Anthropic to Seek $1.3 Trillion Valuation in IPO

Anthropic is targeting a valuation exceeding $1.3 trillion for its initial public offering scheduled for this month. The firm is proceeding with its market debut despite prevailing concerns regarding the long-term stability of the broader artificial intelligence sector.

The company will list its shares on the Nasdaq under the ticker ANT, with trading anticipated to commence on November 19. Competitive rival OpenAI is reportedly considering a 2027 listing. In an updated registration filing with the SEC, the developer stated it intends to offer 825 million Class A shares priced between $70 and $78. This includes 801,351,354 new shares and 23,648,646 sold by existing shareholders. At the midpoint, the offering would generate over $61 billion, with underwriters holding options for an additional 123.75 million shares.

The filing also details a $26 billion private placement of non-voting Class N stock at the offering price. At the $74 midpoint, Google and Nvidia would each acquire approximately $10 billion in shares, with AMD, Broadcom, Micron, Microsoft, and TSMC securing smaller positions. Anthropic reported revenue of $17 billion for the third quarter. It has further established purchase commitments and leases valued at $900.9 billion, primarily for infrastructure, with $70.7 billion due within the next year. As of September, the firm held $95.6 billion in cash and $36.3 billion in short-term investments.

Corporate control will remain restricted to internal stakeholders. A Long-Term Benefit Trust is authorized to elect a majority of the board, and a single Class F share held by the founders provides 50.1% of the total voting power. Class A shares possess one vote each, while Class N shares carry no voting rights. Anthropic is registered as a public benefit corporation and will be categorized as a controlled company under Nasdaq regulations.