Anthropic IPO: 825 million shares at $70 to $78, Nasdaq ticker ANT, pricing expected 18 November

Anthropic is now marketing its initial public offering to investors, and the company has set out the size, price range and expected timetable. In a roadshow announcement dated 10 November, Anthropic PBC said the proposed offering consists of 825,000,000 Class A shares at an expected price of $70.00 to $78.00 each, and that it has applied to list on the Nasdaq Global Select Market under the symbol "ANT." On Thursday morning the company pointed followers to a dedicated IPO page in a post on X.

The offering terms

Of the 825 million shares, Anthropic said 801,351,354 are being sold by the company and 23,648,646 by existing stockholders, whose proceeds it will not receive. It also expects to give the underwriters a 30-day option to buy up to 123,750,000 additional shares. Goldman Sachs and Morgan Stanley are named as the contacts for the preliminary prospectus, which is part of an amended registration statement on EDGAR. The registration statement has not yet become effective, the company said.

The timetable

Anthropic's IPO page says the roadshow began on 10 November and that, subject to regulatory clearance, the final share price is expected to be set on 18 November, with trading expected to start on 19 November. The same page lists third-quarter revenue of $17.0 billion and a net loss of $23.3 billion, which it says includes a $21.9 billion non-cash charge tied to changes in the fair value of convertible notes, derivative liabilities and SAFEs.

What CNBC reported

CNBC reported that at the top of the range Anthropic could raise up to $64.35 billion and be valued at up to about $1.405 trillion on a fully diluted basis. CNBC also said, citing people familiar with the details, that the company is targeting a retail allocation of about 20%. According to the filing as described by CNBC, chip and cloud partners including AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have agreed to buy $26 billion of a separate class of stock in a private placement at the IPO price.

Analysis

The roadshow lands during a volatile week for technology shares, and final pricing will depend on investor demand and market conditions, as Anthropic's own FAQ notes. The figures above are the company's proposed terms; the actual price, share count and listing date can still change before the offering is completed.

FiscalHour reports news only and does not give investment advice. Nothing here is an offer or a recommendation to buy or sell any security.