Anthropic IPO Targets $1.3 Trillion Valuation And A $90 Billion Raise

Anthropic put a price on its IPO Tuesday. The maker of the Claude chatbot told regulators it will offer 825 million shares at $70 to $78 each, a range that implies a valuation of about $1.3 trillion, according to The Wall Street Journal.

The Anthropic IPO would raise as much as $64.4 billion at the top of the range. A separate $26 billion private placement with seven technology companies brings the total to as much as $90.4 billion, Bloomberg reported.

The terms arrive a day after a pricing error in a draft sent to bankers, days after a sharp selloff in AI stocks, and three days before CEO Dario Amodei is due to discuss the offering on a livestream with JPMorgan Chase CEO Jamie Dimon. For anyone who markets anything, the next nine days are a case study in selling a trillion-dollar story to two audiences at once: institutions and the public.

What The Anthropic IPO Filing Shows

Of the 825 million Class A shares on offer, Anthropic is selling about 801.4 million and existing stockholders about 23.6 million, per Reuters. That puts the base deal between $57.8 billion and $64.4 billion. Underwriters hold an option on a further 123.75 million shares.

The private placement sits alongside it. Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC agreed to buy $26 billion of stock at the IPO price, CNBC reported. Several of those names also sell Anthropic the chips and cloud capacity its models run on.

The distinction matters for the record books. SpaceX raised $86.2 billion in its June debut. Anthropic’s public offering alone falls short of that figure; the $90.4 billion total passes it only with the private placement included.

CNBC, citing people familiar with the plans, said Anthropic expects to price on Nov. 18 and begin trading on Nasdaq under the ticker ANT on Nov. 19.