the AI boom could continue.

Anthropic said in a filing with the US Securities and Exchange Commission that it plans to sell 825 million shares at $70 to $78 each. Pricing is due on November 18, and the company could raise up to $90.4 billion to fund computing capacity for its frontier AI models.

Illustration: Seen from above, a long table where a few anonymous hands slide one large envelope toward a small group of seated figures, and a separate small stack of envelopes sits apart, suggesting a private placement beside a public offering.
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The IPO process had a brief clerical misstep over the filing documents. Banks leading the offering are preparing to raise the valuation to $1.5 trillion or more. Anthropic has confirmed the listing could be one of the biggest ever, even though it falls short of earlier expectations.

IPO price range per share

  • Low end of range$70 a share
  • High end of range$78 a share

Price range per share set out in the company's filing.

Demand is building. Anthropic opened a retail offering in Australia ahead of its planned Nasdaq debut. Goldman Sachs analysts expect the company's revenue to reach about $685 billion by 2030, and Goldman is one of the banks leading the IPO. The founders' stakes would be worth $18 billion each at the IPO price.

Jack Selby, Managing Director at Copper Sky Capital, asked why Anthropic would hurry toward public trading, pointing out it holds 'so much cash on their balance sheet, almost as much as Google'. Shares of Microsoft dropped after Anthropic showed off office software before its listing, and the company also struck a $3.4 billion agreement for data centers powered by gas.

Background

Anthropic was formed in late 2020 by senior former OpenAI staff who had concerns about how AI ethics and safety were handled. The company has since grown into a major AI developer.

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