Anthropic sets IPO price range of $70 to $78 per share to reach an implied

The filing has a clear order, so the five sections will follow that sequence. I'll count words, sentences, and the deck before locking the text.Anthropic is moving ahead with an initial public offering of 825 million Class A shares at an estimated price of $70 to $78 per share.

In an updated IPO filing on Tuesday, the Claude maker said the sale is expected to raise $57.75 billion to $64.35 billion, and that it will proceed despite shakier markets and a broader pullback from AI investing, according to TechCrunch's report. At the top of that range, on a fully diluted basis, the company could be worth $1.404 trillion.

The account is for readers who want the share math, the private buyers, and the voting limits from that Tuesday filing in one place. It covers a $26 billion sale of non-voting Class N stock, the underwriters' option on 123.75 million additional shares, founder control through a Class F share, and the Long-Term Benefit Trust. It also covers a Nasdaq debut close to November 19 under the ticker ANT, plus the revenue, loss, cash, and compute figures in the filing, set next to rival OpenAI.

01$1.404 trillion fully diluted

If those Class A shares list at $78, the top of the estimated $70 to $78 range, Anthropic could be worth $1.404 trillion on a fully diluted basis. That would be a significant jump from the $965 billion valuation Anthropic reached in a May fundraise. A couple of months ago the company was reportedly targeting $2 trillion, above the fully diluted figure in this IPO filing.

The shares behind that number are an offer of 825 million Class A shares at $70 to $78 per share. At the low end of the range, Anthropic expects the Class A sale to raise $57.75 billion. At $78 per share, the expected raise on the 825 million Class A shares is $64.35 billion, and the Claude maker is proceeding with the IPO despite shakier markets and a broader pullback from AI investing.

02$26 billion private Class N sale

The private sale sits apart from the 825 million Class A shares offered to the public. Anthropic said it had struck a deal to privately sell $26 billion of non-voting Class N stock at the IPO price to AMD, Broadcom, Google, Micron, Microsoft, Nvidia, and TSMC. Google and Nvidia are investing $10 billion apiece.

Class N stock in that sale is non-voting, and the sale price is the IPO price of $70 to $78 per share. The updated Tuesday filing names those seven buyers and puts the private sale at $26 billion. Inside that total, the individual amounts stated are $10 billion from Google and $10 billion from Nvidia.

03Underwriters and extra shares

All up, after the Class A offering and the private Class N sale, Anthropic estimates net proceeds somewhere between $84.6 billion and $93.7 billion. The $93.7 billion figure applies if the IPO underwriters exercise their option to buy additional shares. The $84.6 billion figure is the low end of that net-proceeds range in the Tuesday filing.

Underwriters, including Goldman Sachs and Morgan Stanley, will have the option to buy up to 123.75 million more shares from Anthropic at the IPO price. Those additional shares would come on top of the total 825 million Class A shares in the public offering. Exercising the option is what the filing ties to the $93.7 billion end of the net-proceeds range.

04Class F votes and ticker ANT

Anthropic is a public benefit corporation. The founders hold a Class F share with 50.1% of the voting power, and the Long-Term Benefit Trust will also elect a board majority. Buyers of the Class A shares, offered at an estimated $70 to $78 per share, will have limited influence under that voting structure.

Anthropic intends to start trading on the Nasdaq close to November 19 under the ticker symbol ANT. Reporting from CNBC is the source named for that timetable and that ticker. The shares in the plan are the Class A shares offered at $70 to $78, while the founders' Class F share keeps 50.1% of the voting power.

05Revenue, loss, and cash

Anthropic's updated Tuesday filing, the same update that sets an estimated Class A price of $70 to $78, states that run-rate revenue reached $81 billion. Third-quarter revenue came in at $17 billion, and nine-month revenue was $33.2 billion. Over those nine months the Claude maker reported a net loss of $104 billion.

Compute and infrastructure commitments in the updated filing hit $900.9 billion. Anthropic has nearly $132 billion in cash and short-term investments beside that commitment figure. The same Tuesday update pairs those amounts with nine-month revenue of $33.2 billion and a nine-month net loss of $104 billion.

OpenAI, which the report calls Anthropic's biggest rival, was reportedly valued at $1.25 trillion last week after it raised $11 billion. That $11 billion was nearly half the $20 billion OpenAI had first tried to raise. Anthropic's filing puts its fully diluted value at $1.404 trillion if the Class A shares list at $78, the top of the range.